Affirm CEO Max Levchin noted a shift in shopping habits among federally employed borrowers during the government shutdown, but no credit stress. Over 670,000 federal employees are furloughed and 730,000 working without pay. Affirm reported strong fiscal first-quarter earnings, exceeding Wall Street estimates with $933 million in revenue, up 34% from last year.

The fintech company also raised its full-year outlook, expecting gross merchandise volume to reach $47.5 billion. Affirm renewed its partnership with Amazon through 2031 and has deals with companies like Shopify and Apple. Despite losing Walmart to Klarna, Affirm’s active consumers grew to 24.1 million from 19.5 million a year ago.

Levchin stated that categories like ticketing and travel are seeing increased interest, with strong consumer shopping activity. Affirm continues to promote buy now, pay later as the preferred method of payment. Klarna went public in September after delaying its IPO due to market uncertainty from President Trump’s tariffs, impacting the fintech sector.

Read more at CNBC: Federal employees are losing shopping interest