Over the last 13 years, more than 50 million people have used Affirm’s pay later payment options to make over $100 billion in purchases of goods and services instead of credit or debit cards. Every transaction is evaluated individually, even when customers have a previous loan with Affirm.

From the start, Affirm has used proprietary underwriting and machine learning (ML) models to assess its credit risk, fight fraud and evaluate the consumer’s creditworthiness.

Affirm has been able...