We may earn a commission for purchases through links on our site, Learn more.
- Affirm is not a bank but works with partner banks to offer financial services.
- Cross River Bank holds Affirm Money accounts and provides FDIC insurance up to $250,000.
- Evolve Bank & Trust issues the Affirm Card, a Visa debit card with flexible payment options.
- Celtic Bank and Lead Bank fund Affirm’s buy now, pay later (BNPL) loans.
- Plaid enables users to securely link their bank accounts for transfers and payments.
- Affirm Money is an interest-bearing savings account with no fees or minimum balance.
- The Affirm Card allows users to pay in full or in installments.
- Affirm loans have no late fees, clear terms, and flexible repayment options.
- Partnering with multiple banks ensures regulatory compliance and service availability.
- Affirm offers secure and FDIC-insured financial products through its banking partners.
Affirm is a financial technology company that provides loans and savings accounts, but it is not a bank. Instead, it works with several partner banks to offer financial products. These banks include Cross River Bank, Evolve Bank & Trust, Celtic Bank, and Lead Bank.
Each of these banks plays a role in Affirm’s services, from issuing loans to holding savings accounts. Affirm also uses Plaid, a financial technology company, to link users’ bank accounts for transfers and loan payments.
How Affirm Works with Partner Banks
Affirm provides buy now, pay later (BNPL) loans, debit cards, and savings accounts. Because Affirm is not a bank, it cannot offer FDIC-insured deposits or directly issue loans. Instead, Affirm partners with banks that are legally authorized to provide these services. These banks ensure compliance with financial regulations while Affirm provides the technology and customer experience.
Which Banks Does Affirm Use?
Affirm works with several banks to deliver its products and services. Below are the banks that help facilitate Affirm’s operations.
1. Cross River Bank
Cross River Bank is a New Jersey-chartered bank that holds Affirm Money accounts. These accounts function as interest-bearing savings accounts, offering users a way to store money with the benefit of earning interest. Cross River Bank ensures that these funds are FDIC-insured up to $250,000 per depositor, meaning customers’ money is protected against bank failure.
2. Evolve Bank & Trust
Evolve Bank & Trust is an FDIC-insured bank that issues the Affirm Card, a Visa debit card. This card allows users to pay for purchases in full or split payments into installments. Evolve Bank ensures that all Affirm Card transactions are processed securely, and users can rely on the card for everyday spending.
3. Celtic Bank
Celtic Bank is a Utah-chartered industrial bank that partners with Affirm to issue loans. Many of the BNPL loans that Affirm offers at checkout are funded by Celtic Bank. This partnership allows Affirm to offer financing for purchases without having to be a direct lender itself.
4. Lead Bank
Lead Bank, a Missouri-chartered bank, is another lending partner of Affirm. Like Celtic Bank, Lead Bank provides funding for some of Affirm’s loans. This ensures that customers have access to financing when shopping with Affirm’s partnered merchants.
5. Plaid
Affirm also integrates with Plaid, a financial technology company that connects bank accounts for secure transfers. Plaid allows users to link their checking or savings accounts to their Affirm account for loan payments and transfers. This makes it easier for users to manage their finances without manually entering banking details.
Affirm’s Financial Products
Affirm offers several financial products through its partnerships with these banks. Below is a breakdown of the key products and how they work.
1. Affirm Card
The Affirm Card is a Visa debit card issued by Evolve Bank & Trust. This card can be used in two ways:
- Pay in Full – Users can use the Affirm Card like a regular debit card to make everyday purchases.
- Pay Over Time – Certain purchases can be split into installments, similar to Affirm’s BNPL loans.
The Affirm Card does not have any late fees or hidden charges, making it a flexible payment option.
2. Affirm Money
Affirm Money is an interest-bearing savings account offered through Cross River Bank. This account has no minimum balance and no fees, making it a simple way for users to earn interest on their deposits. Since deposits are FDIC-insured up to $250,000, customers’ funds are protected.
3. Affirm Loans (Buy Now, Pay Later)
Affirm’s most popular product is its buy now, pay later (BNPL) financing. Customers can choose to split payments over time when shopping online or in stores. Affirm’s lending partners, including Celtic Bank and Lead Bank, provide the funds for these loans.
BNPL loans through Affirm come with the following features:
- No Late Fees – Affirm does not charge late fees, making it different from traditional credit cards.
- Flexible Payment Plans – Users can choose from multiple repayment options, such as 3, 6, or 12 months.
- Clear Terms – The loan terms and interest rates are displayed upfront, so there are no surprises.
Is Affirm a Safe Financial Service?
Affirm works with FDIC-insured banks to ensure customer deposits and transactions are secure. Since Cross River Bank and Evolve Bank & Trust are FDIC-insured, Affirm Money deposits and Affirm Card transactions are protected under federal regulations.
Additionally, Affirm uses Plaid for secure banking connections. Plaid ensures that users’ bank credentials remain private and encrypted when linking accounts. This added layer of security reduces the risk of fraud.
Why Does Affirm Work with Multiple Banks?
Affirm collaborates with multiple banks to provide different financial services. Here are some reasons why Affirm takes this approach:
- Regulatory Compliance – By partnering with banks, Affirm ensures its products meet banking laws and FDIC requirements.
- Diverse Offerings – Different banks specialize in various financial products, allowing Affirm to provide loans, savings accounts, and debit cards.
- Increased Loan Availability – Working with multiple banks ensures that Affirm can fund more loans and serve a larger customer base.
How to Use Affirm for Payments and Savings
If you want to use Affirm for shopping or saving money, here’s how you can get started:
- Sign Up for an Affirm Account – You can create an account through the Affirm website or mobile app.
- Apply for a Loan at Checkout – When shopping at a partnered retailer, you can select Affirm as a payment method and choose a repayment plan.
- Use the Affirm Card – If you want a debit card with flexible payment options, you can apply for the Affirm Card through the app.
- Open an Affirm Money Account – If you need a savings account, you can open an Affirm Money account and start earning interest.
- Link Your Bank with Plaid – To make payments or transfer money, you can securely link your bank account through Plaid.
Frequently Asked Questions
Here are some of the related questions people also ask:
What bank does Affirm use for loans?
Affirm partners with Celtic Bank and Lead Bank to issue loans for its buy now, pay later (BNPL) service.
Is Affirm a bank or a financial technology company?
Affirm is a financial technology company, not a bank. It partners with licensed banks to provide financial services like loans and savings accounts.
Which bank issues the Affirm Card?
The Affirm Card is issued by Evolve Bank & Trust, an FDIC-insured bank.
Is my money safe with Affirm Money?
Yes, Affirm Money accounts are held by Cross River Bank, which is FDIC-insured up to $250,000 per depositor.
Does Affirm charge late fees on loans?
No, Affirm does not charge late fees on its buy now, pay later loans.
How does Plaid work with Affirm?
Plaid securely connects users’ bank accounts to Affirm for transfers, payments, and loan repayments.
Can I use the Affirm Card like a regular debit card?
Yes, the Affirm Card functions as a regular Visa debit card, allowing you to pay in full or split payments over time.
Why does Affirm work with multiple banks?
Affirm works with multiple banks to ensure regulatory compliance, secure funding, and diverse financial offerings like loans, debit cards, and savings accounts.
How do I open an Affirm Money account?
You can open an Affirm Money account through the Affirm app or website and start earning interest on your savings with no fees or minimum balance.
The Bottom Line
If you’re wondering what bank does Affirm use, the answer is that Affirm partners with multiple banks, including Cross River Bank, Evolve Bank & Trust, Celtic Bank, and Lead Bank. These banks provide the infrastructure for Affirm’s loans, debit cards, and savings accounts. Affirm also uses Plaid to connect bank accounts for transactions.
By working with these financial institutions, Affirm offers a seamless way to shop now and pay later, save money, and manage finances. Whether you’re looking for an alternative to credit cards or a high-yield savings account, Affirm provides secure and flexible financial solutions.