Financial Model Risk Management Lead

Affirm is rolling out an AI underwriting system, according to CEO Max Levchin. Speaking on CNBC's Closing Bell Overtime, Levchin expressed optimism about the technology and emphasised that the company has not had to cut staff to implement AI. The buy now, pay later firm is adopting artificial intelligence for its credit assessment processes. Levchin discussed the new system and his views on AI technology more broadly during the interview.

Affirm launches transformer-based machine learning model for real-time underwriting. September 17, 2026 New model builds on 14 years of transaction-level underwriting experience and data to approve more eligible consumers at comparable levels of risk SAN FRANCISCO-(BUSINESS WIRE)-Sep. 17, 2026- For 14 years, Affirm (NASDAQ: AFRM) has underwritten every purchase individually, in real time, using machine learning models built in-house. That approach is central to what Affirm promises the people who use it: every purchase gets its own decision, based on what a person can responsibly repay that day, with no late or hidden fees. Today, Affirm announced the latest advancement of that system: a transformer-based model that learns from the order and timing of events in a consumer's credit history. The model is now live at checkout in the U.S. In its initial deployment, Affirm used the model to approve additional eligible applications that its existing system would have declined, including those with limited credit histories and no FICO scores. Measured against a control group, that produced 3.4% more completed purchases, and those additional loans performed better than a comparable expansion under Affirm's previous machine learning models. "We've steadily accelerated the amount of data we use to train each generation of our underwriting models," said Libor Michalek, Affirm President. "What's exciting about the transformer model architecture is that we can now find new information within the data we already have. Seeing a credit history more clearly means we can responsibly say yes to more people." Finding more signal in credit history Affirm's underwriting models have improved with each generation, learning from more transactions and repayment outcomes. They've long used credit-bureau measures such as balances, credit utilization, account counts, and payment history. Those measures remain important, but they summarize a credit history that is always changing. The transformer can identify patterns within and across credit accounts, including how they change over time. It does that without a separate measure being designed for each pattern in advance, helping Affirm find more signal in existing data. Built for decisions at checkout Building a better model was only part of the challenge. Affirm built a proprietary algorithm that produces the same level of explainability as traditional machine learning models, while keeping the model fast enough for real-time use. Validation and ongoing monitoring help ensure the model's explanations are accurate and reliable. "Underwriting is the heart of what we do," Michalek added. "The goal isn't to approve every transaction, it's to make the right decision for each one. We don't benefit from extending credit that can't be repaid, which means saying yes to more people only works when we get even better at saying no." About Affirm Affirm's mission is to deliver honest financial products that improve lives. By building a new kind of payment network - one based on trust, transparency, and putting people first - Affirm, Inc. empower millions of consumers to spend and save responsibly and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, Affirm, Inc. never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X.

Costco UK members gain a new way to pay with Affirm. September 15, 2026 Costco is expanding its partnership with Affirm to give its members in the UK a new way to pay over time with no late or hidden fees. Whether stocking up on household essentials or investing in the latest technology, eligible Costco members shopping online can now choose Affirm at checkout and split the cost of their purchases into interest-free or interest-bearing monthly payments. Today's announcement builds on the successful partnership between Affirm and Costco in the US, where hundreds of thousands of Costco members have used Affirm since the partnership launched in 2025. "Getting the best value shouldn't stop at the price tag. It should extend to how you pay, too," said Ruth Spratt, UK Country Manager at Affirm. "Our partnership with Costco gives UK members a simpler way to spread the cost of those big shops, with greater flexibility, no late fees, and no compounding interest." Affirm underwrites every transaction individually, making a real-time credit decision and only approving shoppers after an assessment of their ability to repay. Customers always see the total cost of their purchase upfront and never pay more than they agree to. About Affirm Affirm's mission is to deliver honest financial products that improve lives. By building a new kind of payment network - one based on trust, transparency, and putting people first - Affirm, Inc. empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, Affirm, Inc. never charge any late or hidden fees. Affirm is a form of credit, subject to credit check and a minimum spend. Terms apply. U.K. residents, 18+ with a bank account or debit card. Missed payments may affect your financial status. Affirm UK Limited provides consumer credit products and is authorised and regulated by the Financial Conduct Authority ("FCA") for carrying out regulated consumer credit activities (firm reference number 756087). Company number 10199101, with its registered Office is at C/O TMF Group, 1 Angel Court, 13th Floor, London, EC2R 7HJ. Affirm is the trading name of Affirm UK Limited. About Costco Online Costco Online UK Limited is an appointed representative (firm reference number 1056750) of Costco Wholesale UK Limited of 213 Hartspring Lane, UK Home Office, Watford, Hertfordshire, WD25 8JS. Costco Wholesale UK Limited is authorised & regulated by the FCA (firm reference number 735258). Media Contacts