Affirm to IPO Now, Not Later

With news of Affirm’s upcoming IPO, we looked at how the fintech company’s customers overlap with some of the largest merchants referenced in their S-1.

Note this analysis is not a measure of customers using Affirm to finance purchases at these merchants—rather, we’re quantifying the overlap of Affirm customers with this group of partner merchants.

Coming first is Walmart, with 88% of overlap with Affirm customers—not surprising given Walmart’s scale and popularity. In second at 75% overlap is Shopify, likely driven by the COVID-related boom in online shopping, and highlighting the importance of their partnership equity deal this summer. In third at 17% overlap is Peloton, Affirm’s top merchant partner representing an astonishing 28% of Affirm’s total revenue for the fiscal year ended June 30, 2020 according to the S-1.

Expedia, Delta Airlines, Eventbrite and Bookings (fourth, fifth, sixth and eighth respectively) are notable with spend on travel and in-person events so heavily impacted by COVID restrictions. We’ll be monitoring closely how this ranking and mix of merchants changes moving forward.