Affirm and CPP Investments renew and expand capital partnership

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Key Terms

asset-backed securitizations financial

A pool of loans or other financial assets is bundled and converted into tradable securities that pay investors from the cash flow those assets generate, like turning a batch of mortgages into bonds. Investors care because these securities spread risk and can offer steady income, but their performance depends on the quality of the underlying assets and how the payments are divided among different investors, similar to slicing a pie where some slices get paid first.

gross merchandise volume financial

Gross merchandise volume is the total dollar value of all goods and services sold through a sales platform or marketplace during a given period, measured before subtracting fees, returns, discounts or other adjustments. Investors use it to gauge the size and momentum of a business—like counting every dollar that passes through a busy market to assess demand—but it is not the same as company revenue or profit since the operator typically retains only a portion.

warehouse facilities financial

Warehouse facilities are buildings and associated systems used to receive, store, sort and ship a company’s physical goods, like a large pantry or garage for a business. They matter to investors because they tie up capital, create ongoing costs and shape how quickly and cheaply a company can meet customer demand—affecting margins, growth capacity and exposure to supply‑chain disruptions.

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06/04/2026 - 09:00 AM

SAN FRANCISCO & TORONTO--(BUSINESS WIRE)-- Affirm (NASDAQ: AFRM) and Canada Pension Plan Investment Board (“CPP Investments”), through subsidiaries of CPPIB Credit Investments Inc., today announced a renewed and expanded forward-flow agreement. Under the 24-month agreement, CPP Investments will commit US$1.7 billion to purchasing Affirm installment loans, with the ability to increase the commitment to US$2.2 billion.

The agreement is expected to support up to approximately US$8 billion in consumer loan volume over its two-year term and builds on a longstanding relationship. Since 2019, CPP Investments has purchased nearly US$14 billion in Affirm assets through forward-flow agreements and asset-backed securitizations.

This investment will help power Affirm’s growing network of consumers and merchants. Affirm offers consumers honest, transparent payment options at checkout and funds its loans through a diverse network of capital partners. Nearly 27 million active consumers use Affirm to pay over time on terms they can see and understand, with no late or hidden fees. Over the last 12 months ending March 31, 2026, Affirm delivered US$46 billion in gross merchandise volume (GMV).

“CPP Investments has been one of our most valued capital partners since the earliest days of our program, and this renewal reflects the trust and track record we've built together,” said Michael Linford, Chief Operating Officer of Affirm. “We are grateful to have deep partnerships with some of the world’s most sophisticated, stable investors, including CPP Investments, and this expanded relationship will continue to fuel our growth as we generate quality assets at scale.”

“Affirm has established a leading position in a large and growing segment of consumer finance by offering transparent payment solutions that resonate with both consumers and merchants,” said Paras Vira, Managing Director, Head of Americas Structured Credit at CPP Investments. “The company has consistently produced the kind of credit performance we look for in a long-term partner and we are pleased to renew and expand our commitment as we aim to generate attractive returns for the CPP Fund in the interests of CPP contributors and beneficiaries.”

Affirm maintains a durable and resilient funding model across multiple channels, including warehouse facilities, forward-flow agreements, and asset-backed securitizations. As of March 31, 2026, Affirm’s total funding capacity had grown to US$28.2 billion, supported by a diverse group of long-term capital partners across institution types.

About Affirm

Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network—one based on trust, transparency, and putting people first—we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2026, the Fund totalled C$793.3 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Forward Looking Statement from Affirm

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. All statements other than statements of historical fact contained in this press release, including statements regarding Affirm’s future results of operations and financial condition, business strategy, plans and objectives of management for future operations, and expectations of the renewed and expanded partnership with CPP Investments, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. Forward-looking statements are based on management’s beliefs and assumptions and on information currently available. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described under “Risk Factors” in Affirm’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 and in its other filings with the U.S. Securities and Exchange Commission. Except as required by law, Affirm undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or to changes in our expectations.

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