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Affirm sees growth in 'buy now, pay later' shift

The company, which went public in January, reported strong quarterly earnings.

A laptop showing an Affirm sales pitch

Affirm recently struck a deal with Amazon to power "buy now, pay later" purchases.

Affirm reported earnings that showed continued growth in the "buy now, pay later" sector as consumers flock to alternative forms of credit beyond traditional credit cards.

The company posted total revenue of $261.8 million, a 71% annual increase, in the quarter ending June 30, and a net loss of $128.2 million including stock-based compensation.

Gross merchandise volume was $2.5 billion in the quarter, up 106% year over year, and an increase of 178% excluding installment purchases with Peloton, a major partner.

The company's shares were trading up 16% after hours on the news. Affirm recently struck a deal to offer installment plans on Amazon.com, which had previously only offered limited "buy now, pay later" options.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

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