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The BNPL industry has taken off over the past year, as homebound consumers took to online shopping and used pay later options to make purchases easier on their wallets.
BNPL firms charge merchants a fee for offering their customers small, point-of-sale loans which are paid back in interest-free installments, bypassing credit checks in the process.
Total revenue rose to $269.4 million in the first quarter from $173.9 million a year earlier. Analysts on average were expecting revenue of $248.23 million, according to IBES data from Refinitiv.
Net loss per share attributable to common stockholders was $1.13 for the three months ended Sept. 30, 2021, compared to a loss of 6 cents per share a year earlier.
Gross merchandise volume (GMV), which refers to the volumes of goods sold through Affirm’s BNPL platform, rose 84% to $2.7 billion.
Affirm’s active consumers more than doubled in the past quarter to 8.7 million, while merchants on its platform rose to 102,000 from just 6,500 a year earlier.
