Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns run through Affirm's acquisitions — what it looks for, how it pays, and how it folds in what it buys.
4 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.
On January 1, 2021, Affirm's Canadian subsidiary and Affirm acquired all outstanding stock of PayBright, one of Canada's leading buy-now-pay-later providers, for total consideration of approximately $288.8 million. The purchase price comprised roughly $114.5 million in cash, about $117.0 million in Affirm common stock issued at closing, and $57.3 million of contingent consideration tied to revenue milestones. Goodwill of about $257 million was recorded, attributed largely to future integration synergies and PayBright's assembled Canadian workforce. approximately $288.8 million (announced at CAD $340 million).
On May 1, 2021, Affirm completed a merger with Returnly Technologies, a leader in online return experiences and post-purchase payments, acquiring the roughly 99% of shares it did not already own. Total consideration was approximately $286.0 million, made up of about $71.5 million in cash and roughly $214.5 million in Affirm common stock, plus escrowed shares treated as post-combination compensation. Returnly gives eligible shoppers an instant merchant credit upon initiating a return so they can reorder immediately, with Returnly assuming return risk and settling orders in real time. Affirm later wound the Returnly business down, entering a strategic returns partnership with Loop Returns in 2023. approximately $286.0 million (announced at approximately $300 million).
On April 19, 2022, Affirm closed a Release and Waiver Agreement with Fast AF, Inc. covering the hiring of certain Fast employees and service providers and an option to acquire certain of Fast's assets. Consideration comprised $10.0 million in cash plus forgiveness of a $15.0 million senior secured note Affirm had issued to Fast earlier that month. Because the assets acquired did not meet the definition of a business, the transaction was accounted for as an asset acquisition, with roughly $25.4 million of identifiable intangibles recorded, split between assembled workforce (about $12.5 million) and an option to purchase developed technology (about $12.9 million). $10.0 million cash plus forgiveness of a $15.0 million senior secured note (approximately $25.4 million total asset cost).
On February 1, 2023, Affirm completed a share purchase agreement to acquire the entire issued share capital of Butter Holdings Ltd., a buy-now-pay-later company based in the United Kingdom. Consideration was approximately $16.3 million, comprising $14.9 million in cash (subject to adjustment) and $1.5 million to settle subordinated secured notes. The deal was accounted for as a business combination, with the excess purchase price over identifiable assets assigned to goodwill attributed to future integration synergies. approximately $16.3 million ($14.9 million cash plus $1.5 million note settlement).