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Today in Connected Economy: Affirm Boosts Outlook

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Today in the connected economy, buy now, payer later (BNPL) firm Affirm boosted its outlook for the year, and said its enterprise partnerships deserve some of the credit.

Also, FinTech Stellar launched a credit platform, and Singapore’s Giift bought a majority stake in Xoxoday, an Indian FinTech software-as-a-service (SaaS) provider in the rewards space.

BNPL Firm Affirm Boosts Outlook, Credits Partnerships Boosting GMV

BNPL giant Affirm boosted its business performance outlook for the third quarter and full-year 2022 from its original guidance released last month.

Affirm said its fiscal quarter-to-date financial performance “exceeded expectations,” with strong gross merchandise volume (GMV) growth fueled by enterprise partnerships, expected to be a minimum of $3.71 billion for the quarter, up from the $3.61 billion to $3.71 billion range.

“Excluding transaction costs, the company’s operating expenses have trended below expectations for the quarter, resulting in a better-than-expected adjusted operating loss as a percentage of revenue thus far,” the company said.

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