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Affirm 'Firing on All Pistons' in Pay Now, Buy Later Boom

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September 4, 2025

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As the buy now, pay later boom continues, Affirm just enjoyed a strong fourth quarter and record volume as the company makes the jump into card spending. Co-founder and Chief Executive Officer Max Levchin sees the companies outlook as positive, showing improvement in nearly every metric over last year. He joins Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily to discuss the Fintech landscape.

Buy Now Pay Later is everywhere nowadays. Companies like Affirm, Afterpay, and Klarna have brought installment payments into everyday life, while big banks and tech firms also now racing into the space. With the market growing so rapidly, there are obvious concerns over whether BNPL is adding a new layer of 'hidden leverage' to the economy, giving online shoppers an alternative to more traditional financing like credit cards and bank loans. Data about BNPL usage is notoriously limited, and BNPL firms have so far resisted sharing information. In this episode, we speak with Julie Margetta Morgan, formerly at the CFPB and now president of The Century Foundation, about what's driving the BNPL market, how BNPL companies make money, and the macroeconomic impacts of the BNPL boom.

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Guests & Subjects Covered

Carol MassarTim StenovecBloomberg Businessweek DailyBuy Now Pay LaterAffirm AfterpayJulie Margetta MorganThe Century FoundationWatch Bloomberg Radio LIVE

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