Affirm has formally submitted applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation to charter a new industrial loan company, to be named Affirm Bank. If approved, this wholly owned, Nevada-chartered subsidiary will operate under its own governance and internal controls, providing an FDIC-insured platform through which Affirm can scale its core buy now, pay later business and develop new financial products in a regulated environment.

Since inception, Affirm has underwritten over 60 million unique consumers and originated roughly $130 billion in credit, all while adhering to a no-late-fees, no-hidden-fees policy. The company’s focus on transparent, fixed-installment financing has enabled U.S. households to avoid an estimated $18 billion in credit costs in 2024 compared with typical revolving credit card use, representing potential savings of 5%-30% per borrower annually.

In the quarter ending November 2025, Affirm reported gross merchandise volume growth of 42%, reaching $10.8 billion, alongside revenue growth of 34% to $933 million. Management highlighted continued momentum in cash-flow-based underwriting, which has broadened access for younger consumers, including millennials and Gen Z borrowers who often eschew traditional credit cards but seek flexible financing options for everyday purchases.

Max Levchin, Affirm’s founder and CEO, underscored that a regulated banking subsidiary will diversify the company’s funding sources and enhance its ability to innovate in financial services. John Marion, with over 25 years of banking and fintech leadership at institutions such as JPMorgan Chase and MVB Financial, has been named President of Affirm Bank. The new entity is expected to accelerate product development and deepen partnerships with merchants and financial institutions, positioning Affirm for long-term growth.