HIGHOutside partyCounterparty
Celtic Bank and Lead Bank
“10-K Item 1A: 'We currently rely on Celtic Bank and Lead Bank to originate substantially all of the loans facilitated through our platform'”
AFRM · Concentration risk · 10-K extracted
Affirm Holdings (AFRM) concentration risks
Updated
The most significant concentration Affirm Holdings discloses is Celtic Bank and Lead Bank, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Affirm Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCounterparty
Evolve Bank & Trust
“10-K Item 1A: 'a single issuing bank partner, Evolve Bank & Trust ("Card Issuing Bank"), to issue the Affirm Card'”
MEDIUMOutside partyCustomer
Amazon or Shopify
“10-K Item 1A: 'our significant commercial partner relationships, such as with Amazon or Shopify, due to a lapse in exclusivity or otherwise, would adversely affect our business'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24Affirm carries three disclosed concentrations — two high-share banking partner dependencies and one moderate commercial platform dependency — that together define a business model reliant on a small number of critical third-party relationships for both its core loan origination and its card product. On the origination side, the company currently relies on Celtic Bank and Lead Bank to originate substantially all of the loans facilitated through its platform. This is a large dependency by disclosed size and idiosyncratic in character: substantially all origination flowing through two bank partners means that a regulatory action against, operational disruption at, or exit by either institution could impair the company's ability to facilitate transactions platform-wide. The dependency exists because Affirm is not itself a bank, making originating partners a structural necessity — but the concentration in just two institutions leaves limited redundancy. For the Affirm Card specifically, Evolve Bank & Trust is the sole issuing bank partner — another large, idiosyncratic dependency. A single card issuer means any issue with Evolve's operations, licensing, or willingness to continue the relationship would directly affect the card product's availability. On the merchant side, the filing flags relationships with significant commercial partners such as Amazon or Shopify as a moderate exposure, noting that a lapse in exclusivity or other disruption to these relationships would adversely affect the business. This is a dependency tied to specific commercial agreements rather than the structural composition of the end-market. The three exposures reinforce each other at different layers of the value chain — origination, card issuance, and merchant distribution — making the stability of each individual relationship a distinct watch variable.
For the engine’s reasoning on AFRM’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Credit Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AGM | Federal Agricultural Mortgage C | 3 | 0 | 0 | 3 |
| AGM-A | Federal Agricultural Mortgage C | 3 | 0 | 0 | 3 |
| AFRM● | Affirm Holdings, Inc. | 2 | 1 | 0 | 3 |
| AXP | American Express Company | 0 | 3 | 1 | 4 |
| BFH | Bread Financial Holdings, Inc. | 0 | 2 | 3 | 5 |
| ALLY | Ally Financial Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.