Affirm

Founder‑CEO Max Levchin brings strong product and risk DNA and continues to control voting power via Class B shares (15 votes per share). The structure enables long‑term bets but concentrates governance.

The team has navigated a tough 2022–2023 credit and funding backdrop and emerged with TTM GAAP profitability, broader distribution, and scaling DTC engagement. We score management highly for strategy and execution, with a small deduction for dual‑class governance risk.