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Affirm Soars in Market Debut

The share price of the payments company nearly doubles in first day of trading.

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Affirm’s (AFRM) stock soared more than 98% on Wednesday in its NASDAQ debut, nearly doubling the $49 initial public offering (IPO) price the company had set. 

Affirm certainly has a good story: It’s a leading player among "buy now, pay later" providers who are looking to take market share from traditional credit card companies. Its sizable merchant network includes e-commerce players like Shopify (SHOP) and Peloton (PTON). And it nearly doubled its annual revenue to $510 million for the fiscal year ended June 30. 

Susan Dziubinski does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.