Lex chats with Libor Michalek, the President of Affirm, a buy now, pay later (BNPL) company. Michalek discusses his early experiences with the internet and how it shaped his understanding of technology and its potential in the financial services industry. He explains how Affirm was founded with the goal of building honest financial products that improve people's lives, and how the convergence of e-commerce, mobile technology, machine learning, and access to consumer information enabled the company to create a credit product that aligned with consumer interests. Michalek also discusses the challenges of building a technology-driven finance company, the performance of Affirm's loans compared to credit cards and personal loans, and the company's approach to competition and future growth.

MENTIONED IN THE CONVERSATION

Affirm's Website: https://bit.ly/3Qo2DvI

Libor's LinkedIn: https://bit.ly/4bfsQVk

Topics: fintech, buy now pay later, BNPL, e-commerce, machine learning, loans, credit, credit cards, payments

Companies: Affirm, Thinking Machines Corporation, PayPal, Amazon

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TIMESTAMPS

1’00: Internet Pioneers and Business Innovation: Libor Michalek touches on Early Web Experiences

4’56: Digital Transformation and Commerce: Unpacking the Consumer Insights and Technological Advances That Fuelled the E-commerce Explosion

9’18: Beyond Traditional Finance: How Affirm's Founding Insights and Technological Integration Redefined Fintech in the 2010s

13’14: Redefining Credit: Exploring the Consumer Demand for Transparency and Fairness in Financial Products with Affirm

19’04: Integrating Innovation: How Affirm's Unique Approach to E-commerce and Payments Shaped Its Market Strategy

23’47: Machine Learning and Financial Innovation: Launching Affirm's Transaction-Specific Underwriting Models

27’56: Assessing Investment Opportunities: The Risk and Return Profile of Affirm's Customer Loans from an Institutional Perspective

32’11: Empowering Customers: Affirm's Commitment to Transparency and Support in Financial Services

37’42: Leading the Charge: Navigating Competition and Innovation in the Buy Now, Pay Later Market

41’22: Defining Innovation in FinTech: Distinguishing Between Technology-Driven and Finance-First Companies

43’29: The channels used to connect with Libor & learn more about Affirm

Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.

Contributors: Lex, Laurence, Matt, Farhad, Mike, Daniella

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How Affirm built the Buy Now Pay Later (BNPL) industry, with President Libor Michalek

The Fintech Blueprint