What is Affirm? Affirm Review, Features

Affirm was founded in 2012 with the mission of "providing transparent financial products to help improve people's lives". It is a financial services company dedicated to challenging traditional credit card payments. Consumers can use Affirm to obtain small consumer loans in installments of 3-36 months. With only five basic pieces of information, Affirm can implement real-time loan decisions through software, which provides shopping convenience for many consumers who are not yet eligible for credit card loans (such as millennials).

About Affirm

Affirm's goal is to revolutionize the banking industry, giving consumers more control over their spending and easy access to financial services. Unlike payment methods that have compound interest and potential costs, Affirm shows customers in advance the exact amount they will pay each month, without hidden fees and other additional charges. By working with more than 4,000 merchants, Affirm allows consumers to buy the products they want at any time, covering well-known brands in retail fields such as home, travel, personal fitness, electronics, apparel and beauty.

Business Model

1. Market positioning: a substitute for credit cards

2. Consumer loans: three simple and fast steps

3. Corporate cooperation: increasing sales of partner merchants

4. Profit method: merchant share, loan interest

Advantages

1. The installment payment method meets the current consumption concept

2. A more friendly service experience than traditional credit cards

3. Enrich merchants’ payment methods and improve performance

Development History

-In 2016, it was named the most innovative company by Fast Company.

By the end of 2019, Affirm had grown to 800 employees, opened new offices in Pittsburgh and Chicago, and had transaction sales of 1% of total U.S. e-commerce, with a total of $4 billion in loans issued.

-At the beginning of 2020, Affirm's partner merchants exceeded 4,000, including well-known brands such as Walmart, Huawei, Warby Parker, Verizon Visible, David Yurman and Room and Board.