Affirm’s loan product has grown four times in loan origination volume on a year-over-year basis for four years. In April, Affirm announced its 1 millionth loan and is well beyond 1.5 million loans today. In 2017, it did $1 billion in originations. The average order is about $750 now, Metcalf said, and Affirm provides a conversion rate of 20 percent or more on average, according to more than 20 company case studies across verticals spanning furniture to traveling and ticketing. At least 1,200 merchants have integrated Affirm at the point of sale. Affirm’s approach is a departure from the way credit is underwritten today, where lenders have no idea why borrowers need the money or how they’ll actually end up using it.

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