The news: Affirm reported $11.6 billion in gross merchandise volume (GMV), up 35% YoY, per fiscal Q3 2026 (ended March 31, 2026) earnings. 

• Revenues increased 33% YoY to $1.039 billion.
• Active consumers rose 22% to 26.8 million.
• Transactions per active consumer increased 20% YoY to 6.7.
• And active merchant accounts increased 44% to 515,000.

Zooming in: CEO Max Levchin reiterated that the Affirm Card remains “by far, the fastest growing and our most profitable product,” per the company’s earnings call.

• Roughly 20% of Affirm’s actives are cardholders.
• Active cardholders now number 4.4 million, up 130% YoY growth.
• And the card notched $2.13 billion in GMV, a 146% increase YoY.

Why this matters: Affirming is nailing down its network effects and creating a flywheel. As more merchants offer Affirm, the BNPL provider is reaching more consumers, especially during interest holiday promotions like the Big Nothing. 

These satisfied customers are more likely to become Affirm cardholders and app users who develop new BNPL habits. Interest holidays are “centered around the app,” per Levchin, driving consumers to start shopping through in-app merchant promotions. 

Implications for fintechs: Connecting consumers to cards that deliver flexibility can lock in loyalty. Finding partnerships with platforms like Mastercard One can give these shoppers more financing options for different lending needs across everyday and discretionary spend.