Affirm published a rate card on Amazon.co.uk at 04:30 London time on 23 September: 0% Pay-in-3, three interest-free monthly payments, or an interest-bearing plan at 22% representative APR fixed for up to 48 months, both on baskets of at least £50. Buy-now-pay-later launches rarely publish a rate card, and the halves of this one are billed to different people. The only figure Affirm publishes about the market it lands in: everything it sold outside the US and Canada in the year to 30 June 2026 earned $6.3 million, 0.15% of the company.
The free half is billed to Amazon, the 22% half to the shopper
Affirm's annual report for that year splits volume three ways. Interest-bearing monthly installments were 70% of gross merchandise volume, Pay-in-X — one to four interest-free payments, which is what a Pay-in-3 is — 16%, and 0% APR monthly installments 14%. Shoppers fund the first group and pay interest: $2,047.5 million last year. Merchants fund the other two and pay a fee: $1,149.9 million of merchant network revenue. Affirm's own wording is that it "generally earn[s] larger merchant fees on 0% APR financing products."
So the two tiers land on different lines of the income statement, and neither company published how the programme splits between them.
Growing the merchant-funded half did not hold the fee rate last year
The intuition a card like this invites is that 0% volume defends the take rate: the merchant buys the conversion, not the shopper the credit. Fiscal 2026 ran that experiment at scale and went the other way.
Merchant-funded volume — Pay-in-X plus 0% APR monthly installments — grew 48% in dollars and rose from 27% of GMV to 30%. The fee rate fell anyway. Merchant network revenue ÷ GMV was $882.7m ÷ $36.7bn = 2.405% in fiscal 2025, and $1,149.9m ÷ $50.2bn = 2.291% in fiscal 2026. Affirm names the offset in the filing: direct-to-consumer volume, led by the Affirm Card, grew faster still, and the company "generally earn[s] lower merchant revenue on our direct to consumer products, including Affirm Card, which are predominantly interest-bearing."
Put those eleven basis points in money. Fiscal 2026 volume at the fiscal 2025 rate is $50.2bn × 2.405% = $1,207 million, against $1,149.9 million reported. The $57 million gap is nine times everything Affirm earned outside the US and Canada that year.
Everything outside the US and Canada earned $6.3 million
Affirm reports revenue by geography once a year. Fiscal 2026: United States $4,112.0 million, Canada $142.8 million, Other $6.3 million. Other is the UK, and the series proves it — nil in fiscal 2024, $0.28 million in fiscal 2025, the November 2024 launch year, then $6.3 million in the first full year.
Rung 1 is disclosed; every rung below it is R40 arithmetic on Affirm's own figures
| Rung | Figure |
|---|---|
| 1. Revenue outside US and Canada, FY2026 | $6.3m |
| 2. Share of Affirm's total revenue | 0.15% |
| 3. Implied volume at the 8.49% blended rate | $74m |
| 4. Same, at take rates of 4% and 12% | $158m / $53m |
| 5. Affirm's Amazon GMV, FY2026 | $11.0bn |
| Rung 4 as a share of rung 5 | 0.5% to 1.4% |
Rung 1 is the Other line of the geographic revenue table in Affirm's annual report for the year ended 30 June 2026 (United States $4,112.0m, Canada $142.8m, Other $6.3m, total $4,261.1m). Other was nil in fiscal 2024 and $0.28m in fiscal 2025; Australia launched in the September 2026 quarter, after the year closed, so fiscal 2026 Other is the UK. Rung 3 divides rung 1 by Affirm's blended fiscal 2026 take rate of 8.49% ($4,261.1m of revenue on $50.2bn of GMV). Affirm has never published a UK take rate, so rung 4 varies that single assumption between 4% and 12% — a lower take rate implies more volume, not less. Rung 5 is 22% of $50.2bn, the Amazon share of GMV disclosed in the same filing. The final row divides the rung-4 range by rung 5.
Turning that into volume needs one assumption, the softest number here: the UK take rate, which Affirm has never published. At the blended fiscal 2026 rate of $4,261.1m ÷ $50.2bn = 8.49%, $6.3 million implies $74 million of volume; at 4%, $158 million; at 12%, $53 million. Call it $50 million to $160 million.
Amazon was 22% of Affirm's GMV in fiscal 2026, or $11.0 billion, the largest concentration Affirm files — though no merchant exceeded 10% of revenue, which keeps it a volume story, not a revenue one. At the generous end of the range, Affirm's whole business outside the US and Canada is 1.4% the size of its Amazon business.
The £50 floor opens a band Barclays will not lend into
Amazon's own release says Affirm is not the only lender here: Amazon EU S.à r.l. is "a credit broker, not a lender", introducing customers to "a small panel of lenders including Affirm U.K. Limited." Instalments by Barclays has sat on Amazon.co.uk since December 2021 at 19.2% representative APR variable, on orders over £100.
Affirm's paid tier prices 280 basis points above Barclays, fixed rather than variable, and its floor is half Barclays'. The £50-to-£100 band belongs to Affirm alone, and no 48-month plan can operate there: £50 ÷ 48 is about a pound a month, and Barclays, the only lender publishing a minimum, sets it at £15. Whatever Affirm wins in that band is Pay-in-3 volume, the merchant-funded half — a reading off the two published rate cards, not a mix anyone has disclosed.
Early November settles it
The counter-case is that a high fee on a new base is still additive, and Pay-in-X did grow 50% last year on Affirm's best merchant fee. It has to beat the blended number, and Affirm is not forecasting that: fiscal 2027 revenue is guided to about 8.5% of GMV, "similar to FY'26".
The figure that would overturn this arrives with the September quarter in early November. Merchant network revenue ÷ GMV for the June quarter was $302.4m ÷ $14,057m = 2.15%, below the 2.291% the full year closed at. If it turns back up while Affirm keeps adding 0% volume, the reading here is wrong. The geography line refreshes with the fiscal 2027 annual report next August, the first time anyone outside Affirm sees what Amazon.co.uk was worth.
Terms, quotes and the credit-broker disclosure are from Affirm's release of 23 September 2026, 04:30 London. Volume mix, geographic revenue, the Amazon concentration, merchant network revenue and interest income are disclosed in Affirm's annual report for the year ended 30 June 2026; its fiscal year ends 30 June. Quarterly merchant network revenue, GMV and the fiscal 2027 guide are from the June-quarter release and its shareholder letter; our reading of that print is the Q4 analysis. Barclays terms are from Amazon.co.uk's Instalments pages and Amazon's December 2021 announcement. Fiscal 2025 GMV, every fee and take rate, the implied UK volume range and the $57 million gap are ours, divided from the figures above.
