Episode summary
Affirm, Sam’s Club Strike Exclusive Buy Now, Pay Later Deal | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec · Guests: Max Levchin
Summary
Affirm’s new multi-year agreement makes Sam’s Club its exclusive buy-now, pay-later provider, with the service going live on the retailer’s website in the coming weeks and in stores in 2027. The discussion centered on what the deal says about competition in BNPL, holiday shopping demand, and whether consumers are under pressure. Max Levchin argued that demand for Affirm remains strong despite gloomy headlines about consumer spending.
Levchin said retailers choose Affirm because it offers a transparent alternative to credit cards, with no late fees and no compounding interest. He framed the product as deliberately designed to save consumers money and give them predictable costs, especially when merchants subsidize the transaction to create a true 0% loan. He also said that when retailers pay more, Affirm uses the spread to reduce the consumer’s cost of credit.
On timing, Levchin said the online launch comes first because digital integration is simpler, while store rollout requires signage, staff training, and more operational complexity. Asked about recession concerns, he rejected the idea that weakness in BNPL signals a broader downturn and said he does not see signs of a recession in the American consumer.
Key takeaways
- Affirm’s Sam’s Club deal is exclusive, multi-year, and will start online in the coming weeks before moving into stores in 2027.
- Max Levchin said Affirm sees no slowdown in demand from retailers or consumers despite weaker consumer-spending headlines.
- Levchin argued that Affirm’s key selling point is transparency: no late fees, no compounding interest, and predictable pricing.
- He said retailer compensation can subsidize the loan, creating a true 0% offer that lowers costs for shoppers.
- Levchin rejected recession fears, saying he does not believe the American consumer is showing signs of broad weakness.
Notable quotes
“we are truly delighted to be back in Benville with this amazing partnership”
“we are seeing great demand for our product”
“We don't charge late fees. We don't compound interest”
“The product is deliberately designed to save you the most money, to be super transparent, and most importantly, to be highly predictable”
“No, I don't believe we are. I think American consumer is doing unbelievably well”
How the episode opens
Bloomberg Audio Studios podcasts, radio news. — You're listening to Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio. — So out on the Bloomberg today again are Paige Smith all over this space. — She's on fire.
She really is. She reports a firm holdings teaming up with Walmart Sam as the retailer's exclusive buy now pay later partner. And this is happening just weeks before the key holiday shopping season kicks off.
A firm will serve as its exclusive BNPL provider in a multi-year agreement starting in that role on Sam's Club's website in the coming weeks and then rolling out to stores uh in 2027. That's according to a statement put out. Um the terms of the deal though not disclosed.
We are delighted to have back with us Max Lechin. He is the founder, chairman, and CEO of a firm holdings. He joins us uh from Las Vegas on this Thursday.
Hey, great to have you back with us, Max. Congratulations. Interesting.
We're kind of reading between the lines here. What does this deal say about the competitive landscape and your rivals?
I cannot speak to my rivals. Uh I can only speak to the fact that we are truly delighted to be back in Benville with this amazing partnership. U it it's it's wonderful.
We're excited. Just in time for the holiday season. Okay, I'm gonna I'm not You can think about your rivals and you can think about the competitive landscape.
I know you're excited about this without mentioning your rivals. Talk to us about what this means for the comp the competition in the space right now. Consumers have a lot of ways to pay for things including credit cards Max and including other buy now pay later firms.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- bnpl partnerships
- holiday shopping
- retail payments
- consumer finance
- walmart strategy
Companies and tickers mentioned
- AFRM
- WMT
- Affirm Holdings
- Walmart
- Sam's Club
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from Bloomberg Businessweek Daily
-
Bloomberg Businessweek Weekend - November 13th, 2026 | Bloomberg Businessweek -
Inside Jensen Huang’s Final Hours as Nvidia CEO | Bloomberg Businessweek -
Jensen Huang's Exit Kicks Off Nvidia Strategy Reset | Bloomberg Businessweek -
Special Episode: Bobby Jain on Why He Chose Millennium Again | Bloomberg Businessweek -
Bloomberg Businessweek Daily Podcast: Jensen’s Nvidia Departure -
Take-Two Releasing Long-Awaited Grand Theft Auto VI Next Week | Bloomberg Businessweek
Bloomberg Businessweek Daily, this episode and its artwork belong to Bloomberg. Octagon is not affiliated with the show; this page is an independent summary.
