How Affirm makes money Affirm’s success is fundamentally aligned with consumers and merchants. We win when they win. • Affirm generally earns revenue from merchants when we help them facilitate a transaction. This is commonly referred to as our merchant discount rate. • We generate revenue through the simple interest-bearing transactions we facilitate on our platform. • Affirm earns interchange fees when consumers use our virtual card over established card networks. • We also sell a portion of the assets originated in our platform to third-party investors and recognize a gain or loss on the sale of these loans. • We make money by providing loan services on behalf of third-party investors that have purchased consumer loans from us. Affirm never sells servicing rights to outstanding consumer balances so that we control the end-to-end consumer experience, even in delinquency. • Because we don’t charge any late fees, our success is fundamentally aligned with consumers successfully managing their finances. Our partners are required to treat Affirm consumers with the same level of respect and quality of service that we maintain for ourselves. For illustrative purposes only 3