“We can't afford to screw that up, and so we're not going to.” He declined to detail when the company will pursue a broader offering.Įarly results from the roll-out of the Affirm card suggest “that consumer engagement can increase materially from current levels,” RBC Capital Markets analyst Dan Perlin said in a note to clients Thursday. “While I am gushing air over this meeting product we finally rolled out, on the other side of that equation is a super Spartan view of credit,” Levchin told analysts. When one analyst asked about the one million people who had been on a waiting list for the card, the executives explained their slow approach to rolling out the card. “There's certainly room to create consumer rewards that we have not yet launched.” “We have a lot of work to do,” Levchin said. Levchin noted that Affirm will eventually extend rewards for consumer purchases. “If you're trying to be a payment network, you have to be there for doughnuts and coffee, and for bicycles and couches, and we've more or less conquered the bicycle and couch space and we're trying to take our unfair share of donuts and coffee.” “Affirm, on average, is used basically four times a year and that's great, but not nearly enough,” said CEO Max Levchin told analysts on the call.

Affirm aims to increase the pay-now portion, Levchin told analysts, Lower-margin pay-now debit transactions amounted to about 10% of the card’s GMV, and 40% of transactions, the company said. The company rebranded its payment card as the “Affirm card” last month, dropping the “Debit+” card moniker. It’s a debit card that lets customers pay for a purchase right away by way of debit, or request to pay over time via the company’s app, a spokesperson for the company said by email.Īffirm executives told analysts on a Thursday earnings call that they’re seeking to increase consumers’ habitual card use, with more use for lower-value transactions. The results come after Affirm’s chief financial officer acknowledged in June that the company had faced a difficult economic environment this year.Īffirm’s net loss for the fiscal fourth quarter widened to $206 million from the year-earlier net loss of $186.4 million, as revenue climbed 22% to $446 million on an 8.1% increase in GMV, according to the report.

Affirm virtual card