Affirm Launches SuperApp and Browser Extension to Bring Consumers More Smart Ways to Shop and Manage Their Finances

Rhea-AI Summary

Affirm (NASDAQ: AFRM) has launched two new products: the Affirm SuperApp and a Chrome browser extension. The SuperApp combines shopping, payment, and financial services, allowing consumers to manage finances, earn cash back, and access tailored offers. The extension enables users to pay with Affirm at virtually any online retailer, enhancing convenience. During a beta test, users of the extension showed a 30% increase in purchases via Affirm. The SuperApp attracted over $300 million in total deposits, indicating strong consumer engagement.

Positive

• Launch of Affirm SuperApp integrates shopping and financial services.
• Chrome extension allows Affirm payments at any online retailer.
• During beta, users of browser extension increased purchase likelihood by over 30%.
• SuperApp attracted more than $300 million in total deposits.

Negative

• None.

SuperApp is Ultimate Destination for Consumers to Shop, Pay, Earn and Save

Browser Extension Enables Consumers to Pay with Affirm for Any Online Purchase Via Google Chrome

SAN FRANCISCO--(BUSINESS WIRE)-- Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, today announced the launch of two significant additions to its product suite: the Affirm SuperApp and Chrome browser extension. Affirm’s new SuperApp delivers the best of Affirm’s shopping, payments, and financial services in one easy-to-use destination. The new Google Chrome browser extension allows consumers to use Affirm’s flexible and transparent payment solutions at virtually any retailer’s website, even if Affirm isn’t listed as being available at checkout.

(Photo: Business Wire)

“We know that consumers want a one-stop shop to manage their finances. Affirm saw this firsthand when we added Savings to our app, which has since attracted more than $300 million in total deposits while driving meaningful engagement,” said Max Levchin, Founder and Chief Executive Officer of Affirm. “By evolving the Affirm app into a super app, we have launched the ultimate destination for consumers to shop their favorite brands and smartly manage their finances, while also delivering a seamless, rewarding, and increasingly personalized experience.”

In the new and improved Affirm app, consumers can:

• See their Affirm snapshot including how much they might be able to spend, how much cash back they have earned, how much they have saved, and their outstanding payments – on the completely reimagined home screen
• Shop exclusive offers from their favorite merchants, which are tailored based on their shopping preferences in the app
• Shop online or in-store by creating a single use Affirm virtual card and entering that card number at online checkout as they would with a regular debit or credit card, or through their mobile wallet in-store
• Earn cash back rewards by paying upfront at participating merchants, and the opportunity to increase spending limits with positive repayment behavior
• Manage their Affirm payments and Affirm Savings, whether turning on AutoPay, making payments early, or checking how much they have earned in savings

During the beta period, Affirm saw increased consumer engagement and repeat use of the Affirm app. Consumers can update their Affirm App or download it from the App Store or Google Play store today.

Levchin continued, "We also know that consumers value convenience and increasing Affirm's ubiquity through our browser extension delivers just that. Last year, more than half of U.S. consumers browsing the internet used Google Chrome. Now, each of those consumers can pay-over-time with Affirm – whether buying a new sweatshirt or redecorating their home – almost anywhere they shop online."

To start using the Chrome extension today, consumers can:

• Download it from the Chrome web store
• Click the puzzle icon on their browser, then click the thumbtack to pin the Affirm browser extension
• Login to their existing Affirm account with their phone number, or sign up by entering a few simple pieces of information, including name, email address and birth date
• Shop their favorite stores online to see how much they're prequalified to spend
• Request a virtual card through the extension, select an Affirm payment plan, and complete their purchase as they're used to

During the beta period, Affirm found that among existing Affirm users, those using the Affirm Chrome extension were over 30 percent more likely to pay for a purchase with Affirm.

About Affirm
Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Payment options through Affirm are subject to eligibility, and are provided by these lending partners: affirm.com/lenders.

Follow Affirm on social media: LinkedIn | Instagram | Facebook | Twitter.

AFRM-F

Payment options through Affirm are subject to eligibility, and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to California Finance Lender license 60DBO-111681.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220126005254/en/

Press Contact

press@affirm.com

(650) 398-2715

Investor Contact

ir@affirm.com

Source: Affirm Holdings, Inc.

FAQ

What is the Affirm SuperApp?

The Affirm SuperApp combines shopping, payment, and financial services into one platform, offering users easy access to manage their finances and earn cash back.

How does the Affirm Chrome browser extension work?

The Chrome extension allows users to pay with Affirm at virtually any online retailer, even if Affirm isn't listed at checkout.

What benefits does the Affirm SuperApp provide?

The SuperApp provides personalized offers, cash back rewards, and a comprehensive overview of spending and savings.

Did Affirm see an increase in user engagement with the new products?

Yes, during the beta phase, existing users engaged with the Affirm app more frequently, showing a significant increase in purchases made through the browser extension.

What financial milestone did the Affirm SuperApp achieve?

The SuperApp attracted over $300 million in total deposits, reflecting strong consumer interest and engagement.