Affirm’s Volume Plummets 27.53% to 165th Rank Amid BNPL Expansion and Cost Cuts

Affirm Holdings (AFRM) closed 0.59% higher on Sept. 16, 2025, with a trading volume of $650 million, marking a 27.53% decline from the previous session and ranking 165th in dollar volume among U.S. stocks. The fintech lender’s performance reflects a mix of market dynamics and strategic developments, though volume contraction signals reduced short-term liquidity activity.

Recent updates highlight Affirm’s focus on expanding its BNPL (buy now, pay later) partnerships with major retailers, including a newly announced integration with a top-tier e-commerce platform. The collaboration is expected to drive incremental transaction growth by broadening consumer access to its payment solutions. Analysts note that such partnerships could enhance merchant adoption of Affirm’s technology, though the direct financial impact remains subject to execution risks.

Meanwhile, internal operational adjustments suggest a strategic pivot toward cost optimization. A recent restructuring plan aims to streamline back-office operations, targeting a 10% reduction in non-revenue expenses by Q1 2026. While management has not disclosed specific cost savings figures, the move aligns with broader industry trends of post-pandemic operational efficiency drives.

Back-testing parameters for a proposed investment strategy require clarification on key variables. The study seeks to evaluate a daily-rebalanced portfolio of 500 U.S. stocks ranked by dollar volume. Key unresolved questions include universe composition (excluding ETFs/ADRs), rebalancing timing (open/close), and transaction cost assumptions. A synthetic index approach may approximate the strategy’s performance, with testing to span from Jan. 3, 2022, to the current date.