PartnershipsAFRM's slate of heavyweight partners in e-commerce (e.g., Amazon, Shopify) demonstrates its capabilities, as well as allows it to go after volume from both big and small businesses more effectively than BNPL peers.
ProfitabilityAffirm's superior margin profile is driving GAAP profitability with just one-third of Klarna's GMV.
Risk ManagementAFRM just has better risk management than the peer group and is well positioned to grow its user base in a fast-growing space with product expansion over time.