Affirm Holdings, Inc.

Buy-now-pay-later at checkout is Affirm's whole business. When a shopper picks it at an online store, Affirm pays the merchant and lets the buyer repay in installments, sometimes interest-free and sometimes at a stated rate, with no late fees or deferred interest, which is the pitch that separates it from credit cards. Max Levchin, a PayPal co-founder, started the company in 2012, and it has grown into the largest buy-now-pay-later provider based in the United States, with tens of millions of users. Merchants pay Affirm a fee because the option lifts sales and cart sizes; consumers get financing decided at the moment of purchase. The model lives or dies on credit losses and funding costs, so rising interest rates and any jump in defaults hit it directly. Partnerships with Amazon, Shopify, and Apple have widened its reach at checkout.

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