Key Takeaways AFRM's active merchant base rose to around 358,000 as of March 31, 2025, from around 292,000 a year earlier. AFRM currently expects FY25 GMV guidance within $35.7-$36B, reflecting 34.8% growth at the mid-point. AFRM's merchant network revenues jumped 30% Y/Y in the first nine months of fiscal 2025.Affirm Holdings, Inc. (AFRM) operates a vast and diverse merchant network that is central to its mission of reinventing payments. As of March 31, 2025, Affirm had approximately 358,000 active merch ...