Affirm is led and largely controlled by founder and CEO Max Levchin, a PayPal co-founder, who holds 44.41% of the voting power. Shopify is the second-largest voter with 18.05%, according to Affirm’s 2025 proxy statement.
Update (11 Oct 2026): the ownership figures at the top of this page now come from Affirm’s 2025 proxy statement. The original article below is kept as it was; where its older figures differ, the dated filing figures above apply.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q, prospectus and earnings releases, or its annual report), with the period stated next to each number; outside estimates appear only labelled, with their source and date. Last refreshed October 2026. Our methodology.
Affirm’s 2025 proxy statement shows Max Levchin with 26,485,472 Class B shares (65.04% of the class) and 3,401,962 Class A shares, for 44.41% of total voting power. Shopify holds 10,148,797 Class B shares (24.92% of the class, 18.05% of votes), received as part of their commercial partnership. Large Class A holders include Morgan Stanley (7.66%), Capital Research Global Investors (7.02%), Vanguard (6.76%) and Capital World Investors (6.33%).
The Business Engineer view
Affirm’s cap table mirrors its strategy: a founder with near-control and a major merchant platform, Shopify, as a top shareholder. That alignment with its biggest distribution partner is as important as the voting math.
The main shareholder is Max Levchin, founder and CEO of Affirm, which with over 44% of Class B shares has also over 35% in voting power, giving him tight control over the company. Institutional investors comprise Baillie Gifford & C, Capital Research Global Investor, Khosla Ventures, GIC Private Limited, Morgan Stanley, Shopify, and The Vanguard Group.
Detail
Description
Company
Affirm Holdings, Inc.
Ownership Structure
Publicly traded company with major shareholders
Major Shareholders
Institutional investors like BlackRock, Vanguard Group, Fidelity Investments, and individual shareholders
Founding Date
2012
Founders
Max Levchin, Nathan Gettings, Jeffrey Kaditz, and Alex Rampell
Headquarters
San Francisco, California, USA
Primary Business
Providing financial technology services, specifically “buy now, pay later” solutions for consumers and merchants
Strategic Goals
Expanding merchant partnerships, enhancing product offerings, integrating AI for risk management, and growing international market presence
Additional Ownership Details
Corporate Structure and Ownership: Affirm Holdings, Inc. is publicly traded on the NASDAQ under the ticker symbol AFRM. The company went public in January 2021. Major institutional investors, including BlackRock, Vanguard Group, and Fidelity Investments, hold significant stakes in Affirm, offering financial support and strategic guidance.
Corporate Strategy and Business Model: Affirm’s business model focuses on providing “buy now, pay later” (BNPL) solutions that allow consumers to make purchases and pay for them over time with transparent, simple terms. Affirm partners with merchants to offer flexible payment options at the point of sale, which helps increase conversion rates and average order values. The company generates revenue through merchant fees and interest payments on installment loans.
Product Innovation and Technology: Affirm invests heavily in technology to enhance its product offerings and improve user experience. The company utilizes advanced data analytics and machine learning algorithms to assess creditworthiness, manage risk, and personalize lending terms. Affirm is committed to innovation by offering new features like a savings account and virtual cards for seamless payments.
Market Expansion and Growth: Affirm aims to expand its market presence by forming partnerships with more merchants across various sectors, including retail, travel, and services. The company is actively pursuing international expansion to tap into growing demand for BNPL solutions in markets outside the United States. Affirm’s strategic focus includes adapting its products to meet the regulatory and consumer preferences in new regions.
Customer-Centric Approach: Affirm prioritizes transparency and fairness in its lending practices, offering customers clear and upfront terms without hidden fees or penalties. The company’s focus on building trust and providing financial flexibility resonates with consumers who seek alternatives to traditional credit cards.
Sustainability and Social Responsibility: Affirm is committed to ethical practices and social responsibility, emphasizing responsible lending and financial inclusion. The company supports initiatives that promote financial literacy and empower consumers to make informed financial decisions.
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Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
