Affirm Holdings, Inc. Class A Common Stock Goldman Sachs Communacopia + Technology Conference 2026

Thank you for having me.

It's actually kind of designed to be not dependent on any one thing. We certainly have lots of road to go in the U.S. alone. In last year's holder letter, we pointed out that we're still fairly thin in terms of penetration into top 500 e-commerce retailers. Offline is still very nascent, so just growth of that type alone could take us to our goals, but we're certainly plenty ambitious. None of these, at least the ones you quoted, feel to me like, oh, man, I better put the A team on that. We don't have a B team, fortunately. We're a well-run machine, so B teamers don't survive. But some of the more interesting stuff that is in the other product bucket is what I consider to be the go-gets because they're exciting opportunities to expand the product offerings and just to widen the network.

Sure. If all of you are paying attention to the comings and goings of my executive team, I apologize, but just on the odd chance not everybody's parsing through my team announcements, there's been no team changes. There's only been responsibility changes. I'm fortunate in a sense that the totality of my direct and their directs, with very few exceptions, have been at Affirm for five-plus years. My direct reports, I think average, last I looked, were something like seven or eight years. I've had a very successful partnership with a handful of people I consider my betters in certainly the ability to execute and many other things.

The two players that have, two executives that have been my strongest supporters and folks I lean onto for everything, both sort of the emergencies and the long terms, are Michael, our now President and just recently Chief Operating Officer, and Libor, who is almost a co-founder, has been at Affirm almost as long as I have, who started as our CTO and is also a President of ours. Very recently, I basically realized that the company's already effectively managed by these two guys and consolidated all responsibilities under the two of them, primarily from the recognition that they are, in fact, better operators than I could ever hope to be. I'm also not trying to improve as an operator.

What I am trying to do is figure out how to grow Affirm, not just to $100 billion of GMV, but to $200 trillion, wherever the opportunities take us. This consolidation of reporting and zero people were asked to leave Affirm, and I'm very pleased to hear that even as I sort of moved the deck chairs a little bit, no one felt slighted and decided to leave the company. So the executive team is exactly as it was in the beginning of this change. What I've done is I've freed up significant amount of my own time to work with the team we know internally as ZT 1, zero to one, and that team reports directly to me. It's a handful of engineers, handful of product managers, an analyst, and sort of full-time operator.

It functions essentially as a lab, sort of a startup within a startup, if you will, where we work entirely on what we call the next set of S-curves. So the Affirm Card, now a large, maybe the most interesting thing we've come up with in the last few years, came out of ZT 1. The next set of to the moon and beyond, or to infinity and beyond curves that we hope to launch will come out of this team.

Just to give you a tangible sense for what that looks like, my involvement with ZT 1 until these org changes was on the order of 45 to 60 minutes per week, which was kind of the breath of fresh air that I wanted and was looking forward to every week because that was the moment where I get to nerd out and maybe even write some code sometimes, or certainly read and write some specs, which has now flipped into multiple times a week for a handful of hours. Tomorrow, as it happens, is my ZT 1 in person, which will start as early as I get off the bike and will end with probably very late at night. So I'll spend the entire day working with a handful of people just discussing prototyping, looking at data very deeply, et cetera.

If it sounds like I am excited about it, I really am because I think that is the best insurance policy I can take out on making sure the card is not the last 100% year-over-year compounding project we have. The goal is to launch one of those every year. That is not the hard goal, but that is what will ensure we get to the $1 trillion of GMV, hopefully a handful of years from now.