Affirm Surpasses 200 Magento Clients and Releases New Magento 2.0 Extension

Affirm’s Magento 2.0 Extension Automates Integration With New
Digital Commerce Platform for Retailers

SAN FRANCISCO–(BUSINESS WIRE)–Affirm, Inc., the company started by PayPal co-founder Max Levchin to
deliver consumers honest financial products, announced its 200th Magento
client and the general availability of its extension for Magento’s
latest ecommerce platform, Magento 2.0. The extension automates the
integration of Affirm’s pay-over-time financing solutions, which enable
consumers to purchase goods and services from online retailers with
simple and transparent monthly payments.

“With over 200 joint clients, the combination of Affirm and Magento is
clearly resonating in the marketplace,” said Levchin. “Magento helps
retailers deliver a state-of-the-art ecommerce presence to showcase and
sell their products, and Affirm helps make those products more
affordable for consumers, enabling them to buy sooner and enjoy the
benefits of the products much more quickly.”

Affirm lets shoppers pay for purchases over time with transparent,
simple-interest loans, as opposed to traditional credit products that
typically charge compounding interest and fees of all kinds, or come
with promotional offers that transition into higher rates and fees.

For merchants, there is little risk in offering Affirm financing to
their shoppers because Affirm pays merchants in full at the time of
settlement. Affirm is proven to lift conversion rates as much as 25%,
and increase average order values by more than 80%.

“The combination of Affirm and Magento continues to make big
contributions to our business and to the phenomenal growth we are
seeing,” said Osher Karnowsky, general manager of luxury goods online
retailer Jomashop, one of the fastest-growing members of the IR 500,
ranking #161 on the 2015 list with 45% year-over-year growth. “The power
and agility of the Magento platform coupled with the consumer benefits
offered by Affirm are a powerful combination that is a key driver of
Jomashop’s growth.”

The Affirm extension for Magento 2.0 is now available. The integration
includes support for new capabilities, including Affirm Multiple
Financing Programs (MFP), designed to help ecommerce retailers utilize
different consumer financing options for specific products, product
categories and carts.

“Credit cards continue to be shunned by Millennials, however we’re
showing that these same consumers still want the benefits of credit —
they just want it to be transparent, fair and honest with no surprises,”
said Levchin. “Affirm is opening up responsible borrowing to a much
wider pool of consumers.”

About Affirm

Affirm offers services that empower consumers to advance their financial
well-being. Our goal is to revolutionize the banking industry to be more
accountable and accessible to consumers. Today, Affirm shoppers get the
flexibility to buy now and make simple monthly payments for their
purchases. Unlike payment options that have compounding interest and
unexpected costs, Affirm shows customers upfront exactly what they’ll
owe — with no hidden fees and no surprises. Affirm also reaches a
broader population of consumers through advanced technology and
analytics that look beyond traditional FICO scores. These features
increase customer satisfaction over other options.

Contacts

Affirm, Inc.
Lisa Tarter, 415-203-2462
lisa.tarter@affirm.com