Affirm Submits Applications To Nevada Financial Institutions Division, FDIC To Establish Affirm Bank

Affirm Holdings, Inc. (NASDAQ: AFRM) ("Affirm" or the "Company") today announced that it has submitted applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation ("FDIC") to establish Affirm Bank, a proposed Nevada-chartered industrial loan company.

The proposed bank subsidiary would enable Affirm to continue scaling responsibly while having an FDIC-insured institution. This would help Affirm expand access to honest financial products to more consumers. Since its founding over a decade ago, Affirm has extended nearly $130 billion in access to credit, underwriting approximately 60 million people, all while never charging any late or hidden fees.1 By choosing Affirm over revolving credit card debt, U.S. consumers could save between 5-30% annually on their total cost of credit. In 2024, U.S. households could have saved $18 billion in total by choosing Affirm over revolving on a credit card due to the company's practices of underwriting every transaction and not charging any late or hidden fees.