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Shopmonkey selects Affirm to bring flexible and transparent payment options to auto shops

1. Affirm partners with Shopmonkey to offer pay-over-time plans for auto repairs. 2. Partnership connects auto shops with flexible financing options without hidden fees. 3. Eligible customers can split repair bills into manageable biweekly or monthly payments. 4. Thousands of small and medium auto shops in U.S. and Canada will benefit. 5. Shopmonkey emphasizes enhanced customer experience through Affirm's payment options.

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Why Bullish?

This partnership is likely to drive sales and customer adoption for Affirm, enhancing revenue growth potential. Partnerships that expand customer access have historically led to increased share price for similar fintech firms, examples being PayPal's recent partnerships with online retailers.

How important is it?

The importance score reflects the partnership's potential to broaden Affirm's market reach in a substantial industry sector with significant financing needs, thus impacting overall performance positively. Such collaborations often correlate with heightened investor interest and future growth expectations.

Why Long Term?

The integration of Affirm's services into thousands of auto shops creates a sustainable revenue stream that is likely to grow over time as shop owners increasingly utilize financing options. Past examples showcase how sustained partnerships (e.g., Square’s integrations) lead to enduring financial boosts for involved companies.

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-Partnership enables U.S. and Canadian auto shops to offer Affirm’s pay-over-time plans when invoicing customers SAN FRANCISCO--(BUSINESS WIRE)--Shopmonkey, the cloud-based auto shop management platform, announced today that it has selected Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, as one of its pay-over-time providers. Affirm is now a default payment method for auto shops using Shopmonkey’s payment processing solution, enabling them to offer flexible and transparent financing options to eligible customers. Thousands of auto shops – the majority of which are small and medium sized businesses – use Shopmonkey’s payment processing solution to support their business needs. Through this partnership, eligible U.S. and Canadian auto shops can seamlessly offer Affirm’s pay-over-time plans when invoicing their customers. By selecting Affirm, approved customers will have the option to split the total cost of their auto repair bill into budget-friendly biweekly or monthly payment plans, for as low as 0% APR. Customers will never be charged late or hidden fees when they pay with Affirm. “We believe the automotive care experience starts the minute you drive the car off the lot until you turn the keys over to the next owner. Offering flexible payment options like Affirm is a natural extension of that belief – helping empower our customers to deliver a superior automotive care experience,” said Travis Bickham, Chief Commercial Officer at Shopmonkey. “We are excited to partner with Affirm given their commitment to bringing innovative customer-centric solutions to market.” “By bringing Affirm’s flexible, transparent payment options to the Shopmonkey platform, we’re helping thousands of small and medium-sized auto shops better serve their customers,” said Wayne Pommen, Chief Revenue Officer at Affirm. “Car owners – who often spend nearly $800 per year on maintenance – get a responsible way to spread out the cost, making it easier to pay for the services they need. This in turn will lead to improved customer satisfaction and long-term growth for auto shops.” Auto shops using Shopmonkey’s payment processing solution can learn more about how Affirm can support their businesses here. About Affirm Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network – one based on trust, transparency and putting people first – we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X . About Shopmonkey With a passion for cars and a vision of helping auto shops increase efficiency and profitability, Shopmonkey was founded in 2016 by Ashot Iskandarian. Shopmonkey is a cloud-based system that simplifies the complexities of running an auto repair business onto a single platform, including appointment scheduling, parts ordering, customer communications, and payment processing. Shopmonkey is now trusted by thousands of shops in the U.S. and Canada to help them streamline, grow, and seamlessly running their day-to-day operations using Shopmonkey's many integrated features and modern solutions. Payment options through Affirm are subject to eligibility, and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to California Finance Law license 60DBO-111681. In Canada, payment options are through Affirm Canada Holdings Ltd and rates will be 0–31.99% APR (where available and subject to provincial regulatory limitations). AFRM-PA More News From Affirm

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