both engines funded at the same ~$1B quarterly revenue
How BNPL funding choice splits the take rate, margin, and share multiple Merchant GMV splits into two funding conduits. Klarna sells its loans to investor buyers, keeps a thin fee, sheds credit risk, and trades near 2.4x sales. Affirm funds origination on its balance sheet via deposits and ABS, consolidates interest income, carries credit and funding-cost risk, and trades near 6.3x sales. Merchant BNPL originations GMV - one stream, two funding paths loans sold to investors Investor buyers risk rides out Routes loans out to investors Fee on GMV ~2.85% take rate Credit risk shed off the books Deposits + AFC fund balance sheet ABS pools securitized funding Interest income ~9% take - GAAP Risk absorbed credit risk + funding cost 1 - two funding paths 2 - revenue capture 3 - risk carried 4 - market pricing Klarna cautious ~2.4x trailing sales Affirm buy ~6.3x trailing sales same ~$1B quarterly revenue run rate on both engines market prices margin + funding risk into each share multiple