#1Welcome to the Affirm Investor Forum September 28, 2021 affirm) Solstice T TERE TA X Buy now, pay over time Checking your eligibility won't affect your credit. APR 00.00% $166.67/month $85.82 /month APR 10.00% affirm Solstice Example payments for $500.00 $43.99/month APR 10.00% Interest $0.00 Interest $14.92 Interest $27.98 3 months Total $500.00 6 months Total $514.92 12 months Total $527.88 Just select affirm at checkout. Rates from 0-30% APR. Payment options through Affirm are subject to an eligibility check, may not be available in all states and are provided by these lending partners: affirm.com/lenders Options depend on your purchase amount, and a down payment may be required. California residents: Affirm Loon Services, LLC is licensed by the Department of Financial Protection and innovation Loans may be made or arranged shed Denim ance and classic survy legs re#2Safe Harbor/Non-GAAP Financial Measures affirm Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and assumptions include factors relating to: our need to attract additional merchants, partners and consumers and retain and grow our relationships with existing merchants, partners and consumers; the highly competitive nature of our industry; our need to maintain a consistently high level of consumer satisfaction and trust in our brand; the concentration of a large percentage of our revenue with a single merchant partner; our ability to sustain our revenue growth rate or the growth rate of our related key operating metrics; risks relating to our agreement with one of our originating bank partners; the risk that our existing funding arrangements may not be renewed or replaced or our existing funding sources may be unwilling or unable to provide funding to us on terms acceptable to us, or at all; our ability to effectively underwrite loans facilitated through our platform and accurately price credit risk; the performance of loans facilitated through our platform; risks associated with changes in market interest rates; risks relating to our securitizations, warehouse credit facilities and forward flow agreements; the impact on our business of general economic conditions, the financial performance of our merchants, and fluctuations in the U.S. consumer credit market; our ability to grow effectively through acquisitions or other strategic investments or alliances; risks associated with expanding our operations internationally; the potential impact of any cyber-attacks, misconduct, computer viruses, or physical or electronic break-ins that we might experience; risks associated with our business being subject extensive regulation, examination, and oversight in a variety of areas; and other risks that are described in our Annual Report on Form 10-K for the year ended June 30, 2021 and in our other filings with the SEC. These forward-looking statements reflect our views with respect to future events as of the date hereof and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and we assume no obligation and do not intend to update these forward-looking statements. Use of Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we present the following non-GAAP financial measures: Revenue less transaction costs, revenue less transaction costs as a percentage of GMV, revenue less transaction costs as a percentage of revenue, adjusted other operating expense as a percentage of revenue, and adjusted operating margin. Reconciliations of each historical non-GAAP financial measure with the most directly comparable GAAP financial measure are included in this presentation. However, a reconciliation of adjusted operating loss to the comparable GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Our management uses these non-GAAP financial measures in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including the preparation of our annual operating budget, as a measure of our operating results and the effectiveness of our business strategy, and in evaluating our financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, and our use of these non-GAAP financial measures has limitations as an analytical tool. Accordingly, you should not consider these non-GAAP financial measures in isolation or as substitutes for analysis of our financial results as reported under GAAP, and these non-GAAP measures should be considered along with other operating and financial performance measures presented in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.#3Agenda Topic CEO Keynote Executive Q&A Financial Discussion Analyst Q&A Presenter Max Levchin Founder & CEO Brooke Major-Reid Chief Capital Officer Michael Linford CFO Max Levchin Founder & CEO Libor Michalek President, Technology, Risk and Operations Michael Linford CFO Silvija Martincevic Chief Commercial Officer affirm#4CEO Keynote Max Levchin Founder & CEO affirm affirm)#5Mission Build honest financial products that improve lives. affirm)#6Generational shift Suspicious of credit Tired of debt Wary of tricks like late fees and deferred interest Partial to debit Opportunity affirm The Great Unbundling of the credit card#7The breaking up of the credit card bundle 3.6 6011 00099013 9424 Johnathan Smith 05/25 affirm#8High-tichet, highly considered purchases 05/25 6011 0009 9013 9424 Johnathan Smith west elm affirm Make easy monthly payments over 3, 6, or 12 months Checking your eligibility won't affect your credit. $834.10 /monthly APR 0.00% Example payments for $435.72 /monthly APR 15.19% $226.06 /monthly APR 15.17% Interest $0.00 Interest $112.03 Interest $210.40 $2,502.3/ 3 months Total $2,502.30 6 months Total $2,614.33 12 months Total $2,712.70 Just select affirm) at checkout Get a real-time decision with just 5 pieces of info. 8 ry favorites friends & collaborators ckout Zaffirm $194.70 oing, gift wrap, discounts BABY & KIDS or OS APR with affirm Checkout CARD $2,502.30 and more s each iteni's most recent y is subject to change. Earn up to $250.23 (10%)#9Lower average order value purchases 36 6011 0009 9013 9424 Johnathan Smith 05/25 affirm+ ACME RETAIL Buy now, pay over time APR 0.00% Example payments for $125.00/2 weeks Interest $0.00 affírm) Use your debit or credit card Pay every 2 weeks-4 interest-free payments. $500.00 4 payments Total $500.00 $ No impact on your credit Your score won't be affected, and you'll never pay interest or late fees. Just select affirm) at checkout. Payment options are offered by Affirm and are subject to eligibility check and may not be available in all states. California residents: Affirm Loan Services, LLC is licensed by the Department of Business Oversight. Loans are made or arranged pursuant to California Financing Law license 60DBO-111681.#10Results Simple financing Increased purchasing power Higher conversions More sales New customers S shopify Walmart Neiman Marcas Partner of choice WILLIAMS SONOMA TARGET P PELOTON affirm priceline →Expedia® Vrbo#11Available today Affirm App Shopping Tab Shop 9:41 Shop Q Search Offers for our birthday This week only! Celebrate with offers as low as 0% APR. Shop now Popular right now THE HOMI Walmart... The Ho... VRBO DEPOT Shop BEST Best Buy Personalize your shopping experience Manage * HANACURE Amazon. adidas ill Save Odos Hanacure Expedia Profile O affirm#122 returnly $428 billion in merchandise returned to U.S. retailers in 2020 2x returns from 2019 to 2020 in the U.S. $1 billion+ in returns processed by Returnly affirm#13New and available today Adaptive Checkout 12:00 1 X $120.94 /2 weeks APR 0.00% See details $85.34 /month APR 10.00% $42.49 /month APR 10.00% See details See details affirm Interest $0.00 Interest $14.69 Interest $26.88 8 weeks > Total $483.75 6 months > Total $498.44 12 months > Total $509.88 affirm#14New and available today Brand-Sponsored Promotions Walmart Departments 88 Services Shop TVs by Brand (1000+) + Add Sponsored $248.00 Search everything at Walmart online and in store Hisense 40° Class FHD (1080P) Roku Smart LED TV (40H4030F1) Save with W Pickup Delivery 2-day shipping BUNG + Add $679.00 SAMSUNG 55TU8300 Crystal UHD 4K Smart TV with HDR UNSSTUB300FXZA 2020 ***** 160 Crystal UHD 2-day shipping + Add Subject to eligibility, 0% APR is available for a limited time on select Samsung TVs Payment options through Affirm are provided by these lending partners: affirm.com/lenders $286.00 VIZIO 43° Class FHD LED Smart TV D- Series D43f-J *****748 Save with w Walmart affirm 0% APR on select Samsung TVs when you pay with Affirm. MacBook Pro + Add $176.00 VIZIO 32" Class HD Smart TV D-Series D32h-J Save with W 2-day shipping Se SAMSUNG My Items affirm Sign In Account QLED 5#15Available today Shop Pay Installments 11:50 ✓ AA < Back Review details 1st installment today shop.app Future installments Interest or fees Order total shop Pay Payments will be charged every 2 weeks on your AMERICAN EXPRESS 2009. Complete purchase shop Pay In partnership with affirm X $29.88 3 x $29.87 I have read and agree to the Agreement & Disclosures and Payment Authorization, and the refund policy provided by Princess Polly USA. $0 $119.49 affirm#16New and available today Powered by Affirm (a) Developers Home Documentation Metadata Data types MERCHANT TRANSACTION API Transactions API CHARGES > The charge object Authorize Read charge Capture Refund Update > Void CHECKOUT The checkout response object The checkout object The merchant object The discount object The item object POST POST POST Recipes <> API reference JSON { "merchant": { }, }, "user_confirmation_url":"https://merchantsite.com/confirm", "user_cancel_url":"https://merchantsite.com/cancel", "user_confirmation_url_action":"POST", "shipping":{ "name":{ "use_vcn": false, "name":"Your Customer-Facing Merchant Name" }, "address":{ }, "full":"John Doe" "linel":"test", "city":"ADA", "state":"WV", }, "zipcode":"24701", "country":"US" "phone_number":"4155555555", "email":"[email protected]" "billing":{ "name": { "full":"John Doe" 40 Changelog "address":{ "line1":"test", "city":"ADA", "state":"WV", MacBook Pro affirm#17Merchant Capital Program The Insight Merchants are looking for attractive and transparent capital sources to accelerate their growth The Solution Non-dilutive, low-cost cash advances $50M+ Facilitated YTD affirm#18The Great Unbundling Continued 3.8 6011 0009 9013 9424 Johnathan Smith 05/25 affirm#19affirm) debit+ affirm affirm) debit+#20O affirm) debit+ LULINOIS TITANI CERTIFIED NATIONAL Status Card type $32.00 Today 9:41 $32.00 Purchase detail $128.00 or 4 payments of $32.00 at 0% APR Split purchase The Home Store $32.00 Week 4 affirm 23h 50m left to split this purchase Pending Physical card $32.00 all#21In development Affirm Cash Back and Rewards 9:41 ✓ 5% COACH 2% priceline 4% 10% JOIN THE BETA! Cash in on Cash Back 2% GAP Shopping's better when it pays you back, so join Affirm Cash Back today. Join Cash Back Shopping that pays Earn cash back when you pay in full with debit or credit at select stores through the Affirm app. Rewards that grow Cash back is deposited into Affirm By continuing, I agree to Cash Back Terms. affirm#22New and coming soon SuperApp 9:41 Your Target $56.33 payment is due Friday. Make a Payment You're prequalified to Pay in 4 with Affirm Shop GOOD AFTERNOON, MAX ACCOUNTS Get as low as 0% APR in the App Shop now CASH BACK $103.32 Total earned $1,254+ You can spend % As low as 0% APR One-time- use card Shop 100* SAVE $321.09 Balance ML In-store affirm#23In development Affirm Browser Extension ... ← C (a ✓ 1. DELIVERY 2. Payment Total Amount $324.79 Secured Payment Card details Your security is important to us so we will not store any of your card detais Card Number Name on card Expiration date Month CVV (Security code). Do you have a Gift Card? affirm) Subtotal EXPIRES CVV ¹2/25 123 Order summary Shipping cost Tax Total CARD NUMBER 1234 5678 1234 5678 Delivery Details Standard Delivery ed September 29 livery to: VIS $299, r one-time card is all set! Barrera, Year You can spend up to $343.26 with Affirm, and we'll Street return any amount you don't use. co, Calif FR $25 $343. Your one-time card is all set! You can spend up to $343.26 with Affirm, and we'll return any amount you don't use. affirm CARD MUMBER 1234 5678 1234 5678 12/25 123 Copy card number Edit card amount Guest Cancel card VISA affirm#24New and coming soon Crypto 9:41 Total holdings $15,800.55 Interest earned YTD $32.18 Your current holdings Portfolio Settings Affirm Savings Affirm Savings .... 1234 Portfolio view i Bitcoin Holdings Balance as of 1:50:12pm Crypto Interest Shop Crypto Interest YTD $8.55 Manage ill Bitcoin accounts and services provided by NYDIG. See Terms. Bitcoin is not insured by the FDIC. Bitcoin is not a security and NYDIG is not an SEC-registered exchange. Bitcoin balances in your NYDIG account are not insured by the Securities Investor Protection Corporation (SIPC). mi Save $15,792.00 $8.55 0.00022 BTC Profile affirm#25Large and expanding addressable market $800B U.S. e-commerce market 0 $8T Consumer credit card spend in the U.S. affirm ~$1T U.S. merchant spend on customer acquisition#26Financial Discussion Michael Linford CFO affirm)#27Driving strong business momentum Hyper growth at scale Compelling product unit economics World-class credit management Efficient capital funding capabilities Disciplined investment approach 10:45 affirm) Debit+ Checking.... 2312 Updated 12 hours ago Recent Debit+ purchases Available to split Purchases Clark's computers 22 hours left Sandwich co Today Fix n' build 20 hours left Purchases all? affirm $1,500.00 -$413.94 $800 $300.00 or 4 payments of $75.00 $13.95 Pending $100.00 or 4 payments of $25.00 Payments Account#28Track record of growth Hyper growth at scale Attractive unit economics Gross Merchandise Volume (GMV)¹ ($B) 2.6 78% CAGR 4.6 8.3 FY 19 FY 20 FY 21 264 Total Revenue ($M) 81% CAGR 510 870 FY 19 FY 20 FY 21 affirm Revenue Less Transaction Costs² ($M) 54 182% CAGR 161 431 FY 19 FY 20 FY 21 1. Gross Merchandise Volume ("GMV") is the total dollar amount of all transactions on the Affirm platform during the applicable period, net of refunds. 2. Transaction Costs are the sum of loss on loan purchase commitment, provision for credit losses, funding costs, and processing and servicing expense. All metrics are unaudited.#29Our offerings Consumer Offerings 0% APR Installment Loans Interest Bearing (IB) Installment Loans Split Pay Merchant Services User Acquisition Data Analytics affirm) debit+ Returnly 3 O 9:41 9:41 Wednesday, September 8 Split your purchase now Your $128.00 The Home Store purchase is splittable for the next 24 hours. all@#30Robust access to diversified pools of capital Warehouse Forward Flow Securitization On Balance Sheet Securitization Off Balance Sheet - Description Asset-backed debt; borrowing using loans as collateral Third-party loan sales Packaging loans into security; retaining risk Packaging loans into security; selling security Financial Products All IB, High & Low AOV 0% (excl. Split Pay) All High AOV 0% Funding Economics 2-4% Interest expense + Amortized debt Issuance costs ~1-5% Gain on sale 1-3% Interest expense + Amortized debt Issuance costs ~1-5% Gain on sale affirm Advance Rates 80-90% 100% 90-99% 95-99%#31Split Pay Merchant Discount Rate (MDR) ¹ Up to 8% Annual Percentage Rate (APR) 0% Term Lengths 6-8 weeks Payment Frequency Biweekly Repeat Velocity² Monthly Cart Size Range $50-$3,000 Average Order Value (AOV) $100-$250 1. Merchant Discount Rate ("MDR") is the fee charged to merchants for facilitating a transaction. 2. Repeat Velocity is the illustrative frequency with which a typical consumer may make a purchase which would be eligible for a given product type. All metrics are unaudited. 0.2 FY 20 Annual GMV ($B) 6-9x 0.5 FY 21 URBANSTEMS BBIRDIES affirm) 1.2-1.9 FY 22P rag & bone#320% APR installment offerings Merchant Discount Rate APR Term Lengths Payment Frequency Repeat Velocity Cart Size Range Representative AOV¹ Short Term 0% 4-8% 0% 3-12 months Monthly Monthly $50-$17,500 $500-$750 Long Term 0% 8-15+% 0% 13-60 months Monthly Quarterly $50-$17,500 $800-$1,200 1. Representative AOV is the illustrative average order value for typical merchants offering this product. All metrics are unaudited. 1.8 FY 20 PE PELOTON Annual GMV ($B) SAMSUNG 3.0 affirm) FY 21 purple#33Interest-bearing installment offering Merchant Discount Rate 2-5% APR 10-30% Term Lengths 3-60 months Payment Frequency Monthly Cart Size Range $50-$17,500+ Representative AOV¹ $500-$1,000 1. Representative AOV is the illustrative average order value for typical merchants offering this product. All metrics are unaudited. 2.7 FY 20 Annual GMV ($B) Trbo Walmart 4.7 affirm) FY 21 Expedia#342 returnly Merchant Discount Rate Up to 10% Term Lengths Short duration Representative Value¹ $50-$150 1. Representative Value is the illustrative average return credit amount for typical merchants offering this product. THIRDLOVE UNTUCKit ΚΟΙΟ affirm) Outdoor Voices Fanatics Supergoop!#35Debit+ Interchange Fee MDR APR Term Lengths Payment Frequency Repeat Velocity Cart Size Range Representative AOV Debit Transactions ~1-1.5% Daily (3-4 day settlement) Daily $0-$150 ~$35 Note: Excludes physical card and marketing/consumer acquisition costs Pay Over Time Transactions ~1-1.5% Varies by term length 0-30% 6 weeks-60 months Biweekly or monthly Monthly $50-$17,500 ~$100 Debit Transactions REVENUE Interchange Fee REVENUE Interchange Fee MDR affirm) Interest income EXPENSES Fraud & dispute charges Funding costs during settlement Pay Over Time Transactions Servicing costs Payment processing EXPENSES Loan losses Fraud & dispute charges Funding costs Servicing costs Payment processing#36Strong credit performance 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Delinquencies (DQ) of 30+ days as % of Active Balances Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Note: U.S. only. May Jun FY 19 FY 20 FY 21 affirm) Managing credit to outcomes Sustaining low delinquencies - Loosening credit box - expect to return to pre-pandemic levels#37Disciplined investment approach based on growth GMV Growth Total Revenue Growth Revenue as a % of GMV Revenue Less Transaction Costs as a % of GMV Revenue Less Transaction Costs as a % of Revenue Adjusted Other Operating Expenses as a % of Revenue¹ Adjusted Operating Margin² Actual FY 2020 77% 93% 11% 3% 32% 45% "Hyper Growth" Actual FY 2021 79% 71% 10% 5% 50% 48% Outlook FY 2022 2% 50-54% 33-37% 9% 4-5% 48% 59-60% "Growth" @ 30-40% GMV Growth 30-40% 20-30% ~8% 3-4% 37.5-50% 37.5-40% affirm 0-10% "Long Term" <30% GMV Growth 6-8% 3-4% 37.5-50% (13)% (11)-(13) % 1. Adjusted Other Operating Expenses is total operating expenses excluding (a) transaction costs; (b) depreciation and amortization; (c) stock-based compensation included in GAAP operating expenses; (d) the amortization of our Shopify commercial agreement asset; and (e) certain other costs. 17.5-20% 20-30% 2. Adjusted Operating Margin is operating income (loss) excluding (a) depreciation and amortization; (b) stock-based compensation included in GAAP operating expenses; (c) the amortization of our Shopify commercial agreement asset; and (d) certain other costs, divided by total revenue. Growth rates and margins correspond to Affirm's FY22 Financial Outlook, as presented on September 9, 2021. All metrics are unaudited.#38Tremendous opportunity ahead Affirm is... Attracting more consumers and giving them more reasons to choose Affirm Forging deep relationships with top merchants and platforms Driving scale and leverage affirm#39Analyst Q&A affirm Max Levchin Founder & CEO Michael Linford CFO affirm)#40Thank you investors.affirm.com affirm)#41Appendix affirm)#42Reconciliation of non-GAAP financial measures Loss on Loan Purchase Commitment Provision for Credit Losses Funding Costs Processing and Servicing Transaction Costs (Non-GAAP) Technology and Data Analytics Sales and Marketing General and Administrative Total Operating Expenses Metrics are unaudited. Reconciliation of Transaction Costs to Total Operating Expenses ($M) FY 2019 73 78 26 33 210 76 17 89 392 FY 2020 162 105 32 50 349 122 25 121 617 FY 2021 247 66 53 73 439 256 185 affirm 370 1,250#43Reconciliation of non-GAAP financial measures Total Revenue Less: Transaction Costs (Non-GAAP) Revenue Less Transaction Costs (Non-GAAP) Metrics are unaudited. Reconciliation of Revenue Less Transaction Costs to Total Revenue ($M) FY 2019 264 (210) 54 FY 2020 510 (349) 161 FY 2021 870 (439) affirm 431#44Reconciliation of non-GAAP financial measures Total Operating Expenses Less: Transaction Costs (Non-GAAP) Less: Depreciation and Amortization Less: Stock-Based Compensation¹ Less: Amortization of Shopify Commercial Agreement Asset Less: Other Costs² Adjusted Other Operating Expenses (Non-GAAP) Divided By: Total Revenue Adjusted Other Operating Expenses as a % of Revenue (Non-GAAP) Reconciliation of Adjusted Other Operating Expenses to Total Operating Expenses (SM, except %) FY 2020 617 (349) (9) (30) 229 510 45% FY 2021 1,250 (439) (20) (286) (65) (21) 415 870 48% 1. Excludes stock-based compensation expense included in processing and servicing, as this is adjusted for by excluding transaction costs. 2. Other consists of one-time expenses incurred in the period associated with the Company's initial public offering, its strategic acquisitions, and impairment of right of use assets. Metrics are unaudited. affirm#45Reconciliation of non-GAAP financial measures Reconciliation of Adjusted Operating Margin to Operating Income (Loss) ($M, except %) Operating Income (Loss) Less: Depreciation and Amortization Less: Stock-Based Compensation Less: Amortization of Shopify Commercial Agreement Asset Less: Other Costs¹ Adjusted Operating Income (Loss) (Non-GAAP) Divided By: Total Revenue Adjusted Operating Margin (Non-GAAP) FY 2020 (107) 9 30 (68) 510 (13)% FY 2021 (380) 20 288 65 21 14 870 2% 1. Other consists of one-time expenses incurred in the period associated with the Company's initial public offering, its strategic acquisitions, and impairment of right of use assets. Metrics are unaudited. affirm