Affirm has formally submitted applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation to establish a Nevada-chartered industrial loan company named Affirm Bank. If approved, the new subsidiary will be a wholly owned, FDIC-insured institution operating under its own governance and internal controls. Management expects the bank charter to accelerate the company’s ability to scale responsibly, expand access to transparent, fee-free credit products and support the development of new financial services over time.

During the third quarter of fiscal 2025, Affirm’s gross merchandise volume rose 42% year-over-year to $10.8 billion, while revenue increased 34% to $933 million. Since inception, the company has underwritten approximately 60 million consumers and extended nearly $130 billion of credit, helping U.S. households save an estimated $18 billion in 2024 by choosing Affirm over traditional revolving credit. Underwriting every transaction and pledging no late or hidden fees remain core to Affirm’s value proposition, driving durable demand for its 0% installment options.

Affirm has appointed banking veteran John Marion as President of the prospective bank, leveraging his 25 years of experience at institutions including JPMorgan Chase and Comenity Bank. Founder and CEO Max Levchin has emphasized that a banking subsidiary will diversify the company’s platform, foster responsible innovation and deepen partnerships with merchants. With the charter pending, Affirm is positioning itself to broaden its product suite, target younger and underserved borrowers and reinforce its mission to deliver honest financial products for long-term growth.