Affirm's loan volume more than tripled in 2016, growing to "hundreds of millions of dollars." The company also expanded from 100 to 900 retailers.
“Affirm’s growth validates a clear market demand for fair and honest financing,” said Levchin, Affirm’s co-founder and CEO. “Traditional lenders have profited from unfair practices for far too long. Deceptive products such as deferred interest actually hurt the most vulnerable of consumers and are preventing them from getting access to fairly priced and transparent options.” Credit card fee income is expected to top $100 billion this year, up 6.5% from 2016, according to R.K. Hammer, a privately held bank card advisory firm. And CreditCards.com just announced that the average card annual percentage rate ticked up at the end of March to 15.63% -- the highest it’s been since the company began tracking rates 10 years ago.