With the coronavirus pandemic influencing major lockdowns across the globe, exercise at home is a constantly increasing trend. Payment platform Affirm is one company that has managed to reap the rewards of this growing phenomenon.
According to Affirm’s S-1 filing, a large portion of the company’s revenue has been generated by its merchant partner Peloton, an at-home fitness company. As stated in the report, “Peloton accounted for 28% of our total revenue for the fiscal year ended June 30, 2020, and 30% of our total revenue for the three months ended September 30, 2020.”
While Affirm has admitted that there is no guarantee that recent fitness trends will persist in the future, the company nevertheless enjoyed much success as a result of the partnership with Peloton upon going public. Shares in Affirm skyrocketed by 90% during the first minutes of trading when the company went public on the Nasdaq index on Wednesday.
Founded in 2021, Affirm is a payment platform that enables customers to pay for purchases in fixed increments without any interest rates, hidden fees, or penalties. As stated in the filing, Affirm has remained committed to its 0% late fees for missed payments.
