Affirm Holdings Inc - Ordinary Shares - Class A

Strong Financial Performance and Growth: Affirm Holdings reported a 23% year-over-year increase in active customers, marking four consecutive quarters of accelerating growth. This growth is attributed to a focus on direct-to-consumer initiatives and an expanding merchant network, with the goal to reach 20 million cardholders averaging $7,500 in annual spend.

Increased Zero Percent Loans: The company is strategically leveraging zero percent loans to enhance merchant promotions while preserving pricing integrity. This initiative is expected to further drive customer acquisition and engagement, which contributed to exceeding the guidance of 3% to 4% Retail Loss-to-Trade Capital (RLTC) margins this quarter.

Robust Capital Markets and Funding Strategy: Affirm successfully executed partnerships, including a significant deal with Sixth Street, and aims to continue scaling its capital program to support expected growth, targeting $50 billion in Gross Merchandise Volume (GMV) over the next few years. The positive sentiment and execution in capital markets have allowed the company to optimize their funding mix, though heavy reliance on ABS and new forward flow agreements remains.