HIGHBuilt-inProduct / Revenue mix
70%
interest-bearing monthly installment loans
“10-K Item 1: 'interest-bearing monthly installment loans represented 70% and 72%, respectively, of total GMV.'”
AFRM · Concentration risk · 10-K extracted
Affirm Holdings (AFRM) concentration risks
Updated
The most significant concentration Affirm Holdings discloses is interest-bearing monthly installment loans at 70%, 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.
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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
Celtic Bank and Lead Bank originating banks
“10-K Item 1A: 'We currently rely on Celtic Bank and Lead Bank to originate substantially all of the loans facilitated through our platform.'”
MEDIUMOutside partyCustomer
commercial partners such as Amazon or Shopify
“10-K Item 1A: 'The loss of, or decrease in business with, any one of our significant commercial partner relationships, such as with Amazon or Shopify, would adversely affect our business.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-18Affirm's concentration profile mixes a product-mix exposure with two relationship dependencies. Interest-bearing monthly installment loans represented 70% of total GMV, versus 72% in the prior period. That is a large-share, structural feature of the model: the platform's economics are tied to this loan type, and changes in funding costs, credit performance or regulation of interest-bearing credit would flow through most of its volume. The dependencies sit on top of that. The company relies on Celtic Bank and Lead Bank to originate substantially all of the loans facilitated through the platform. This is a large-share counterparty exposure and dependency in character, because origination capacity and regulatory standing at those banks are outside Affirm's direct control. Commercial partners such as Amazon or Shopify are a medium-share dependency; the filing states that losing or reducing business with any one of them would adversely affect the business. Taken together, the product concentration is structural and slow-moving, while the bank and merchant relationships are idiosyncratic counterparty risks that could change the picture abruptly. The bank origination dependency is the single most consequential link.
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 |
| ATLC | Atlanticus Holdings Corporation | 1 | 1 | 0 | 2 |
| AXP | American Express Company | 0 | 3 | 1 | 4 |
| 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.