Affirm Surges After New Merchant Deals Fuel Transactions
- Gross merchandise volume jumped 25% as Affirm added merchants
- After a pandemic boom, buy now, pay later firms have struggled
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Affirm Holdings Inc. surged after reporting an increase in transactions on the buy now, pay later firm’s platforms as deals with new merchants helped offset challenges from rising interest rates.
The company reported $5.5 billion of gross merchandise volume — or the total dollar amount of all transactions on its platform — in the quarter ending June 30, it said in a statement late Thursday. The figure was 25% higher than the same period last year and beat analyst estimates. The company’s Affirm Card also gained traction, it said.