Affirm operates a payments and buy now, pay later network that enables consumers to finance purchases at checkout and repay in installments. Affirm provides short-term zero-interest plans, merchant-subsidized zero-interest installment loans, and simple interest-bearing monthly loans. Consumers access Affirm directly at merchant checkout, through platform partners, via the Affirm app, or using the Affirm Card, which enables pay-over-time transactions in stores and online. Affirm underwrites risk on a per-transaction basis in real time, with fixed terms and no late fees or compounding interest. The company earns revenue from merchant fees paid on converted sales, interest income paid by consumers on interest-bearing loans, and interchange fees on card purchases. Affirm operates a capital-light model by selling loans through warehouse credit lines, securitizations, and forward flow arrangements with third-party investors rather than holding loans primarily on its balance sheet. Affirm's growth strategy centers on expanding the Affirm Card to increase transaction frequency, adding merchant integrations, and expanding into international markets.