The difference is also visible in their business mix. Klarna’s broader merchant and customer base gives it a much larger transaction network, while Affirm shows stronger growth momentum in revenue and net profit. Affirm reported $3.22B in revenue and $52.2M in net profit, while Klarna reported $3.51B in revenue and $273M in net profit.

Klarna’s advantage is scale: more customers, more merchants, higher GMV, and a larger loan book. Affirm’s advantage is momentum: faster GMV growth, faster revenue growth, and a stronger YoY profit swing. Together, they show two different paths in BNPL, Klarna as the larger global commerce network, and Affirm as the faster-growing US-led credit platform.