🕷️ Crawler Inspector

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Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 192 (from laksa032)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa192.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical, ml_categories_json AS ml_categories_json, ml_types_json AS ml_types_json, ml_intent_types_json AS ml_intent_types_json, meta_language AS meta_language, attrs_author AS attrs_author, ifNull(toUnixTimestamp(attrs_publish_time), 0) AS attrs_publish_time, ifNull(toUnixTimestamp(attrs_original_publish_time), 0) AS attrs_original_publish_time, ifNull(attrs_is_republished, 0) AS attrs_is_republished, ifNull(attrs_nr_words, 0) AS attrs_nr_words, ifNull(attrs_boilerpipe_nr_words, 0) AS attrs_boilerpipe_nr_words, ifNull(body_ext_links_number, 0) AS body_ext_links_number, ifNull(body_int_links_number, 0) AS body_int_links_number, ifNull(meta_nofollow, 0) AS meta_nofollow, ifNull(meta_noarchive, 0) AS meta_noarchive, ifNull(props_was_rendered, 0) AS props_was_rendered, ifNull(src_redirect, \'\') AS src_redirect, ifNull(download_time_msec, 0) AS download_time_msec, ifNull(download_ttfb_msec, 0) AS download_ttfb_msec, ifNull(download_size, 0) AS download_size FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://finance.yahoo.com/video/affirm-still-path-become-next-154227606.html\')), getAhrefsUnparsedNoserviceFromURL(\'https://finance.yahoo.com/video/affirm-still-path-become-next-154227606.html\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/finance.yahoo.com\/video\/affirm-still-path-become-next-154227606.html","crawl_time":1767434219,"first_indexed_time":1757521766,"http_code":200,"src_unparsed":"com,yahoo!finance,\/video\/affirm-still-path-become-next-154227606.html s443","src_root_hash":"3401813433841292792","history_drop_reason":null,"meta_title":"Affirm is still on path to become the next Amex, CEO says","meta_descriptions":["All the way from the 2025 Goldman Sachs Communacopia and Technology Conference, Affirm (AFRM) CEO Max Levchin sits down with Yahoo Finance executive editor Brian Sozzi to discuss the chief executive's approach to maintaining profitability, artificial intelligence's impact on the fintech company, and its rivalry with BNPL (buy now, pay later) competitor Klarna (KLAR). For more AI commentary from the 2025 Goldman Sachs Communacopia and Technology Conference, catch Yahoo Finance's interviews with top executives from Verizon Communications (VZ), Snowflake (SNOW), and OpenAI (OPAI.PVT). To watch more expert insights and analysis on the latest market action, check out more Market Catalysts."],"attrs_boilerpipe_text":"All the way from the 2025 Goldman Sachs Communacopia and Technology Conference, Affirm (\nAFRM\n) CEO Max Levchin sits down with Yahoo Finance executive editor\nBrian Sozzi\nto discuss the chief executive's approach to maintaining profitability, artificial intelligence's impact on the fintech company, and its rivalry with\nBNPL (buy now, pay later) competitor Klarna\n(\nKLAR\n).\nFor more AI commentary from the 2025 Goldman Sachs Communacopia and Technology Conference, catch Yahoo Finance's interviews with top executives from\nVerizon Communications\n(\nVZ\n),\nSnowflake\n(\nSNOW\n), and\nOpenAI\n(\nOPAI.PVT\n).\nTo watch more expert insights and analysis on the latest market action, check out more\nMarket Catalysts\n.\n00:00\nSpeaker A\nOperating profits. You've been telling me for two years we're going to hit it this quarter and you hit it.\n00:04\nMax\nYou were the only one who remembers. Like I\n00:05\nSpeaker A\nOh I remember.\n00:05\nMax\nmost common question from investors after this quarter, how did you do it? Like we literally pre-announced it two years ago and one year ago on the date saying give us 24 months, 12 months operating profit.\n00:18\nSpeaker A\nthese folks are watching Yahoo Finance. They really need to see all your interviews.\n00:20\nMax\nbest, best interviewer ever.\n00:22\nSpeaker A\nThank you. So how did you do it?\n00:24\nMax\nwith a lot of planning and careful execution going back many years. Yeah, of course.\n00:28\nSpeaker A\nIs it more, is it more a function of a top of the top line than anything you may be doing on the expense line?\n00:36\nMax\nSo, years ago, like literally years ago, I drew up this very, very simple formula for a firm. Basically said, hey, here's how we get profitable. We need more reach, so more people, more frequency, more transactions per person times positive unit economics. Can't lose money in every transaction, you will never make it up in volume. So if you have positive units, growth of user base, which has to be coming from growth of merchant base of course, frequency increasing both through the network effect of just more places to use a firm and customer satisfaction where consumers are saying, that was great, I'll do it again. Those three things multiplying at some point that will be such a large number, it will exceed whatever costs we have on human capital, you know, hosting, underwriting data, etc, etc. And sure enough, because the math is really simple, we could see those two lines intersecting fairly far in advance and said, hey, 12 months from now, gap profitable and here we are.\n01:31\nSpeaker A\nWhat's your next prediction then?\n01:32\nMax\nWe're gonna keep doing this for a long time.\n01:34\nSpeaker A\nstaying profitable. Now you've entered that.\n01:36\nMax\nWe're definitely, you know, the the thing that was, the math that I just described is in fact the right way of thinking about the company and we have been. The thing that's been addictive, which I didn't anticipate is the operating leverage. So as we grew the top line and and the bottom line, we saw just more and more revenue coming from roughly the same number of people. And so we'll continue being profitable and I quite like being able to show up to the market and say, we can keep doing this without the growth of head count and other parts of the cost matching the growth of top line. So expect more.\n02:20\nSpeaker A\nI think, uh, every year that I've talked to you here at least, a firm is seen, I've seen a different version of a firm. and I just don't think it's, it's not by now pay later anymore. It's like a whole, you created a whole ecosystem of other stuff, Max.\n02:41\nMax\nWe call it a network.\n02:42\nSpeaker A\nIt's a network. stuff.\n02:46\nMax\nYeah, a year ago in this chair, I said we're going to be the next Amax and we're one year closer to it. And Amax is much more than lending, much more than credit cards or charge cards, it's a network. It most importantly, for them and for us and we we try very, very hard to live up to this claim. We stand for an experience. We stand for being treated the right way for both the merchant and the consumer for the lack of asterisk. Every company in finance, very, very few exceptions, unlike us, have this notion of, well, zero is not really a zero because there's a fine print, you got to read the fine print. One of our core values is no fine print. We mean you will get what you see. And building on that core has allowed us to build an ecosystem and a network and something that stands for a consumer experience and a merchant experience that really doesn't just drive more sales. It leaves people feeling great about the entire journey from deciding to buy all the way to paying their bills.\n03:52\nSpeaker A\nHow how is AI changing the complexion of what a firm does?\n04:01\nMax\nYou know, we think about AI in three very distinct ways and so it's probably worth breaking it out separately. So we've always been AI ML company. From inception, the the sort of the core idea was can we build a fee-free, gimmick-free, yuck-free lender by using better math? And like for that you have to use some pretty serious stuff. And so ML and AI was the thing that we brought to market and sure enough, you know, it's hard to be profitable, they say without late fees and here we are, proving the exact opposite. So that's been our thing for a very long time. We keep on building models and we have all sorts of really exciting stuff that we're doing at the very cutting edge of sort of what they call frontier models and just classic ML as well. Beyond that, there is an enormous opportunity in productivity. Part of how we got to this amazing operating leverage posting quarter after quarter, more revenue, more growth, roughly same number of people, is by strategically deploying AI tooling to not just our engineers, but our lawyers, our compliance folks, our HR. So every part of the company was asked and is enthusiastically looking at its work processes and answering the question with, we can do more with fewer people because the tools are just getting better and better. And so that's been a giant driver of productivity for us and it's pragmatic. We're not going to fire a bunch of people and then have to rehire them because AI is not ready yet. But, uh, it is ready for some things and and they're they're quite awesome. And then, AI is an opportunity driver. The thing that's coming next in shopping is this idea of agentic shopping where you tell your LLM, hey, could you please compare prices for me? Can you track a deal? Can you find out when something goes on sale and let me know? Those transactions will complete inside of an entirely new paradigm. So it'll be inside your LLM, your chatbot that is both your shopping assistant, potentially your wallet, maybe even your browser. That's another way for a firm to play a role. Our competitive advantage or sort of the mote of a firm is this giant book of these 0% or reduced APR offers, like truly unique consumer offers that merchants pay for to compel someone to go from being a shopper to becoming a buyer. That works just as well inside of an LLM. Except the LLM is going to be smart enough to say, the 0% offer from a firm is the real deal. The 0% with an asterisk, don't touch that. That's going to bite you because, you know, if you're a penny short or a day late, it's going to charge you full load of interest. And so I'm actually quite excited about the financial education aspect of LLM shopping simply because what we stand for will become that much more fundamentally valuable.\n06:33\nSpeaker A\nWho do you view as your biggest competitor? Is it American Express or is it a company called Klarna that may IPO this week?\n06:42\nMax\nUm, neither to be honest. I think all of us are trying to replace revolving interest issuing cards. There's plenty of cards, card issuing banks that frankly sell a product they're not proud of that they give to people because they don't know better, because they don't read the fine print because they need access to credit and they can figure it out later. But of course, it's the sort of thing that you can't undo. That's the goal. Like right now we're still on the order of basis points of the overall credit card spend. All of us, public and private are just trying to take some of that revolving debt and bring it to BNPL, which is simple interest. In our case, no fees of any kind, obvious schedule, obvious disclosures, just a better consumer product. So, for the moment, I primarily ask myself, how much road is there to take from the traditional credit card issuers and it rounds up to infinite.\n07:44\nSpeaker A\nIs your competition with a Klarna the same as Coke and Pepsi? Like is that intense? Because I Max, I see a firm, I compare it to Klarna, and I almost think they're two different companies.\n08:00\nMax\nThey are. and therefore, I think you answered your own question. You know, we have our goals, they have theirs. We have our opportunities and I think it's very hard for me to know what they will do and how they'll do it. I'm very confident I know what we'll do and what we stand for. Our value proposition is fundamentally about the experience that the consumer has, the loyalty that engenders, the fact that the merchants get an incredible deal that they have to offer at a lower cost than discounting, which is a great financial proposition for them. And most importantly that after the whole thing is over, the consumer says, that was really great. I was maybe a day late and they sent me a nice reminder. I didn't charge me a penny more. I should do that again.\nMSG_NO_NEWS","attrs_markdown":"SOMETHING\\_WENT\\_WRONG\n\n[SKIP\\_TO\\_NAVIGATION](https:\/\/finance.yahoo.com\/video\/affirm-still-path-become-next-154227606.html#ybar-navigation)  [SKIP\\_NAVIGATION](https:\/\/finance.yahoo.com\/video\/affirm-still-path-become-next-154227606.html#nimbus-app)  [SKIP\\_DOCK](https:\/\/finance.yahoo.com\/video\/affirm-still-path-become-next-154227606.html#right-rail)\n\n...\n\n[UPGRADE\\_TO\\_PREMIUM](https:\/\/finance.yahoo.com\/about\/plans\/select-plan\/?.done=https%3A%2F%2Ffinance.yahoo.com%2Fvideo%2Faffirm-still-path-become-next-154227606.html&ncid=_1088_DCM-PARTNER_NATIVE_US_NoTargeting_HeaderEyebrow_YahooFinanceUsers___RightRail_Header-UpgradetoPaidSubscriptionButton__N_)\n\n[![Yahoo Finance Video](https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/nt5dGx4HiuaxJyO1G5ipxw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTIzMjtoPTQ4\/https:\/\/s.yimg.com\/os\/creatr-uploaded-images\/2020-12\/02246f50-3412-11eb-bfdd-de89f8b3b8b8)](https:\/\/finance.yahoo.com\/ \"Yahoo Finance Video\")\n\n# Affirm is still on path to become the next Amex, CEO says\n\n[Yahoo Finance Video](https:\/\/finance.yahoo.com\/author\/yahoo-finance-video)  AND [Brian Sozzi](https:\/\/finance.yahoo.com\/author\/brian-sozzi)\n\nSeptember 10, 2025\n\nIN\\_THIS\\_VIDEO:\n\nAll the way from the 2025 Goldman Sachs Communacopia and Technology Conference, Affirm ([AFRM](https:\/\/finance.yahoo.com\/quote\/AFRM)) CEO Max Levchin sits down with Yahoo Finance executive editor [Brian Sozzi](https:\/\/www.yahoo.com\/author\/brian-sozzi\/) to discuss the chief executive's approach to maintaining profitability, artificial intelligence's impact on the fintech company, and its rivalry with [BNPL (buy now, pay later) competitor Klarna](https:\/\/finance.yahoo.com\/news\/klarna-ipo-prices-at-40-per-share-valuing-bnpl-leader-at-15-billion-132345564.html) ([KLAR](https:\/\/finance.yahoo.com\/quote\/KLAR)).\n\nFor more AI commentary from the 2025 Goldman Sachs Communacopia and Technology Conference, catch Yahoo Finance's interviews with top executives from [Verizon Communications](https:\/\/finance.yahoo.com\/video\/ai-first-inning-funding-doubled-205435826.html) ([VZ](https:\/\/finance.yahoo.com\/quote\/VZ)), [Snowflake](https:\/\/finance.yahoo.com\/video\/ai-analytics-platforms-wind-sails-195301179.html) ([SNOW](https:\/\/finance.yahoo.com\/quote\/SNOW)), and [OpenAI](https:\/\/finance.yahoo.com\/video\/openai-growing-wild-pace-theres-205847978.html) ([OPAI.PVT](https:\/\/finance.yahoo.com\/quote\/OPAI.PVT)).\n\nTo watch more expert insights and analysis on the latest market action, check out more [Market Catalysts](https:\/\/finance.yahoo.com\/videos\/series\/market-catalysts\/).\n\nVIDEO\\_TRANSCRIPT\n\n00:00 Speaker A\n\nOperating profits. You've been telling me for two years we're going to hit it this quarter and you hit it.\n\n00:04 Max\n\nYou were the only one who remembers. Like I\n\n00:05 Speaker A\n\nOh I remember.\n\n00:05 Max\n\nmost common question from investors after this quarter, how did you do it? Like we literally pre-announced it two years ago and one year ago on the date saying give us 24 months, 12 months operating profit.\n\n00:18 Speaker A\n\nthese folks are watching Yahoo Finance. They really need to see all your interviews.\n\n00:20 Max\n\nbest, best interviewer ever.\n\n00:22 Speaker A\n\nThank you. So how did you do it?\n\n00:24 Max\n\nwith a lot of planning and careful execution going back many years. Yeah, of course.\n\n00:28 Speaker A\n\nIs it more, is it more a function of a top of the top line than anything you may be doing on the expense line?\n\n00:36 Max\n\nSo, years ago, like literally years ago, I drew up this very, very simple formula for a firm. Basically said, hey, here's how we get profitable. We need more reach, so more people, more frequency, more transactions per person times positive unit economics. Can't lose money in every transaction, you will never make it up in volume. So if you have positive units, growth of user base, which has to be coming from growth of merchant base of course, frequency increasing both through the network effect of just more places to use a firm and customer satisfaction where consumers are saying, that was great, I'll do it again. Those three things multiplying at some point that will be such a large number, it will exceed whatever costs we have on human capital, you know, hosting, underwriting data, etc, etc. And sure enough, because the math is really simple, we could see those two lines intersecting fairly far in advance and said, hey, 12 months from now, gap profitable and here we are.\n\n01:31 Speaker A\n\nWhat's your next prediction then?\n\n01:32 Max\n\nWe're gonna keep doing this for a long time.\n\n01:34 Speaker A\n\nstaying profitable. Now you've entered that.\n\n01:36 Max\n\nWe're definitely, you know, the the thing that was, the math that I just described is in fact the right way of thinking about the company and we have been. The thing that's been addictive, which I didn't anticipate is the operating leverage. So as we grew the top line and and the bottom line, we saw just more and more revenue coming from roughly the same number of people. And so we'll continue being profitable and I quite like being able to show up to the market and say, we can keep doing this without the growth of head count and other parts of the cost matching the growth of top line. So expect more.\n\n02:20 Speaker A\n\nI think, uh, every year that I've talked to you here at least, a firm is seen, I've seen a different version of a firm. and I just don't think it's, it's not by now pay later anymore. It's like a whole, you created a whole ecosystem of other stuff, Max.\n\n02:41 Max\n\nWe call it a network.\n\n02:42 Speaker A\n\nIt's a network. stuff.\n\n02:46 Max\n\nYeah, a year ago in this chair, I said we're going to be the next Amax and we're one year closer to it. And Amax is much more than lending, much more than credit cards or charge cards, it's a network. It most importantly, for them and for us and we we try very, very hard to live up to this claim. We stand for an experience. We stand for being treated the right way for both the merchant and the consumer for the lack of asterisk. Every company in finance, very, very few exceptions, unlike us, have this notion of, well, zero is not really a zero because there's a fine print, you got to read the fine print. One of our core values is no fine print. We mean you will get what you see. And building on that core has allowed us to build an ecosystem and a network and something that stands for a consumer experience and a merchant experience that really doesn't just drive more sales. It leaves people feeling great about the entire journey from deciding to buy all the way to paying their bills.\n\n03:52 Speaker A\n\nHow how is AI changing the complexion of what a firm does?\n\n04:01 Max\n\nYou know, we think about AI in three very distinct ways and so it's probably worth breaking it out separately. So we've always been AI ML company. From inception, the the sort of the core idea was can we build a fee-free, gimmick-free, yuck-free lender by using better math? And like for that you have to use some pretty serious stuff. And so ML and AI was the thing that we brought to market and sure enough, you know, it's hard to be profitable, they say without late fees and here we are, proving the exact opposite. So that's been our thing for a very long time. We keep on building models and we have all sorts of really exciting stuff that we're doing at the very cutting edge of sort of what they call frontier models and just classic ML as well. Beyond that, there is an enormous opportunity in productivity. Part of how we got to this amazing operating leverage posting quarter after quarter, more revenue, more growth, roughly same number of people, is by strategically deploying AI tooling to not just our engineers, but our lawyers, our compliance folks, our HR. So every part of the company was asked and is enthusiastically looking at its work processes and answering the question with, we can do more with fewer people because the tools are just getting better and better. And so that's been a giant driver of productivity for us and it's pragmatic. We're not going to fire a bunch of people and then have to rehire them because AI is not ready yet. But, uh, it is ready for some things and and they're they're quite awesome. And then, AI is an opportunity driver. The thing that's coming next in shopping is this idea of agentic shopping where you tell your LLM, hey, could you please compare prices for me? Can you track a deal? Can you find out when something goes on sale and let me know? Those transactions will complete inside of an entirely new paradigm. So it'll be inside your LLM, your chatbot that is both your shopping assistant, potentially your wallet, maybe even your browser. That's another way for a firm to play a role. Our competitive advantage or sort of the mote of a firm is this giant book of these 0% or reduced APR offers, like truly unique consumer offers that merchants pay for to compel someone to go from being a shopper to becoming a buyer. That works just as well inside of an LLM. Except the LLM is going to be smart enough to say, the 0% offer from a firm is the real deal. The 0% with an asterisk, don't touch that. That's going to bite you because, you know, if you're a penny short or a day late, it's going to charge you full load of interest. And so I'm actually quite excited about the financial education aspect of LLM shopping simply because what we stand for will become that much more fundamentally valuable.\n\n06:33 Speaker A\n\nWho do you view as your biggest competitor? Is it American Express or is it a company called Klarna that may IPO this week?\n\n06:42 Max\n\nUm, neither to be honest. I think all of us are trying to replace revolving interest issuing cards. There's plenty of cards, card issuing banks that frankly sell a product they're not proud of that they give to people because they don't know better, because they don't read the fine print because they need access to credit and they can figure it out later. But of course, it's the sort of thing that you can't undo. That's the goal. Like right now we're still on the order of basis points of the overall credit card spend. All of us, public and private are just trying to take some of that revolving debt and bring it to BNPL, which is simple interest. In our case, no fees of any kind, obvious schedule, obvious disclosures, just a better consumer product. So, for the moment, I primarily ask myself, how much road is there to take from the traditional credit card issuers and it rounds up to infinite.\n\n07:44 Speaker A\n\nIs your competition with a Klarna the same as Coke and Pepsi? Like is that intense? Because I Max, I see a firm, I compare it to Klarna, and I almost think they're two different companies.\n\n08:00 Max\n\nThey are. and therefore, I think you answered your own question. You know, we have our goals, they have theirs. We have our opportunities and I think it's very hard for me to know what they will do and how they'll do it. I'm very confident I know what we'll do and what we stand for. Our value proposition is fundamentally about the experience that the consumer has, the loyalty that engenders, the fact that the merchants get an incredible deal that they have to offer at a lower cost than discounting, which is a great financial proposition for them. And most importantly that after the whole thing is over, the consumer says, that was really great. I was maybe a day late and they sent me a nice reminder. I didn't charge me a penny more. 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Affirm is still on path to become the next Amex, CEO says

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All the way from the 2025 Goldman Sachs Communacopia and Technology Conference, Affirm ( AFRM ) CEO Max Levchin sits down with Yahoo Finance executive editor Brian Sozzi to discuss the chief executive's approach to maintaining profitability, artificial intelligence's impact on the fintech company, and its rivalry with BNPL (buy now, pay later) competitor Klarna ( KLAR ). For more AI commentary from the 2025 Goldman Sachs Communacopia and Technology Conference, catch Yahoo Finance's interviews with top executives from Verizon Communications ( VZ ), Snowflake ( SNOW ), and OpenAI ( OPAI.PVT ). To watch more expert insights and analysis on the latest market action, check out more Market Catalysts . 00:00 Speaker A Operating profits. You've been telling me for two years we're going to hit it this quarter and you hit it. 00:04 Max You were the only one who remembers. Like I 00:05 Speaker A Oh I remember. 00:05 Max most common question from investors after this quarter, how did you do it? Like we literally pre-announced it two years ago and one year ago on the date saying give us 24 months, 12 months operating profit. 00:18 Speaker A these folks are watching Yahoo Finance. They really need to see all your interviews. 00:20 Max best, best interviewer ever. 00:22 Speaker A Thank you. So how did you do it? 00:24 Max with a lot of planning and careful execution going back many years. Yeah, of course. 00:28 Speaker A Is it more, is it more a function of a top of the top line than anything you may be doing on the expense line? 00:36 Max So, years ago, like literally years ago, I drew up this very, very simple formula for a firm. Basically said, hey, here's how we get profitable. We need more reach, so more people, more frequency, more transactions per person times positive unit economics. Can't lose money in every transaction, you will never make it up in volume. So if you have positive units, growth of user base, which has to be coming from growth of merchant base of course, frequency increasing both through the network effect of just more places to use a firm and customer satisfaction where consumers are saying, that was great, I'll do it again. Those three things multiplying at some point that will be such a large number, it will exceed whatever costs we have on human capital, you know, hosting, underwriting data, etc, etc. And sure enough, because the math is really simple, we could see those two lines intersecting fairly far in advance and said, hey, 12 months from now, gap profitable and here we are. 01:31 Speaker A What's your next prediction then? 01:32 Max We're gonna keep doing this for a long time. 01:34 Speaker A staying profitable. Now you've entered that. 01:36 Max We're definitely, you know, the the thing that was, the math that I just described is in fact the right way of thinking about the company and we have been. The thing that's been addictive, which I didn't anticipate is the operating leverage. So as we grew the top line and and the bottom line, we saw just more and more revenue coming from roughly the same number of people. And so we'll continue being profitable and I quite like being able to show up to the market and say, we can keep doing this without the growth of head count and other parts of the cost matching the growth of top line. So expect more. 02:20 Speaker A I think, uh, every year that I've talked to you here at least, a firm is seen, I've seen a different version of a firm. and I just don't think it's, it's not by now pay later anymore. It's like a whole, you created a whole ecosystem of other stuff, Max. 02:41 Max We call it a network. 02:42 Speaker A It's a network. stuff. 02:46 Max Yeah, a year ago in this chair, I said we're going to be the next Amax and we're one year closer to it. And Amax is much more than lending, much more than credit cards or charge cards, it's a network. It most importantly, for them and for us and we we try very, very hard to live up to this claim. We stand for an experience. We stand for being treated the right way for both the merchant and the consumer for the lack of asterisk. Every company in finance, very, very few exceptions, unlike us, have this notion of, well, zero is not really a zero because there's a fine print, you got to read the fine print. One of our core values is no fine print. We mean you will get what you see. And building on that core has allowed us to build an ecosystem and a network and something that stands for a consumer experience and a merchant experience that really doesn't just drive more sales. It leaves people feeling great about the entire journey from deciding to buy all the way to paying their bills. 03:52 Speaker A How how is AI changing the complexion of what a firm does? 04:01 Max You know, we think about AI in three very distinct ways and so it's probably worth breaking it out separately. So we've always been AI ML company. From inception, the the sort of the core idea was can we build a fee-free, gimmick-free, yuck-free lender by using better math? And like for that you have to use some pretty serious stuff. And so ML and AI was the thing that we brought to market and sure enough, you know, it's hard to be profitable, they say without late fees and here we are, proving the exact opposite. So that's been our thing for a very long time. We keep on building models and we have all sorts of really exciting stuff that we're doing at the very cutting edge of sort of what they call frontier models and just classic ML as well. Beyond that, there is an enormous opportunity in productivity. Part of how we got to this amazing operating leverage posting quarter after quarter, more revenue, more growth, roughly same number of people, is by strategically deploying AI tooling to not just our engineers, but our lawyers, our compliance folks, our HR. So every part of the company was asked and is enthusiastically looking at its work processes and answering the question with, we can do more with fewer people because the tools are just getting better and better. And so that's been a giant driver of productivity for us and it's pragmatic. We're not going to fire a bunch of people and then have to rehire them because AI is not ready yet. But, uh, it is ready for some things and and they're they're quite awesome. And then, AI is an opportunity driver. The thing that's coming next in shopping is this idea of agentic shopping where you tell your LLM, hey, could you please compare prices for me? Can you track a deal? Can you find out when something goes on sale and let me know? Those transactions will complete inside of an entirely new paradigm. So it'll be inside your LLM, your chatbot that is both your shopping assistant, potentially your wallet, maybe even your browser. That's another way for a firm to play a role. Our competitive advantage or sort of the mote of a firm is this giant book of these 0% or reduced APR offers, like truly unique consumer offers that merchants pay for to compel someone to go from being a shopper to becoming a buyer. That works just as well inside of an LLM. Except the LLM is going to be smart enough to say, the 0% offer from a firm is the real deal. The 0% with an asterisk, don't touch that. That's going to bite you because, you know, if you're a penny short or a day late, it's going to charge you full load of interest. And so I'm actually quite excited about the financial education aspect of LLM shopping simply because what we stand for will become that much more fundamentally valuable. 06:33 Speaker A Who do you view as your biggest competitor? Is it American Express or is it a company called Klarna that may IPO this week? 06:42 Max Um, neither to be honest. I think all of us are trying to replace revolving interest issuing cards. There's plenty of cards, card issuing banks that frankly sell a product they're not proud of that they give to people because they don't know better, because they don't read the fine print because they need access to credit and they can figure it out later. But of course, it's the sort of thing that you can't undo. That's the goal. Like right now we're still on the order of basis points of the overall credit card spend. All of us, public and private are just trying to take some of that revolving debt and bring it to BNPL, which is simple interest. In our case, no fees of any kind, obvious schedule, obvious disclosures, just a better consumer product. So, for the moment, I primarily ask myself, how much road is there to take from the traditional credit card issuers and it rounds up to infinite. 07:44 Speaker A Is your competition with a Klarna the same as Coke and Pepsi? Like is that intense? Because I Max, I see a firm, I compare it to Klarna, and I almost think they're two different companies. 08:00 Max They are. and therefore, I think you answered your own question. You know, we have our goals, they have theirs. We have our opportunities and I think it's very hard for me to know what they will do and how they'll do it. I'm very confident I know what we'll do and what we stand for. Our value proposition is fundamentally about the experience that the consumer has, the loyalty that engenders, the fact that the merchants get an incredible deal that they have to offer at a lower cost than discounting, which is a great financial proposition for them. And most importantly that after the whole thing is over, the consumer says, that was really great. I was maybe a day late and they sent me a nice reminder. I didn't charge me a penny more. I should do that again. MSG_NO_NEWS

Markdown

SOMETHING\_WENT\_WRONG [SKIP\_TO\_NAVIGATION](https://finance.yahoo.com/video/affirm-still-path-become-next-154227606.html#ybar-navigation) [SKIP\_NAVIGATION](https://finance.yahoo.com/video/affirm-still-path-become-next-154227606.html#nimbus-app) [SKIP\_DOCK](https://finance.yahoo.com/video/affirm-still-path-become-next-154227606.html#right-rail) ... [UPGRADE\_TO\_PREMIUM](https://finance.yahoo.com/about/plans/select-plan/?.done=https%3A%2F%2Ffinance.yahoo.com%2Fvideo%2Faffirm-still-path-become-next-154227606.html&ncid=_1088_DCM-PARTNER_NATIVE_US_NoTargeting_HeaderEyebrow_YahooFinanceUsers___RightRail_Header-UpgradetoPaidSubscriptionButton__N_) [![Yahoo Finance Video](https://s.yimg.com/ny/api/res/1.2/nt5dGx4HiuaxJyO1G5ipxw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTIzMjtoPTQ4/https://s.yimg.com/os/creatr-uploaded-images/2020-12/02246f50-3412-11eb-bfdd-de89f8b3b8b8)](https://finance.yahoo.com/ "Yahoo Finance Video") # Affirm is still on path to become the next Amex, CEO says [Yahoo Finance Video](https://finance.yahoo.com/author/yahoo-finance-video) AND [Brian Sozzi](https://finance.yahoo.com/author/brian-sozzi) September 10, 2025 IN\_THIS\_VIDEO: All the way from the 2025 Goldman Sachs Communacopia and Technology Conference, Affirm ([AFRM](https://finance.yahoo.com/quote/AFRM)) CEO Max Levchin sits down with Yahoo Finance executive editor [Brian Sozzi](https://www.yahoo.com/author/brian-sozzi/) to discuss the chief executive's approach to maintaining profitability, artificial intelligence's impact on the fintech company, and its rivalry with [BNPL (buy now, pay later) competitor Klarna](https://finance.yahoo.com/news/klarna-ipo-prices-at-40-per-share-valuing-bnpl-leader-at-15-billion-132345564.html) ([KLAR](https://finance.yahoo.com/quote/KLAR)). For more AI commentary from the 2025 Goldman Sachs Communacopia and Technology Conference, catch Yahoo Finance's interviews with top executives from [Verizon Communications](https://finance.yahoo.com/video/ai-first-inning-funding-doubled-205435826.html) ([VZ](https://finance.yahoo.com/quote/VZ)), [Snowflake](https://finance.yahoo.com/video/ai-analytics-platforms-wind-sails-195301179.html) ([SNOW](https://finance.yahoo.com/quote/SNOW)), and [OpenAI](https://finance.yahoo.com/video/openai-growing-wild-pace-theres-205847978.html) ([OPAI.PVT](https://finance.yahoo.com/quote/OPAI.PVT)). To watch more expert insights and analysis on the latest market action, check out more [Market Catalysts](https://finance.yahoo.com/videos/series/market-catalysts/). VIDEO\_TRANSCRIPT 00:00 Speaker A Operating profits. You've been telling me for two years we're going to hit it this quarter and you hit it. 00:04 Max You were the only one who remembers. Like I 00:05 Speaker A Oh I remember. 00:05 Max most common question from investors after this quarter, how did you do it? Like we literally pre-announced it two years ago and one year ago on the date saying give us 24 months, 12 months operating profit. 00:18 Speaker A these folks are watching Yahoo Finance. They really need to see all your interviews. 00:20 Max best, best interviewer ever. 00:22 Speaker A Thank you. So how did you do it? 00:24 Max with a lot of planning and careful execution going back many years. Yeah, of course. 00:28 Speaker A Is it more, is it more a function of a top of the top line than anything you may be doing on the expense line? 00:36 Max So, years ago, like literally years ago, I drew up this very, very simple formula for a firm. Basically said, hey, here's how we get profitable. We need more reach, so more people, more frequency, more transactions per person times positive unit economics. Can't lose money in every transaction, you will never make it up in volume. So if you have positive units, growth of user base, which has to be coming from growth of merchant base of course, frequency increasing both through the network effect of just more places to use a firm and customer satisfaction where consumers are saying, that was great, I'll do it again. Those three things multiplying at some point that will be such a large number, it will exceed whatever costs we have on human capital, you know, hosting, underwriting data, etc, etc. And sure enough, because the math is really simple, we could see those two lines intersecting fairly far in advance and said, hey, 12 months from now, gap profitable and here we are. 01:31 Speaker A What's your next prediction then? 01:32 Max We're gonna keep doing this for a long time. 01:34 Speaker A staying profitable. Now you've entered that. 01:36 Max We're definitely, you know, the the thing that was, the math that I just described is in fact the right way of thinking about the company and we have been. The thing that's been addictive, which I didn't anticipate is the operating leverage. So as we grew the top line and and the bottom line, we saw just more and more revenue coming from roughly the same number of people. And so we'll continue being profitable and I quite like being able to show up to the market and say, we can keep doing this without the growth of head count and other parts of the cost matching the growth of top line. So expect more. 02:20 Speaker A I think, uh, every year that I've talked to you here at least, a firm is seen, I've seen a different version of a firm. and I just don't think it's, it's not by now pay later anymore. It's like a whole, you created a whole ecosystem of other stuff, Max. 02:41 Max We call it a network. 02:42 Speaker A It's a network. stuff. 02:46 Max Yeah, a year ago in this chair, I said we're going to be the next Amax and we're one year closer to it. And Amax is much more than lending, much more than credit cards or charge cards, it's a network. It most importantly, for them and for us and we we try very, very hard to live up to this claim. We stand for an experience. We stand for being treated the right way for both the merchant and the consumer for the lack of asterisk. Every company in finance, very, very few exceptions, unlike us, have this notion of, well, zero is not really a zero because there's a fine print, you got to read the fine print. One of our core values is no fine print. We mean you will get what you see. And building on that core has allowed us to build an ecosystem and a network and something that stands for a consumer experience and a merchant experience that really doesn't just drive more sales. It leaves people feeling great about the entire journey from deciding to buy all the way to paying their bills. 03:52 Speaker A How how is AI changing the complexion of what a firm does? 04:01 Max You know, we think about AI in three very distinct ways and so it's probably worth breaking it out separately. So we've always been AI ML company. From inception, the the sort of the core idea was can we build a fee-free, gimmick-free, yuck-free lender by using better math? And like for that you have to use some pretty serious stuff. And so ML and AI was the thing that we brought to market and sure enough, you know, it's hard to be profitable, they say without late fees and here we are, proving the exact opposite. So that's been our thing for a very long time. We keep on building models and we have all sorts of really exciting stuff that we're doing at the very cutting edge of sort of what they call frontier models and just classic ML as well. Beyond that, there is an enormous opportunity in productivity. Part of how we got to this amazing operating leverage posting quarter after quarter, more revenue, more growth, roughly same number of people, is by strategically deploying AI tooling to not just our engineers, but our lawyers, our compliance folks, our HR. So every part of the company was asked and is enthusiastically looking at its work processes and answering the question with, we can do more with fewer people because the tools are just getting better and better. And so that's been a giant driver of productivity for us and it's pragmatic. We're not going to fire a bunch of people and then have to rehire them because AI is not ready yet. But, uh, it is ready for some things and and they're they're quite awesome. And then, AI is an opportunity driver. The thing that's coming next in shopping is this idea of agentic shopping where you tell your LLM, hey, could you please compare prices for me? Can you track a deal? Can you find out when something goes on sale and let me know? Those transactions will complete inside of an entirely new paradigm. So it'll be inside your LLM, your chatbot that is both your shopping assistant, potentially your wallet, maybe even your browser. That's another way for a firm to play a role. Our competitive advantage or sort of the mote of a firm is this giant book of these 0% or reduced APR offers, like truly unique consumer offers that merchants pay for to compel someone to go from being a shopper to becoming a buyer. That works just as well inside of an LLM. Except the LLM is going to be smart enough to say, the 0% offer from a firm is the real deal. The 0% with an asterisk, don't touch that. That's going to bite you because, you know, if you're a penny short or a day late, it's going to charge you full load of interest. And so I'm actually quite excited about the financial education aspect of LLM shopping simply because what we stand for will become that much more fundamentally valuable. 06:33 Speaker A Who do you view as your biggest competitor? Is it American Express or is it a company called Klarna that may IPO this week? 06:42 Max Um, neither to be honest. I think all of us are trying to replace revolving interest issuing cards. There's plenty of cards, card issuing banks that frankly sell a product they're not proud of that they give to people because they don't know better, because they don't read the fine print because they need access to credit and they can figure it out later. But of course, it's the sort of thing that you can't undo. That's the goal. Like right now we're still on the order of basis points of the overall credit card spend. All of us, public and private are just trying to take some of that revolving debt and bring it to BNPL, which is simple interest. In our case, no fees of any kind, obvious schedule, obvious disclosures, just a better consumer product. So, for the moment, I primarily ask myself, how much road is there to take from the traditional credit card issuers and it rounds up to infinite. 07:44 Speaker A Is your competition with a Klarna the same as Coke and Pepsi? Like is that intense? Because I Max, I see a firm, I compare it to Klarna, and I almost think they're two different companies. 08:00 Max They are. and therefore, I think you answered your own question. You know, we have our goals, they have theirs. We have our opportunities and I think it's very hard for me to know what they will do and how they'll do it. I'm very confident I know what we'll do and what we stand for. Our value proposition is fundamentally about the experience that the consumer has, the loyalty that engenders, the fact that the merchants get an incredible deal that they have to offer at a lower cost than discounting, which is a great financial proposition for them. And most importantly that after the whole thing is over, the consumer says, that was really great. I was maybe a day late and they sent me a nice reminder. I didn't charge me a penny more. I should do that again. 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Readable Markdown

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ML Classification

ML Categories

/Finance		98.7%
/Finance/Investing		86.6%
/Finance/Investing/Stocks_and_Bonds		27.2%
/Internet_and_Telecom		17.6%
/Business_and_Industrial		15.4%
/Business_and_Industrial/Business_Finance		14.7%
/Internet_and_Telecom/Web_Services		13.9%

Raw JSON

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ML Page Types

/Article		52.0%
/Article/News_Update		23.4%

Raw JSON

{
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ML Intent Types

Informational

99.8%

Raw JSON

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Content Metadata

Language

en-us

Author

Yahoo Finance Video

Publish Time

2025-09-10 15:42:27 (7 months ago)

Original Publish Time

2025-09-10 15:42:27 (7 months ago)

Republished

Word Count (Total)

2,058

Word Count (Content)

1,752

Links

External Links

Internal Links

578

Technical SEO

Meta Nofollow

Meta Noarchive

JS Rendered

Yes

Redirect Target

null

Performance

Download Time (ms)

2,601

TTFB (ms)

1,512

Download Size (bytes)

322,540

Shard

192 (laksa)

Root Hash

3401813433841292792

Unparsed URL

com,yahoo!finance,/video/affirm-still-path-become-next-154227606.html s443