Max Levchin's Gradual Route to Fintech Profit

Affirm, a buy-now, pay-later fintech company, has transitioned from years of over $2 billion in losses to sustained profitability, with recent quarters generating significant revenue and net income. Built largely through exclusive in-house systems and credit modeling, the company focuses on network effects and sound underwriting to grow without lowering standards or overspending. Despite concerns about consumer debt, Affirm's data-driven approach has maintained stable delinquencies, supporting its growth as it plans expansion into new markets.

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