Gross merchandise volume Product mix drivers in $ million by product type ● Changes in merchant mix ● Ability to add new products at 24% 18% existing merchants Ex-Peloton Growth ● Increasing adoption of Adaptive Growth Checkout vs. Pay in 4 only Structural GMV drivers ● U.S. e-commerce spend ● Increasing BNPL penetration ● Expanding share of cart ● Capturing daily and in-store spend ● International expansion Temporary GMV drivers ● Seasonality: 2FQ beneûts from holiday shopping ● Shifts in consumer spend between staples vs. discretionary purchases Note: GMV deûned as the total dollar amount of all transactions on the Afûrm platform during the period, net of refunds. Beginning in Fiscal Q1 2023, Afûrm modiûed the deûnition of its low Average Order Value product from Split Pay to Pay in 4. Pay in 4 includes volume from loan transactions with 0% APR and 6-8 week term lengths but A F F I R M | 2 0 2 3 now excludes volume from monthly installment loans with 0% APR and 3 month term lengths. Metrics are unaudited. 7