$Affirm Holdings, Inc.(AFRM)$ $Apple(AAPL)$ The major difference is that Apple is sitting on a huge pile of cash, so they don't have to go out and look for financing. It's a cost-of-capital advantage... not to mention they have a captive audience of Apple product users. Affirm has little or no customer loyalty. Affirm customers also use Klarna, Afterpay, Paypal, etc. Anyone who will lend them money.Apple is going live with their own BNPL service this year. I think the market can support both but growth for AFRM might slow down.
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