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affirm Affirm Reports Fiscal Year 2021 Third Quarter Results May 10 , 2021 Exceeds Third Quarter Financial Outlook and Raises Outlook for Fiscal Year 2021 Accelerates Year - Over - Year Gross Merchandise Volume Growth to 83 % Activates Shop Pay Installments for More Than 10,000 Shopify Merchants as of Today SAN FRANCISCO -- ( BUSINESS WIRE ) -- May 10 , 2021-- Affirm Holdings , Inc. ( NASDAQ : AFRM ) ( " Affirm " or the " Company " ) , the payment network that empowers consumers and helps merchants drive growth , today reported financial results for its fiscal 2021 third quarter ended March 31 , 2021 . " Affirm's strong third quarter results reflect continued progress toward building the most valuable and transparent financial network for consumers and merchants , " said Max Levchin , founder and CEO of Affirm . " During the period , we more than doubled the number of merchants on our platform , accelerated GMV growth to 83 % , and increased active consumers by 60 % year - over - year . " Levchin continued , " We are seeing strong momentum in our business as we advance our growth strategy . In recent weeks , we have activated Shop Pay Installments powered by Affirm for more than 10,000 Shopify merchants . We expect this number to significantly increase as we move towards general availability in June . Looking ahead , we believe the strengthening health of the consumer , Affirm's deep and diverse merchant partnerships , and our unrivaled technology will position us to capture a substantial share of our expanding market opportunities . We are just getting started and we look forward to demonstrating the full power of Affirm as the economy continues to reopen . " Third Quarter of Fiscal Year 2021 Operating Highlights : • Gross merchandise volume ( " GMV " ) for the third quarter of fiscal 2021 was $ 2.3 billion , an increase of 83 % , or 100 % excluding Peloton , compared to the third quarter of fiscal 2020 • Active merchants more than doubled to nearly 12,000 from March 31 , 2020 to March 31 , 2021 • Active consumers grew 60 % to 5.4 million from March 31 , 2020 to March 31 , 2021 • Transactions per active consumer were approximately 2.3 as of March 31 , 2021 , an increase of 10 % when compared to March 31 , 2020 Third Quarter of Fiscal Year 2021 Financial Highlights : 1 • Total revenue was $ 230.7 million , a 67 % increase when compared to the third quarter of fiscal 2020 , driven primarily by increases in network revenue and interest income , related to growth in GMV and loans held for investment , respectively . Total revenue includes a $ 3.5 million reduction to revenue recorded in relation to the estimated financial impact of Peloton's voluntary recall of its Tread + and Tread products • Total revenue less transaction costs¹ was $ 133.7 million , compared to $ ( 9.3 ) million in the third quarter of fiscal 2020 , primarily as a result of the strong revenue growth ; third quarter of fiscal 2021 transaction costs included an $ 83.3 million year - over - year decrease in provision for credit losses driven by an improved credit outlook • Operating loss was $ 169.5 million compared to $ 81.5 million in the third quarter of fiscal 2020 , and includes a $ 131.8 million increase in stock - based compensation following our January 2021 initial public offering • Adjusted operating income for the third quarter of fiscal 2021 was $ 4.9 million , compared to the adjusted operating loss of $ 70.7 million reported in the third quarter of fiscal 2020 • Net loss for the third quarter of fiscal 2021 was $ 247.2 million compared to $ 85.6 million in the third quarter of fiscal 2020 , and includes the increase in stock - based compensation following the IPO as well as a $ 78.5 million adjustment to reflect the change in fair value of the contingent consideration liability associated with our acquisition of PayBright Inc. , driven by changes in the value of our common stock Recent Business Highlights • Exiting the third quarter , the Company began to see GMV growth accelerate in categories with pent - up demand , such as Travel and Ticketing , which grew by more than 50 % from the third quarter of fiscal 2020 and nearly tripled from the second quarter of fiscal 2021 • In April , the Company began to scale its onboarding of merchants related to its exclusive partnership with Shopify Inc. ( " Shopify " ) , bringing total Shopify merchants on Affirm's platform to more than 10,000 as of May 10 , 2021 , up from the 100