By the numbers: Affirm started off its 2024 fiscal year (ending September 30) with strong growth and its second straight quarter of profitability.
In the spotlight: The company once again highlighted the growth of the Affirm Card.
What this means: BNPL fintechs have long found profitability elusive, but Affirm expects to achieve full-year profitability on an adjusted basis this fiscal year. Klarna also just achieved its first quarterly profit since 2019 in its Q3 2023 earnings (ending September 30). This positions both companies for strong financial health moving forward. In the future, Affirm plans to reinvest some of its profits into growth initiatives.
What’s next? Affirm hopes its growth will continue during the holiday season.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a three-times-weekly recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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