Affirm (AFRM) 10-Q 17 Feb 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Dec. 31, 2020	Feb. 10, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-39888
Entity Registrant Name	Affirm Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2224323
Entity Address, Address Line One	650 California Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94108
City Area Code	415
Local Phone Number	984-0490
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	AFRM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--06-30
Entity Central Index Key	0001820953
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		129,792,757
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		127,614,694

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Assets
Cash and cash equivalents	$ 520,741	$ 267,059
Restricted cash	116,049	61,069
Loans held for sale	12,302	4,459
Loans held for investment	1,888,432	1,034,312
Allowance for credit losses	(131,165)	(95,137)
Loans held for investment, net	1,757,267	939,175
Accounts receivable, net	67,046	59,001
Property, equipment and software, net	49,358	48,140
Other assets	185,359	23,348
Total Assets	2,708,122	1,402,251
Liabilities:
Accounts payable	26,224	18,361
Payable to third-party loan owners	33,043	24,998
Accrued interest payable	3,133	1,860
Accrued expenses and other liabilities	44,629	27,810
Convertible debt	0	74,222
Notes issued by securitization trusts	818,446	0
Funding debt	804,960	817,926
Total liabilities	1,730,435	965,177
Commitments and contingencies (Note 6)
Redeemable convertible preferred stock, $0.00001 par value, 124,453,009 and 149,860,292 shares authorized as of June 30, 2020 and December 31, 2020, respectively; 122,115,971 and 148,396,979 shares issued and outstanding as of June 30, 2020 and December 31, 2020, respectively; liquidation preference of $809,032 and $1,305,240 as of June 30, 2020 and December 31, 2020, respectively	1,327,271	804,170
Stockholders’ deficit:
Common stock, $0.00001 par value, 232,000,000 and 304,000,000 shares authorized as of June 30, 2020 and December 31, 2020, respectively; 47,684,427 and 59,239,370 shares issued and outstanding as of June 30, 2020 and December 31, 2020, respectively	0	0
Additional paid in capital	142,477	80,373
Accumulated deficit	(493,999)	(447,167)
Accumulated other comprehensive gain (loss)	1,938	(302)
Total stockholders’ deficit	(349,584)	(367,096)
Total Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit	$ 2,708,122	$ 1,402,251

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)	149,860,292	124,453,009
Redeemable convertible preferred stock, issued (in shares)	148,396,979	122,115,971
Redeemable convertible preferred stock, outstanding (in shares)	148,396,979	122,115,971
Redeemable convertible preferred stock, liquidation preference	$ 1,305,240	$ 809,032
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	304,000,000	232,000,000
Common stock, issued (in shares)	59,239,370	47,684,427
Common stock, outstanding (in shares)	59,239,370	47,684,427
Assets of consolidated VIEs, included in total assets above
Restricted cash	$ 116,049	$ 61,069
Loans held for investment	1,888,432	1,034,312
Allowance for credit losses	(131,165)	(95,137)
Loans held for investment, net	1,757,267	939,175
Accounts receivable, net	67,046	59,001
Other assets	185,359	23,348
Total Assets	2,708,122	1,402,251
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	26,224	18,361
Accrued interest payable	3,133	1,860
Accrued expenses and other liabilities	44,629	27,810
Notes issued by securitization trusts	818,446	0
Funding debt	804,960	817,926
Total liabilities	1,730,435	965,177
Consolidated Variable Interest Entities
Assets of consolidated VIEs, included in total assets above
Restricted cash	87,000	28,788
Loans held for investment	1,772,970	935,085
Allowance for credit losses	(120,086)	(87,467)
Loans held for investment, net	1,652,884	847,618
Accounts receivable, net	8,209	8,146
Other assets	886	3,345
Total Assets	1,748,979	887,897
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	65	492
Accrued interest payable	3,133	1,732
Accrued expenses and other liabilities	1,479	565
Notes issued by securitization trusts	818,446	0
Funding debt	804,960	817,926
Total liabilities	1,628,083	820,715
Total net assets	$ 120,896	$ 67,182

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenue
Interest income	$ 73,857	$ 45,073	$ 128,094	$ 85,241
Gain on sales of loans	14,560	4,738	30,994	10,463
Servicing income	5,174	5,291	9,258	7,355
Total Revenue, net	204,041	129,976	378,019	217,923
Operating Expenses
Loss on loan purchase commitment	67,768	42,661	133,636	62,622
Provision for credit losses	17,468	30,178	57,735	55,022
Funding costs	12,060	8,167	22,412	16,295
Processing and servicing	16,802	11,652	30,300	21,347
Technology and data analytics	41,634	31,612	75,402	56,980
Sales and marketing	39,112	7,651	61,694	12,870
General and administrative	40,916	30,688	73,182	58,392
Total Operating Expenses	235,760	162,609	454,361	283,528
Operating Loss	(31,719)	(32,633)	(76,342)	(65,605)
Other income, net	240	1,730	29,685	4,003
Loss Before Income Taxes	(31,479)	(30,903)	(46,657)	(61,602)
Income tax expense	78	93	175	189
Net Loss	(31,557)	(30,996)	(46,832)	(61,791)
Excess return to preferred stockholders on repurchase	0	(13,205)	0	(13,205)
Net Loss Attributable to Common Stockholders	(31,557)	(44,201)	(46,832)	(74,996)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	1,834	(15)	2,240	10
Net Other Comprehensive Income (Loss)	1,834	(15)	2,240	10
Comprehensive Loss	$ (29,723)	$ (31,011)	$ (44,592)	$ (61,781)
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (0.45)	$ (0.92)	$ (0.69)	$ (1.55)
Diluted (in USD per share)	$ (0.45)	$ (0.92)	$ (1.07)	$ (1.55)
Weighted average common shares outstanding:
Basic (in shares)	70,801,521	48,079,867	67,795,598	48,241,444
Diluted (in shares)	70,801,521	48,079,867	69,534,680	48,241,444
Merchant network revenue
Revenue
Revenue	$ 99,630	$ 67,764	$ 192,895	$ 104,153
Virtual card network revenue
Revenue
Revenue	$ 10,820	$ 7,110	$ 16,778	$ 10,711

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT - USD ($) $ in Thousands	Total	Redeemable convertible preferred stock	Common StockCommon Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2019		122,653,704
Beginning balance, Redeemable Convertible Preferred Stock at Jun. 30, 2019		$ 798,074
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)		1,175,872
Issuance of redeemable convertible preferred stock, net of issuance costs		$ 15,481
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Sep. 30, 2019		123,829,576
Ending balance, Redeemable Convertible Preferred Stock at Sep. 30, 2019		$ 813,555
Beginning balance, Common Stock (in shares) at Jun. 30, 2019			47,078,208
Beginning balance at Jun. 30, 2019	$ (263,414)		$ 0	$ 54,824	$ (318,238)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			213,770
Issuance of common stock	743			743
Repurchases of common stock (in shares)			(63,719)
Repurchases of common stock	(865)				(865)
Stock-based compensation	9,323			9,323
Foreign currency translation adjustments	25					25
Net loss	(30,795)				(30,795)
Ending balance, Common Stock (in shares) at Sep. 30, 2019			47,228,259
Ending balance at Sep. 30, 2019	(284,983)		$ 0	64,890	(349,898)	25
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2019		122,653,704
Beginning balance, Redeemable Convertible Preferred Stock at Jun. 30, 2019		$ 798,074
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2019		122,115,971
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2019		$ 804,170
Beginning balance, Common Stock (in shares) at Jun. 30, 2019			47,078,208
Beginning balance at Jun. 30, 2019	(263,414)		$ 0	54,824	(318,238)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustments	10
Net loss	(61,791)
Ending balance, Common Stock (in shares) at Dec. 31, 2019			47,327,678
Ending balance at Dec. 31, 2019	(337,156)		$ 0	59,195	(396,361)	10
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Sep. 30, 2019		123,829,576
Beginning balance, Redeemable Convertible Preferred Stock at Sep. 30, 2019		$ 813,555
Increase (Decrease) in Temporary Equity [Roll Forward]
Repurchases of redeemable convertible preferred stock (in shares)		(1,713,605)
Repurchases of redeemable convertible preferred stock		$ (9,385)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2019		122,115,971
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2019		$ 804,170
Beginning balance, Common Stock (in shares) at Sep. 30, 2019			47,228,259
Beginning balance at Sep. 30, 2019	(284,983)		$ 0	64,890	(349,898)	25
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			1,485,298
Issuance of common stock	478			478
Repurchases of common stock (in shares)			(1,385,879)
Repurchases of common stock	(17,590)			(2,123)	(15,467)
Repurchases of redeemable convertible preferred stock	(13,205)			(13,205)
Stock-based compensation	9,155			9,155
Foreign currency translation adjustments	(15)					(15)
Net loss	(30,996)				(30,996)
Ending balance, Common Stock (in shares) at Dec. 31, 2019			47,327,678
Ending balance at Dec. 31, 2019	$ (337,156)		$ 0	59,195	(396,361)	10
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2020	122,115,971	122,115,971
Beginning balance, Redeemable Convertible Preferred Stock at Jun. 30, 2020	$ 804,170	$ 804,170
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)		21,824,141
Issuance of redeemable convertible preferred stock, net of issuance costs		$ 434,434
Conversion of convertible debt (in shares)		4,444,321
Conversion of convertible debt		$ 88,559
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Sep. 30, 2020		148,384,433
Ending balance, Redeemable Convertible Preferred Stock at Sep. 30, 2020		$ 1,327,163
Beginning balance, Common Stock (in shares) at Jun. 30, 2020	47,684,427		47,684,427
Beginning balance at Jun. 30, 2020	$ (367,096)		$ 0	80,373	(447,167)	(302)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			388,246
Issuance of common stock	1,741			1,741
Repurchases of common stock (in shares)			(115,625)
Repurchases of common stock	(584)			(584)
Vesting and exercise of warrants (in shares)			5,074,398
Vesting and exercise of warrants for common stock	67,645			67,645
Stock-based compensation	7,175			7,175
Conversion of convertible debt	(42,124)			(42,124)
Foreign currency translation adjustments	406					406
Net loss	(15,275)				(15,275)
Ending balance, Common Stock (in shares) at Sep. 30, 2020			53,031,446
Ending balance at Sep. 30, 2020	$ (348,112)		$ 0	114,226	(462,442)	104
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2020	122,115,971	122,115,971
Beginning balance, Redeemable Convertible Preferred Stock at Jun. 30, 2020	$ 804,170	$ 804,170
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2020	148,396,979	148,396,979
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2020	$ 1,327,271	$ 1,327,271
Beginning balance, Common Stock (in shares) at Jun. 30, 2020	47,684,427		47,684,427
Beginning balance at Jun. 30, 2020	$ (367,096)		$ 0	80,373	(447,167)	(302)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting and exercise of warrants (in shares)	5,074,398
Foreign currency translation adjustments	$ 2,240
Net loss	$ (46,832)
Ending balance, Common Stock (in shares) at Dec. 31, 2020	59,239,370		59,239,370
Ending balance at Dec. 31, 2020	$ (349,584)		$ 0	142,477	(493,999)	1,938
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Sep. 30, 2020		148,384,433
Beginning balance, Redeemable Convertible Preferred Stock at Sep. 30, 2020		$ 1,327,163
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)		12,546
Issuance of redeemable convertible preferred stock, net of issuance costs		$ 108
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2020	148,396,979	148,396,979
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2020	$ 1,327,271	$ 1,327,271
Beginning balance, Common Stock (in shares) at Sep. 30, 2020			53,031,446
Beginning balance at Sep. 30, 2020	(348,112)		$ 0	114,226	(462,442)	104
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			6,220,024
Issuance of common stock	21,676			21,676
Repurchases of common stock (in shares)			(12,100)
Repurchases of common stock	(199)			(199)
Stock-based compensation	6,774			6,774
Foreign currency translation adjustments	1,834					1,834
Net loss	$ (31,557)				(31,557)
Ending balance, Common Stock (in shares) at Dec. 31, 2020	59,239,370		59,239,370
Ending balance at Dec. 31, 2020	$ (349,584)		$ 0	$ 142,477	$ (493,999)	$ 1,938

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Preferred stock issuance costs	$ 143	$ 440	$ 20

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities
Net Loss	$ (46,832)	$ (61,791)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	57,735	55,022
Amortization of premiums and discounts on loans, net	(31,453)	(13,194)
Gain on sales of loans	(30,994)	(10,463)
Changes in fair value of servicing assets and liabilities	(188)	902
Changes in fair value and extinguishment of convertible debt derivative	(30,106)	0
Change in fair value of residual trust certificates	(274)	0
Amortization of commercial agreement asset	31,300	0
Amortization of debt issuance costs	2,361	1,142
Stock-based compensation	12,724	16,794
Depreciation and amortization	7,071	4,544
Income tax expense	175	189
Other	2,241	12
Purchases of loans held for sale	(1,033,915)	(1,084,810)
Proceeds from the sale of loans held for sale	1,001,673	1,052,121
Change in operating assets and liabilities:
Accounts receivable, net	(9,080)	(3,058)
Other assets	(16,906)	(7,252)
Accrued interest payable	1,799	1,256
Accounts payable	7,862	1,991
Accrued expenses and other liabilities	16,802	5,081
Payable to third-party loan owners	8,046	6,869
Net Cash Used in Operating Activities	(49,959)	(34,645)
Cash Flows from Investing Activities
Purchases of loans held for investment	(2,582,741)	(1,339,851)
Origination of loans	(109,047)	0
Proceeds from the sale of loans	204,960	137,057
Principal repayments of loans	1,700,809	943,486
Acquisition funds in transit	(113,628)	0
Additions to property, equipment and software	(7,063)	(13,502)
Net Cash Used in Investing Activities	(906,710)	(272,810)
Cash Flows from Financing Activities
Proceeds from funding debt	1,533,379	969,782
Payment of debt issuance costs	(6,787)	(1,371)
Principal repayments of funding debt	(1,544,502)	(739,608)
Proceeds from issuance of notes and residual trust certificates by securitization trusts	896,455	0
Principal repayments of notes issued by securitization trusts	(70,390)	0
Proceeds from issuance of redeemable convertible preferred stock, net	434,542	15,481
Repurchases of redeemable convertible preferred stock	0	(22,591)
Proceeds from issuance of common stock	23,417	1,221
Repurchases of common stock	(783)	(18,454)
Net Cash Provided by Financing Activities	1,265,331	204,460
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	308,662	(102,995)
Cash and cash equivalents and restricted cash, beginning of period	328,128	357,771
Cash and Cash Equivalents and Restricted Cash, end of period	636,790	254,776
Supplemental Disclosures of Cash Flow Information
Cash payments for interest	16,716	13,924
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Stock-based compensation included in capitalized internal-use software	1,225	1,683
Additions to property and equipment included in accrued expenses	24	1,559
Issuance of warrants in exchange for commercial agreement	67,645	0
Conversion of convertible debt	$ 88,559	$ 0

Business Description

Business Description	6 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description Affirm Holdings, Inc. (“Affirm”, the “Company”, “we”, “us”, or “our”), headquartered in San Francisco, California, provides consumers with a simpler, more transparent, and flexible alternative to traditional payment options. Our mission is to deliver honest financial products that improve lives. Through our technology-driven payments network and partnerships with originating banks, Affirm enables consumers to confidently pay for a purchase over time, with terms ranging from one Merchants partner with us to transform the consumer shopping experience and to acquire and convert customers more effectively through our frictionless point-of-sale payment solution. Consumers get the flexibility to buy now and make simple monthly payments for their purchases and merchants see increased average order value, repeat purchase rate, and an overall more satisfied customer base. Unlike legacy payment options and our competitors’ product offerings, which charge deferred or compounding interest and unexpected costs, we disclose up-front to consumers exactly what they will owe — no hidden fees, no penalties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended June 30, 2020. The balance sheet as of June 30, 2020 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various Delaware business trust entities established to enter into warehouse credit agreements with certain lenders for funding debt facilities and asset-backed securitization transactions. Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis. Use of Estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized software development costs, valuation allowance for deferred tax assets, convertible debt derivatives, loss on loan purchase commitment, and discount on self-originated loans. We base our estimates on historical experience, current events and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected. These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates. Revenue Recognition Merchant Network Revenue — Revenue from Contracts with Customers Merchant network revenue consists of merchant fees. Merchant partners (or merchants) are charged a fee on each transaction processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the terms of the executed merchant agreement have been fulfilled and the merchant successfully confirms the transaction. Our contracts with merchants are defined at the transaction level and do not extend beyond the service already provided (i.e., each transaction represents a separate contract). The fees collected from merchants for each transaction are determined as a percentage of the value of the goods purchased by the consumer from merchants and consider a number of factors including the end consumer’s credit risk and financing term . We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to merchants to facilitate transactions with consumers. From time to time, we offer merchants promotional incentives to offer our products to their customers, such as fee reductions or rebates. These amounts, as well as refunds, are recorded as a reduction of revenue and netted against merchant network revenue. We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss, which we record as a reduction to merchant network revenue. In order to continue to expand our consumer base, we may originate loans under certain merchant arrangements that we do not expect to achieve positive revenue. In these instances, the loss is recorded as sales and marketing expense. Virtual Card Network Revenue — Revenue from Contracts with Customers We have agreements with issuer processors to facilitate transactions through the issuance of virtual debit cards to be used by consumers at checkout. Consumers can apply through the Affirm app and, upon approval, receive a single-use virtual debit card to be used for their purchase online or offline at a non-integrated merchant. The non-integrated merchants are charged interchange fees for virtual debit card transactions by the issuer processors, as with all debit card purchases, and the issuer processor shares a portion of this revenue with us. Our contracts with issuer processors are defined at the transaction level and do not extend beyond the service already provided. The fees collected from issuer processors for each transaction are determined as a percentage of the interchange fees charged on transactions facilitated on the payment processor network, and revenue is recognized at the point in time the transaction is completed successfully. The fees collected are presented in revenue, net of associated processing fees. As the issuer processors do not provide distinct services to us, any fees paid to the issuer processors are offset against collected fees. We have concluded that these fees do not give rise to a future material right because the pricing of each transaction does not depend on the volume of prior successful transactions. We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to the issuer processors to facilitate transactions with consumers. Interest Income We accrue interest income using the effective interest method. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the borrower involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed and any interest that would have been earned during the disputed period is retroactively accrued. As of June 30, 2020 and December 31, 2020, the balance of Loans held for investment on non-accrual status was $0.3 million and $0.5 million, respectively. The account is charged-off in the period the account becomes 120 days past due or meets other charge-off policy requirements. Past due status is based on the contractual terms of the loans. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is reversed. Any discounts or premiums on loan receivables created upon purchase of the loan from our originating bank partners are amortized over the life of the loan using the effective interest method. The amortization is presented together as interest income in the interim condensed consolidated statements of operations and comprehensive loss. Servicing Income Servicing fees are contractual fees specified in our servicing agreements with third-party loan owners that are earned from providing professional services to manage loan portfolios on their behalf. The servicing fee is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. We recognize this revenue on a monthly basis. Customer Referral Partners From time to time, we make payments to customer referral partners providing lead generation services for each transaction processed through our technology platform. We first evaluate whether the customer referral partner is a customer or a vendor. We consider customer referral partners as customers if we determine they are the principal to eligible merchants in providing the facilitation of credit service. We consider customer referral partners as vendors if we determine that we are the principal to eligible merchants in providing the facilitation of credit service. Payments made to customer referral partners that are not considered to be our customers are expensed as incurred and recorded in Sales and marketing within our interim condensed consolidated statements of operations and comprehensive loss. Stock-Based Compensation In accordance with ASC Topic 718, “Compensation — Stock Compensation” (“ASC 718”), equity-classified stock-based compensation provided to employees is measured based on the grant date fair value of stock-based awards and recognized as compensation expense on a straight-line basis over the period during which the award holder is required to perform services in exchange for the award (the requisite service period). In addition, we made an accounting policy election to estimate the expected forfeiture rate for service-based awards and only recognize expense for those stock-based awards expected to vest. We estimate the forfeiture rate based on our historical experience with stock-based awards that are granted and forfeited prior to vesting. We account for stock-based awards to non-employees, including consultants, in accordance with ASC 718, in which equity-classified awards are measured at the grant date fair value and recognized as expense in the period and manner as though we had paid cash in exchange for goods or services instead of granting a stock-based award. We have granted restricted stock units (“RSUs”) which are subject to two vesting conditions: a service-based vesting condition that is typically four years from the date of grant, and a performance-based vesting condition (i.e., a liquidity event in the form of either a change of control or an initial public offering). Stock-based compensation is recognized only when it is determined that it is probable that a liquidity event will occur. As of June 30, 2020 and December 31, 2020, it was not probable that a liquidity event would occur and, accordingly, no stock-based compensation expense has been recognized in any period presented. Upon exercise or vesting of a stock-based award, if the tax deduction exceeds the compensation cost that was previously recorded for financial statement purposes, this will result in an excess tax benefit. Recently Adopted Accounting Standards We currently qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. Accordingly, we are provided the option to adopt new or revised accounting guidance either (i) within the same periods as those applicable to public business entities or (ii) within the same time periods as non-public business entities, for as long as we qualify as an emerging growth company. We have elected to adopt new or revised accounting guidance within the same time period as non-public business entities, unless, as indicated below, management determines it is preferable to take advantage of early adoption provisions provided for within the applicable guidance. Revenue Recognition In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” ("ASC 606"). ASC 606 requires revenue to be recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for goods or services and also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows from customer contracts. Subsequent to the issuance of ASU 2014-09, the FASB issued several amendments to ASC 606 to clarify or improve the revenue recognition standard such as principal versus agent considerations in ASU 2016-08, technical corrections and improvements to ASC 606 in ASU 2016-20, and clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial asset in ASU 2017-05. In June 2020, the FASB issued ASU 2020-05, “Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities” ("ASC 842"), which amends the effective dates of ASC 606 and ASC 842 to give immediate relief to certain entities as a result of the widespread adverse economic effects and business disruptions caused by the COVID-19 pandemic. ASU 2020-05 permits certain entities that have not yet made statements available for issuance to adopt ASC 606 for annual reporting periods beginning after December 15, 2019, and for interim reporting periods within annual reporting periods beginning after December 15, 2020. Under ASU 2020-05, we adopted ASC 606 on July 1, 2020 using the modified retrospective transition method. Under this method, we evaluated contracts that were not complete as of the date of adoption as if those contracts had been accounted for under ASC 606. Under the modified retrospective transition approach, periods prior to the adoption date were not adjusted and continue to be reported in accordance with revenue accounting literature in effect during those periods. The adoption of ASC 606 did not have a material impact on our revenue arrangements. ASC 606 explicitly excludes revenue generated in accordance with ASC 310, "Receivables" and ASC 860, "Transfers and Servicing." Accordingly, we have concluded that interest income, gains on loan sales and servicing income are not affected by the adoption of ASC 606 and its related amendments. Merchant network revenue and virtual card network revenue are within the scope of ASC 606. Stock Based Compensation In June 2018, the FASB issued ASU 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” that expands on the scope of ASC 718 to include stock-based payment transactions for acquiring goods and services from non-employees. For non-public business entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption of ASC 606. We have adopted ASC 606 effective July 1, 2020 and have correspondingly adopted ASU 2018-07 as of that date. There was no material impact to existing stock-based awards to non-employees. Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes certain exceptions related to the approach for intraperiod tax allocation, recognizing deferred tax liabilities for outside basis differences and calculating income taxes in interim periods. The guidance also reduces complexity in certain areas, including franchise taxes that are partially based on income and accounting for tax law changes in interim periods. We early adopted the new standard effective July 1, 2020 on a prospective basis. The adoption of the new standard did not have a material impact on our interim condensed consolidated financial statements. We have adopted all new accounting pronouncements that are in effect and applicable to us for the period ended December 31, 2020. Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” that substantially modifies lessee accounting for leases, and requires most leases to be recognized on the balance sheet with enhanced disclosures. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Subsequent to the issuance of ASU 2016-02, the FASB issued several amendments to ASC 842 to clarify or improve the new leases standard such as codification and targeted improvements in ASUs 2018-10, 2018-11 and 2019-01, narrow-scope improvements for lessors in ASU 2018-20, etc. For private companies, the amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The effective dates in ASU 2016-02 for private companies were deferred by one year pursuant to the FASB’s issuance of ASU 2019-10, “Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates” in November 2019. As noted above, in June 2020, the FASB issued ASU 2020-05, “Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities,” which amends the effective dates of ASC 606 and ASC 842 to give immediate relief to certain entities as a result of the widespread adverse economic effects and business disruptions caused by the COVID-19 pandemic. ASU 2020-05 permits certain private entities that have not yet issued their financial statements or made financial statements available for issuance, to adopt ASC 842 for fiscal years beginning after December 15, 2021, and interim reporting periods within fiscal years beginning after December 15, 2022. We have elected to adopt the effective date deferral standard and will adopt ASU 2016-02 and its related amendments for our annual reporting period beginning July 1, 2022. We are currently evaluating the impact of adopting ASU 2016-02 and its amendments on our consolidated financial statements. Financial Instruments — Credit Losses In June 2016, the FASB issued amendments on ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326).” The amendments will replace the incurred loss impairment methodology in U.S. GAAP with a methodology that measures expected credit losses based on historical experience, current conditions and a reasonable and supportable forecast. This amendment is generally referred to as the current expected credit loss (CECL) standard. The amendments in this standard will be recognized through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Subsequent to the issuance of ASU 2016-13, the FASB issued several amendments to ASC 326 to clarify or improve the financial instruments credit losses standard such as codification and targeted improvements in ASUs 2018-19, 2019-04, 2019-05, 2019-11 and 2020-03. For private companies, the amendments in ASU 2016-13 were initially effective for fiscal years beginning after December 15, 2021, and interim periods therein. The effective dates in ASU 2016-13 for private companies were deferred by one year (fiscal years beginning after December 15, 2022) pursuant to the FASB’s issuance of ASU 2019-10, “Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates” in November 2019.” The standard dictates that institutions estimate the cash flows that are not expected to be collected over the contractual life of the loan, adjusted for prepayments. Our current methodology also estimates the total expected cash flow not expected to be collected on our consolidated balance sheets. Based on preliminary analysis, we do not expect that the consideration of forward-looking information, i.e. the reasonable and supportable forecast, will result in a material impact to our consolidated financial statements. However, we are still in the process of evaluating the impact. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021. This ASU is effective for all entities upon issuance as of March 12, 2020 through December 31, 2022. We are in the process of reviewing our revolving credit agreements and loan sale agreements that utilize LIBOR as the reference rate and introducing new fallback language to these agreements. We expect this change to have an immaterial impact on our consolidated financial statements. Convertible Debt Instruments

Interest Income

Interest Income	6 Months Ended
	Dec. 31, 2020
Banking and Thrift, Interest [Abstract]
Interest Income	Interest Income Interest income consisted of the following components (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2019 2020 2019 2020 Interest income on unpaid principal balance $ 39,747 $ 54,243 $ 74,735 $ 96,745 Amortization of discount on loans held for investment 8,323 22,448 15,729 37,218 Amortization of premiums on loans held for investment (1,432) (2,118) (2,535) (4,076) Interest receivable charged-off, net of recoveries (1,565) (716) (2,688) (1,793) Total interest income $ 45,073 $ 73,857 $ 85,241 $ 128,094

Loans Held for Investment and A

Loans Held for Investment and Allowance for Credit Losses	6 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Loans Held for Investment and Allowance for Credit Losses	Loans Held for Investment and Allowance for Credit Losses Loans held for investment consisted of the following (in thousands): June 30, 2020 December 31, 2020 Unpaid principal balance $ 1,054,077 $ 1,953,610 Accrued interest receivable 8,707 12,577 Premiums on loans held for investment 4,646 6,118 Less: Discount due to loan commitment liability (28,659) (71,571) Less: Loans held for sale (4,459) (12,302) Total loans held for investment $ 1,034,312 $ 1,888,432 The majority of the loans that are underwritten using our technology platform and originated by our originating bank partners are later purchased by us. We purchased loans from our originating bank partners in the amount of $1,323.1 million and $2,223.6 million for the three and six months ended December 31, 2019, respectively, and $2,065.4 million and $3,589.6 million for the three and six months ended December 31, 2020, respectively. These loans have a variety of lending terms as well as maturities ranging from one We closely monitor credit quality for our loan receivables to manage and evaluate our related exposure to credit risk. Credit risk management begins with initial underwriting, where loan applications are assessed against the credit underwriting policy and procedures of our originating bank partners, and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal historical experience, including the consumer’s prior repayment history on our platform as well as other measures. We combine these factors to establish a proprietary score as a credit quality indicator. Our proprietary score (“ITACs”) is assigned to most loans facilitated through our technology platform, ranging from zero to 100, with 100 representing the highest credit quality. The ITACs model analyzes the characteristics of a consumer's attributes that are shown to be predictive of both willingness and ability to repay including, but not limited to: basic features of a consumer's credit profile, a consumer's prior repayment performance with other creditors, current credit utilization, and legal and policy changes. When a consumer passes both fraud and credit policy checks, the application is assigned an ITACs score. ITACs is also used for portfolio performance monitoring. Our credit risk organization closely tracks the distribution of a consumer ITACs as well as the ITACs of loans to monitor for signs of a changing credit profile within the portfolio. Repayment performance within each ITACs band is also monitored to ensure both the integrity of the risk scoring models and to measure possible changes in consumer behavior amongst various credit tiers. The following table presents an analysis of the credit quality, by ITACs score, of the unpaid principal balance of loans held for investment and loans held for sale (in thousands): June 30, 2020 December 31, 2020 96+ $ 746,758 $ 1,459,271 94 – 96 196,083 357,629 90 – 94 82,368 74,199 <90 8,004 25,517 No score (1) 20,864 36,994 Total unpaid principal balance $ 1,054,077 $ 1,953,610 (1) This balance represents loan receivables in new markets without sufficient data currently available for use of the Affirm scoring methodology. Loan receivables are defined as past due if either the principal or interest have not been received within four June 30, 2020 December 31, 2020 Non-delinquent loans $ 1,019,492 $ 1,906,552 4 – 29 calendar days past due 16,765 27,481 30 – 59 calendar days past due 5,393 8,522 60 – 89 calendar days past due 6,268 5,827 90 – 119 calendar days past due 6,159 5,228 Total unpaid principal balance $ 1,054,077 $ 1,953,610 We maintain an allowance for credit losses at a level that is appropriate to absorb probable losses inherent in our loans. The allowance for credit losses covers estimated losses. When loans are charged off, we may continue to attempt to recover amounts from the respective consumers. The following table details activity in the allowance for credit losses (in thousands): Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance at beginning of period $ 76,060 $ 124,273 $ 66,260 $ 95,137 Provision for credit losses (1) 29,948 16,008 54,838 56,464 Charge-offs (21,560) (11,791) (37,793) (25,865) Recoveries of charged-off receivables 1,407 2,675 2,550 5,429 Balance at end of period $ 85,855 $ 131,165 $ 85,855 $ 131,165 (1) Excludes provision for merchant losses of nil for both the three and six months ended December 31, 2019 and $1.2 million and $1.0 million for the three and six months ended December 31, 2020, respectively, and provision for repurchase of fraudulent loans sold of $0.2 million for both the three and six months ended December 31, 2019 and $0.2 million and $0.3 million for the three and six months ended December 31, 2020, respectively, which are included in Provision for credit losses on the interim condensed consolidated statements of operations and comprehensive loss.

Other Assets

Other Assets	6 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): June 30, 2020 December 31, 2020 Acquisition funding $ — $ 113,628 Commercial agreement asset — 36,346 Prepaid expenses 6,406 9,100 Processing reserves 924 12,852 Other receivables 3,169 388 Other assets 12,849 13,045 Total other assets $ 23,348 $ 185,359 During the six months ended December 31, 2020, we recognized an asset in connection with a commercial agreement with Shopify Inc., in which we granted warrants in exchange for the benefit of acquiring new merchant partners. This asset represents the probable future economic benefit to be realized over the four-year expected benefit period and is valued based on the fair value of the warrants on the grant date. See Note 13. Redeemable Convertible Preferred Stock and Stockholders’ Deficit for further discussion of the warrants. We initially recognized an asset of $67.6 million associated with the fair value of the portion of warrants that vested as of December 31, 2020. For the three and six months ended December 31, 2020, we recorded amortization expense of $17.0 million and $31.3 million, respectively, in our interim condensed consolidated statements of operations and comprehensive loss as a component of Sales and marketing expense. Acquisition funding represents an asset we recognized in connection with the cash payment of $113.6 million placed in escrow on December 31, 2020 for the closing of the transaction contemplated in the Stock Purchase Agreement ("SPA") with PayBright Inc. ("PayBright"). See Note 18. Subsequent Events for further information on the transaction.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments We lease facilities under operating leases with various expiration dates through 2030. The Company’s corporate headquarters are located in San Francisco, California. We also lease office space in New York, New York; Pittsburgh, Pennsylvania; Salt Lake City, Utah; and Chicago, Illinois. Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. The cash collateral and deposits for the letters of credit have been recognized as Restricted cash in the interim condensed consolidated balance sheets and totaled $9.7 million and $9.9 million as of June 30, 2020 and December 31, 2020, respectively. Total rent expense incurred for all locations totaled $3.2 million and $6.4 million for the three and six months ended December 31, 2019, respectively, and $4.0 million and $7.8 million for the three and six months ended December 31, 2020, respectively, and is allocated between functional operating expense lines in the interim condensed consolidated statements of operations and comprehensive loss based on headcount. As of December 31, 2020, future minimum lease commitments under operating leases were as follows (in thousands) for the years ended: 2021 (remaining six months) $ 6,609 2022 14,120 2023 15,285 2024 17,316 2025 15,766 Thereafter 25,515 Total $ 94,611 Legal Proceedings From time to time, we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, we establish an accrued liability for legal proceedings and claims when those matters present loss contingencies which are both probable and reasonably estimable. All such liabilities arising from current legal and regulatory matters have been recorded in accrued expenses and other liabilities and these matters are immaterial. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents and restricted cash. We maintain our cash and cash equivalents and restricted cash in accounts at regulated domestic financial institutions and conduct ongoing evaluations of the creditworthiness of the financial institutions with which we do business. We are exposed to default risk on both loan receivables purchased from our originating bank partners and that are self-originated . The ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in economic and market conditions. As of June 30, 2020 and December 31, 2020, approximately15% of loan receivables related to customers residing in the state of California. No other states or provinces exceeded 10%. Concentrations of Revenue

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties In the ordinary course of business, we may enter into transactions with directors, principal officers, their immediate families and affiliated companies in which they are principal stockholders (commonly referred to as related parties). We earned sublease income with affiliated companies which has been recognized as Other income, net in the interim condensed consolidated statements of operations and comprehensive loss. For the three and six months ended December 31, 2019, we received nil and $0.1 million, respectively, in payments from affiliated companies, primarily for occupancy related expenses, which are recorded as a part of Other income, net, on the interim condensed consolidated statements of operations and comprehensive loss. We did not earn any sublease income from affiliated companies during the three and six months ended December 31, 2020.

Funding Debt

Funding Debt	6 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Funding Debt	Funding Debt Funding debt and its aggregate future maturities consists of the following (in thousands): Final Maturity Year Ending June 30, 2020 December 31, 2020 2021 $ — $ — 2022 171,133 164,892 2023 653,447 511,498 2024 — — 2025 — — Thereafter — 137,067 Total $ 824,580 $ 813,457 Deferred debt issuance costs (6,654) (8,497) Total funding debt, net of deferred debt issuance costs $ 817,926 $ 804,960 Through trusts, we entered into warehouse credit facilities with certain lenders to finance the purchase and origination of our loans. Each trust entered into a credit agreement and security agreement with a third-party as administrative agent and a national banking association as collateral trustee and paying agent. Borrowings under these agreements are referred to as funding debt and these proceeds from the borrowings can only be used for the purposes of facilitating loan funding and origination, with advance rates ranging from 80 to 88% of the total collateralized balance. These trusts are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm. These revolving facilities mature between 2022 and 2026, and subject to covenant compliance, generally permit borrowings up to 12 months prior to the final maturity date of each respective facility. As of December 31, 2020, the aggregate commitment amount of these facilities was $1,625.0 million on a revolving basis, of which $813.5 million was drawn, with $811.5 million remaining available. Some of the loans purchased from the originating bank partners are pledged as collateral for borrowings in our facilities. The unpaid principal balance of these loans totaled $990.7 million and $966.6 million as of June 30, 2020 and December 31, 2020, respectively. Borrowings under these warehouse credit facilities bear interest at an annual benchmark rate of LIBOR (London Inter-bank Offered Rate) or at an alternative commercial paper rate (which is either (i) the per annum rate equivalent to the weighted-average of the per annum rates at which all commercial paper notes were issued by certain lenders to fund advances or maintain loans, or (ii) the daily weighted-average of LIBOR, as set forth in the applicable credit agreement), plus a spread ranging from 1.75% to 5.50%. Interest is payable monthly. In addition, these agreements require payment of a monthly unused commitment fee ranging from 0.20% to 0.75% per annum on the undrawn portion available. These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of liquidity, leverage, and tangible net worth. As of December 31, 2020, we were in compliance with all applicable covenants in the agreements. transferred into a trust such that the assets are legally isolated from the creditors of Affirm and are not available to satisfy obligations of Affirm. These assets can only be used to settle obligations of the underlying trusts. During the six months ended December 31, 2020, we sponsored and retained residual certificates in securitizations of loans facilitated by our platform through three consolidated securitization trusts: Affirm Asset Securitization Trust 2020-Z1 (“2020-Z1”), Affirm Asset Securitization Trust 2020-A (“2020-A”) and Affirm Asset Securitization Trust 2020-Z2 ("2020-Z2"). Each securitization trust issued senior notes and residual certificates to finance the purchase of the loans facilitated by our platform. At the closing of each securitization, we contributed loans, facilitated through our technology platform and purchased from our originating bank partners, with an aggregate outstanding principal balance of $991.7 million. The 2020-Z1 and 2020-Z2 securitizations are secured by static pools of loans contributed at closing, whereas the 2020-A securitization is revolving and we may contribute additional loans from time to time until the end of the revolving period. For the 2020-Z2 securitization, we purchased $27.9 million of loan receivables from our third-party loan buyers which were then contributed to the trust. For each securitization, the residual certificates represent the right to receive all the residual cash collected on the loans held by the securitization trust after paying off the senior notes. All the senior notes were sold to third-party investors. For 2020-Z1 and 2020-A, we retained 100% of the residual certificates issued by the securitization trusts. For 2020-Z2, we retained 93.3% of the residual certificates issued by the securitization trust, and a third-party investor holds the remaining 6.7% of the residual certificates in 2020-Z2 and the risk retention interest. The residual trust certificates held by third-party investors are measured at fair value, using a discounted cash flow model, and presented within Accrued expenses and other liabilities on the interim condensed consolidated balance sheets. In addition to the retained residual certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans. 2020-Z1 The notes under the 2020-Z1 securitization were issued as a single class: Class A in the amount of $150.0 million (the “2020-Z1 notes”). The 2020-Z1 notes bear interest at a fixed rate of 3.46% and have a maturity date of October 15, 2024. Principal and interest payments began in September 2020 and are payable monthly. These 2021-Z1 notes are recorded at amortized cost on the interim condensed consolidated balance sheet. The associated debt issuance costs, which totaled $1.0 million as of December 31, 2020, are deferred and amortized into interest expense over the contractual life of the notes. The 2020-Z1 notes held by third-party investors and the unamortized debt issuance costs are included in the 2021-Z1 Notes issued by securitization trusts with a balance of $110.7 million on the interim condensed consolidated balance sheets as of December 31, 2020 and are secured by loan receivables at amortized cost of $116.5 million included in Loans held for investment on the interim condensed consolidated balance sheets at December 31, 2020. 2020-A The notes under the 2020-A securitization were issued in three classes: Class A in the amount of $330.0 million, Class B in the amount of $16.2 million, and Class C in the amount of $22.1 million (collectively, the “2020-A notes”). The Class A, Class B, and Class C notes bear interest at a fixed rate of 2.10%, 3.54%, and 6.23%, respectively, and each class has a maturity date of February 18, 2025. Principal and interest payments began in September 2020 and are payable monthly. These notes are recorded at amortized cost on the interim condensed consolidated balance sheet. The associated debt issuance costs, which totaled $3.2 million as of December 31, 2020, are deferred and amortized into interest expense over the contractual life of the notes. The notes held by third-party investors and the unamortized debt issuance costs are included in the 2020-A Notes issued by securitization trusts with a balance of $368.2 million on the interim condensed consolidated balance sheets at December 31, 2020 and are secured by loan receivables at amortized cost of $404.8 million included in Loans held for investment on the interim condensed consolidated balance sheets as of December 31, 2020. 2020-Z2 The notes under the 2020-Z2 securitization were issued as a single class: Class A in the amount of $375.0 million (the “2020-Z2 notes”). The 2020-Z2 notes bear interest at a fixed rate of 1.90% and have a maturity date of In April 2020, we entered into an agreement with various investors pursuant to which we issued convertible notes in an aggregate principal amount of $75.0 million with maturity dates in April 2021 and bearing interest at a rate of 1.00% per annum. The principal and any unpaid accrued interest of each convertible note will automatically convert into shares of redeemable convertible preferred stock upon the closing of a financing in which we receive no less than $50.0 million in proceeds from the issuance of redeemable convertible preferred stock. Where an issuance of the redeemable convertible preferred stock results in proceeds of less than $50.0 million, the holders of a majority of the interest in the aggregate principal amount of the convertible notes may elect, at their option, to convert the principal amount and any unpaid accrued interest on each convertible note into shares of redeemable convertible preferred stock. In these situations, the conversion price is equal to the lesser of a discounted conversion price and a conversion price cap. The discounted conversion price varies depending on the time that has elapsed between the issuance of the convertible notes and the closing of the relevant financing. The conversion cap is determined based on a fixed valuation of the Company and on our capitalization determined immediately before the closing of the relevant financing on a fully diluted basis. In the event of a liquidation transaction or a qualified initial public offering, the holders of a majority of the interest in the aggregate principal amount of the convertible notes may elect, at their option, to redeem the convertible notes in cash or convert the convertible notes into shares of common stock. Upon a redemption in cash, the redemption price varies depending on the time that has elapsed between the issuance of the convertible notes and the corporate transaction or the qualified initial public offering. If conversion to common stock is elected, the conversion price is determined based on a fixed valuation of the Company and on our capitalization immediately before the closing of the liquidation transaction or qualified initial public offering on a fully diluted basis. A qualified initial public offering is one where the gross proceeds are no less than $50.0 million. Upon maturity, the holders of a majority of the interest in the aggregate principal amount of the convertible notes may elect, at their option, to convert at a fixed conversion price the principal amount and any unpaid accrued interest into shares of a newly authorized Series F-1 redeemable convertible preferred stock having similar rights, privileges, preferences, and restrictions as our Series F redeemable convertible preferred stock. In accordance with the accounting guidance on embedded conversion and redemption features in ASC 815, “Derivatives and Hedging,” we valued and bifurcated several derivatives from the host debt instrument because these embedded derivatives met the bifurcation criteria. The $2.8 million initial fair value of the bifurcated derivatives was recorded as a liability, with the offset being recorded as a debt discount. Both the liability and the offsetting debt discount were presented together in Convertible debt on the interim condensed consolidated balance sheets. The resulting debt discount was being amortized to interest expense at an effective interest rate of 1.0% over the one-year term of the convertible notes. This interest expense is recorded in Other income, net within on our interim condensed consolidated statements of operations and comprehensive loss. The change in fair value of these embedded derivatives is recognized in Other income, net, during the period of the change. In addition, the issuance of the convertible notes gave rise to a beneficial conversion feature because the rate of conversion upon maturity of the convertible notes was below the fair value of our redeemable convertible preferred stock on the issuance date. The intrinsic value of the beneficial conversion feature of $5.6 million was

Notes Issued by Securitization

Notes Issued by Securitization Trusts	6 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Notes Issued by Securitization Trusts	Funding Debt Funding debt and its aggregate future maturities consists of the following (in thousands): Final Maturity Year Ending June 30, 2020 December 31, 2020 2021 $ — $ — 2022 171,133 164,892 2023 653,447 511,498 2024 — — 2025 — — Thereafter — 137,067 Total $ 824,580 $ 813,457 Deferred debt issuance costs (6,654) (8,497) Total funding debt, net of deferred debt issuance costs $ 817,926 $ 804,960 Through trusts, we entered into warehouse credit facilities with certain lenders to finance the purchase and origination of our loans. Each trust entered into a credit agreement and security agreement with a third-party as administrative agent and a national banking association as collateral trustee and paying agent. Borrowings under these agreements are referred to as funding debt and these proceeds from the borrowings can only be used for the purposes of facilitating loan funding and origination, with advance rates ranging from 80 to 88% of the total collateralized balance. These trusts are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm. These revolving facilities mature between 2022 and 2026, and subject to covenant compliance, generally permit borrowings up to 12 months prior to the final maturity date of each respective facility. As of December 31, 2020, the aggregate commitment amount of these facilities was $1,625.0 million on a revolving basis, of which $813.5 million was drawn, with $811.5 million remaining available. Some of the loans purchased from the originating bank partners are pledged as collateral for borrowings in our facilities. The unpaid principal balance of these loans totaled $990.7 million and $966.6 million as of June 30, 2020 and December 31, 2020, respectively. Borrowings under these warehouse credit facilities bear interest at an annual benchmark rate of LIBOR (London Inter-bank Offered Rate) or at an alternative commercial paper rate (which is either (i) the per annum rate equivalent to the weighted-average of the per annum rates at which all commercial paper notes were issued by certain lenders to fund advances or maintain loans, or (ii) the daily weighted-average of LIBOR, as set forth in the applicable credit agreement), plus a spread ranging from 1.75% to 5.50%. Interest is payable monthly. In addition, these agreements require payment of a monthly unused commitment fee ranging from 0.20% to 0.75% per annum on the undrawn portion available. These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of liquidity, leverage, and tangible net worth. As of December 31, 2020, we were in compliance with all applicable covenants in the agreements. transferred into a trust such that the assets are legally isolated from the creditors of Affirm and are not available to satisfy obligations of Affirm. These assets can only be used to settle obligations of the underlying trusts. During the six months ended December 31, 2020, we sponsored and retained residual certificates in securitizations of loans facilitated by our platform through three consolidated securitization trusts: Affirm Asset Securitization Trust 2020-Z1 (“2020-Z1”), Affirm Asset Securitization Trust 2020-A (“2020-A”) and Affirm Asset Securitization Trust 2020-Z2 ("2020-Z2"). Each securitization trust issued senior notes and residual certificates to finance the purchase of the loans facilitated by our platform. At the closing of each securitization, we contributed loans, facilitated through our technology platform and purchased from our originating bank partners, with an aggregate outstanding principal balance of $991.7 million. The 2020-Z1 and 2020-Z2 securitizations are secured by static pools of loans contributed at closing, whereas the 2020-A securitization is revolving and we may contribute additional loans from time to time until the end of the revolving period. For the 2020-Z2 securitization, we purchased $27.9 million of loan receivables from our third-party loan buyers which were then contributed to the trust. For each securitization, the residual certificates represent the right to receive all the residual cash collected on the loans held by the securitization trust after paying off the senior notes. All the senior notes were sold to third-party investors. For 2020-Z1 and 2020-A, we retained 100% of the residual certificates issued by the securitization trusts. For 2020-Z2, we retained 93.3% of the residual certificates issued by the securitization trust, and a third-party investor holds the remaining 6.7% of the residual certificates in 2020-Z2 and the risk retention interest. The residual trust certificates held by third-party investors are measured at fair value, using a discounted cash flow model, and presented within Accrued expenses and other liabilities on the interim condensed consolidated balance sheets. In addition to the retained residual certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans. 2020-Z1 The notes under the 2020-Z1 securitization were issued as a single class: Class A in the amount of $150.0 million (the “2020-Z1 notes”). The 2020-Z1 notes bear interest at a fixed rate of 3.46% and have a maturity date of October 15, 2024. Principal and interest payments began in September 2020 and are payable monthly. These 2021-Z1 notes are recorded at amortized cost on the interim condensed consolidated balance sheet. The associated debt issuance costs, which totaled $1.0 million as of December 31, 2020, are deferred and amortized into interest expense over the contractual life of the notes. The 2020-Z1 notes held by third-party investors and the unamortized debt issuance costs are included in the 2021-Z1 Notes issued by securitization trusts with a balance of $110.7 million on the interim condensed consolidated balance sheets as of December 31, 2020 and are secured by loan receivables at amortized cost of $116.5 million included in Loans held for investment on the interim condensed consolidated balance sheets at December 31, 2020. 2020-A The notes under the 2020-A securitization were issued in three classes: Class A in the amount of $330.0 million, Class B in the amount of $16.2 million, and Class C in the amount of $22.1 million (collectively, the “2020-A notes”). The Class A, Class B, and Class C notes bear interest at a fixed rate of 2.10%, 3.54%, and 6.23%, respectively, and each class has a maturity date of February 18, 2025. Principal and interest payments began in September 2020 and are payable monthly. These notes are recorded at amortized cost on the interim condensed consolidated balance sheet. The associated debt issuance costs, which totaled $3.2 million as of December 31, 2020, are deferred and amortized into interest expense over the contractual life of the notes. The notes held by third-party investors and the unamortized debt issuance costs are included in the 2020-A Notes issued by securitization trusts with a balance of $368.2 million on the interim condensed consolidated balance sheets at December 31, 2020 and are secured by loan receivables at amortized cost of $404.8 million included in Loans held for investment on the interim condensed consolidated balance sheets as of December 31, 2020. 2020-Z2 The notes under the 2020-Z2 securitization were issued as a single class: Class A in the amount of $375.0 million (the “2020-Z2 notes”). The 2020-Z2 notes bear interest at a fixed rate of 1.90% and have a maturity date of In April 2020, we entered into an agreement with various investors pursuant to which we issued convertible notes in an aggregate principal amount of $75.0 million with maturity dates in April 2021 and bearing interest at a rate of 1.00% per annum. The principal and any unpaid accrued interest of each convertible note will automatically convert into shares of redeemable convertible preferred stock upon the closing of a financing in which we receive no less than $50.0 million in proceeds from the issuance of redeemable convertible preferred stock. Where an issuance of the redeemable convertible preferred stock results in proceeds of less than $50.0 million, the holders of a majority of the interest in the aggregate principal amount of the convertible notes may elect, at their option, to convert the principal amount and any unpaid accrued interest on each convertible note into shares of redeemable convertible preferred stock. In these situations, the conversion price is equal to the lesser of a discounted conversion price and a conversion price cap. The discounted conversion price varies depending on the time that has elapsed between the issuance of the convertible notes and the closing of the relevant financing. The conversion cap is determined based on a fixed valuation of the Company and on our capitalization determined immediately before the closing of the relevant financing on a fully diluted basis. In the event of a liquidation transaction or a qualified initial public offering, the holders of a majority of the interest in the aggregate principal amount of the convertible notes may elect, at their option, to redeem the convertible notes in cash or convert the convertible notes into shares of common stock. Upon a redemption in cash, the redemption price varies depending on the time that has elapsed between the issuance of the convertible notes and the corporate transaction or the qualified initial public offering. If conversion to common stock is elected, the conversion price is determined based on a fixed valuation of the Company and on our capitalization immediately before the closing of the liquidation transaction or qualified initial public offering on a fully diluted basis. A qualified initial public offering is one where the gross proceeds are no less than $50.0 million. Upon maturity, the holders of a majority of the interest in the aggregate principal amount of the convertible notes may elect, at their option, to convert at a fixed conversion price the principal amount and any unpaid accrued interest into shares of a newly authorized Series F-1 redeemable convertible preferred stock having similar rights, privileges, preferences, and restrictions as our Series F redeemable convertible preferred stock. In accordance with the accounting guidance on embedded conversion and redemption features in ASC 815, “Derivatives and Hedging,” we valued and bifurcated several derivatives from the host debt instrument because these embedded derivatives met the bifurcation criteria. The $2.8 million initial fair value of the bifurcated derivatives was recorded as a liability, with the offset being recorded as a debt discount. Both the liability and the offsetting debt discount were presented together in Convertible debt on the interim condensed consolidated balance sheets. The resulting debt discount was being amortized to interest expense at an effective interest rate of 1.0% over the one-year term of the convertible notes. This interest expense is recorded in Other income, net within on our interim condensed consolidated statements of operations and comprehensive loss. The change in fair value of these embedded derivatives is recognized in Other income, net, during the period of the change. In addition, the issuance of the convertible notes gave rise to a beneficial conversion feature because the rate of conversion upon maturity of the convertible notes was below the fair value of our redeemable convertible preferred stock on the issuance date. The intrinsic value of the beneficial conversion feature of $5.6 million was

Convertible Debt

Convertible Debt	6 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Convertible Debt	Funding Debt Funding debt and its aggregate future maturities consists of the following (in thousands): Final Maturity Year Ending June 30, 2020 December 31, 2020 2021 $ — $ — 2022 171,133 164,892 2023 653,447 511,498 2024 — — 2025 — — Thereafter — 137,067 Total $ 824,580 $ 813,457 Deferred debt issuance costs (6,654) (8,497) Total funding debt, net of deferred debt issuance costs $ 817,926 $ 804,960 Through trusts, we entered into warehouse credit facilities with certain lenders to finance the purchase and origination of our loans. Each trust entered into a credit agreement and security agreement with a third-party as administrative agent and a national banking association as collateral trustee and paying agent. Borrowings under these agreements are referred to as funding debt and these proceeds from the borrowings can only be used for the purposes of facilitating loan funding and origination, with advance rates ranging from 80 to 88% of the total collateralized balance. These trusts are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm. These revolving facilities mature between 2022 and 2026, and subject to covenant compliance, generally permit borrowings up to 12 months prior to the final maturity date of each respective facility. As of December 31, 2020, the aggregate commitment amount of these facilities was $1,625.0 million on a revolving basis, of which $813.5 million was drawn, with $811.5 million remaining available. Some of the loans purchased from the originating bank partners are pledged as collateral for borrowings in our facilities. The unpaid principal balance of these loans totaled $990.7 million and $966.6 million as of June 30, 2020 and December 31, 2020, respectively. Borrowings under these warehouse credit facilities bear interest at an annual benchmark rate of LIBOR (London Inter-bank Offered Rate) or at an alternative commercial paper rate (which is either (i) the per annum rate equivalent to the weighted-average of the per annum rates at which all commercial paper notes were issued by certain lenders to fund advances or maintain loans, or (ii) the daily weighted-average of LIBOR, as set forth in the applicable credit agreement), plus a spread ranging from 1.75% to 5.50%. Interest is payable monthly. In addition, these agreements require payment of a monthly unused commitment fee ranging from 0.20% to 0.75% per annum on the undrawn portion available. These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of liquidity, leverage, and tangible net worth. As of December 31, 2020, we were in compliance with all applicable covenants in the agreements. transferred into a trust such that the assets are legally isolated from the creditors of Affirm and are not available to satisfy obligations of Affirm. These assets can only be used to settle obligations of the underlying trusts. During the six months ended December 31, 2020, we sponsored and retained residual certificates in securitizations of loans facilitated by our platform through three consolidated securitization trusts: Affirm Asset Securitization Trust 2020-Z1 (“2020-Z1”), Affirm Asset Securitization Trust 2020-A (“2020-A”) and Affirm Asset Securitization Trust 2020-Z2 ("2020-Z2"). Each securitization trust issued senior notes and residual certificates to finance the purchase of the loans facilitated by our platform. At the closing of each securitization, we contributed loans, facilitated through our technology platform and purchased from our originating bank partners, with an aggregate outstanding principal balance of $991.7 million. The 2020-Z1 and 2020-Z2 securitizations are secured by static pools of loans contributed at closing, whereas the 2020-A securitization is revolving and we may contribute additional loans from time to time until the end of the revolving period. For the 2020-Z2 securitization, we purchased $27.9 million of loan receivables from our third-party loan buyers which were then contributed to the trust. For each securitization, the residual certificates represent the right to receive all the residual cash collected on the loans held by the securitization trust after paying off the senior notes. All the senior notes were sold to third-party investors. For 2020-Z1 and 2020-A, we retained 100% of the residual certificates issued by the securitization trusts. For 2020-Z2, we retained 93.3% of the residual certificates issued by the securitization trust, and a third-party investor holds the remaining 6.7% of the residual certificates in 2020-Z2 and the risk retention interest. The residual trust certificates held by third-party investors are measured at fair value, using a discounted cash flow model, and presented within Accrued expenses and other liabilities on the interim condensed consolidated balance sheets. In addition to the retained residual certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans. 2020-Z1 The notes under the 2020-Z1 securitization were issued as a single class: Class A in the amount of $150.0 million (the “2020-Z1 notes”). The 2020-Z1 notes bear interest at a fixed rate of 3.46% and have a maturity date of October 15, 2024. Principal and interest payments began in September 2020 and are payable monthly. These 2021-Z1 notes are recorded at amortized cost on the interim condensed consolidated balance sheet. The associated debt issuance costs, which totaled $1.0 million as of December 31, 2020, are deferred and amortized into interest expense over the contractual life of the notes. The 2020-Z1 notes held by third-party investors and the unamortized debt issuance costs are included in the 2021-Z1 Notes issued by securitization trusts with a balance of $110.7 million on the interim condensed consolidated balance sheets as of December 31, 2020 and are secured by loan receivables at amortized cost of $116.5 million included in Loans held for investment on the interim condensed consolidated balance sheets at December 31, 2020. 2020-A The notes under the 2020-A securitization were issued in three classes: Class A in the amount of $330.0 million, Class B in the amount of $16.2 million, and Class C in the amount of $22.1 million (collectively, the “2020-A notes”). The Class A, Class B, and Class C notes bear interest at a fixed rate of 2.10%, 3.54%, and 6.23%, respectively, and each class has a maturity date of February 18, 2025. Principal and interest payments began in September 2020 and are payable monthly. These notes are recorded at amortized cost on the interim condensed consolidated balance sheet. The associated debt issuance costs, which totaled $3.2 million as of December 31, 2020, are deferred and amortized into interest expense over the contractual life of the notes. The notes held by third-party investors and the unamortized debt issuance costs are included in the 2020-A Notes issued by securitization trusts with a balance of $368.2 million on the interim condensed consolidated balance sheets at December 31, 2020 and are secured by loan receivables at amortized cost of $404.8 million included in Loans held for investment on the interim condensed consolidated balance sheets as of December 31, 2020. 2020-Z2 The notes under the 2020-Z2 securitization were issued as a single class: Class A in the amount of $375.0 million (the “2020-Z2 notes”). The 2020-Z2 notes bear interest at a fixed rate of 1.90% and have a maturity date of In April 2020, we entered into an agreement with various investors pursuant to which we issued convertible notes in an aggregate principal amount of $75.0 million with maturity dates in April 2021 and bearing interest at a rate of 1.00% per annum. The principal and any unpaid accrued interest of each convertible note will automatically convert into shares of redeemable convertible preferred stock upon the closing of a financing in which we receive no less than $50.0 million in proceeds from the issuance of redeemable convertible preferred stock. Where an issuance of the redeemable convertible preferred stock results in proceeds of less than $50.0 million, the holders of a majority of the interest in the aggregate principal amount of the convertible notes may elect, at their option, to convert the principal amount and any unpaid accrued interest on each convertible note into shares of redeemable convertible preferred stock. In these situations, the conversion price is equal to the lesser of a discounted conversion price and a conversion price cap. The discounted conversion price varies depending on the time that has elapsed between the issuance of the convertible notes and the closing of the relevant financing. The conversion cap is determined based on a fixed valuation of the Company and on our capitalization determined immediately before the closing of the relevant financing on a fully diluted basis. In the event of a liquidation transaction or a qualified initial public offering, the holders of a majority of the interest in the aggregate principal amount of the convertible notes may elect, at their option, to redeem the convertible notes in cash or convert the convertible notes into shares of common stock. Upon a redemption in cash, the redemption price varies depending on the time that has elapsed between the issuance of the convertible notes and the corporate transaction or the qualified initial public offering. If conversion to common stock is elected, the conversion price is determined based on a fixed valuation of the Company and on our capitalization immediately before the closing of the liquidation transaction or qualified initial public offering on a fully diluted basis. A qualified initial public offering is one where the gross proceeds are no less than $50.0 million. Upon maturity, the holders of a majority of the interest in the aggregate principal amount of the convertible notes may elect, at their option, to convert at a fixed conversion price the principal amount and any unpaid accrued interest into shares of a newly authorized Series F-1 redeemable convertible preferred stock having similar rights, privileges, preferences, and restrictions as our Series F redeemable convertible preferred stock. In accordance with the accounting guidance on embedded conversion and redemption features in ASC 815, “Derivatives and Hedging,” we valued and bifurcated several derivatives from the host debt instrument because these embedded derivatives met the bifurcation criteria. The $2.8 million initial fair value of the bifurcated derivatives was recorded as a liability, with the offset being recorded as a debt discount. Both the liability and the offsetting debt discount were presented together in Convertible debt on the interim condensed consolidated balance sheets. The resulting debt discount was being amortized to interest expense at an effective interest rate of 1.0% over the one-year term of the convertible notes. This interest expense is recorded in Other income, net within on our interim condensed consolidated statements of operations and comprehensive loss. The change in fair value of these embedded derivatives is recognized in Other income, net, during the period of the change. In addition, the issuance of the convertible notes gave rise to a beneficial conversion feature because the rate of conversion upon maturity of the convertible notes was below the fair value of our redeemable convertible preferred stock on the issuance date. The intrinsic value of the beneficial conversion feature of $5.6 million was

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities We consolidate VIEs when we are deemed to be the primary beneficiary. We established certain entities (deemed to be VIEs) to enter into warehouse credit facilities for the purpose of purchasing loans from our originating bank partners. See Note 8. Funding Debt for additional information. The creditors of the VIEs have no recourse to the general credit of the Company as the primary beneficiary of the VIEs and the liabilities of the VIEs can only be settled by the respective VIE’s assets. Affirm Asset Securitization Trust 2020-Z1, Affirm Asset Securitization Trust 2020-A, and Affirm Asset Securitization Trust 2020-Z2 are deemed VIEs. We consolidated the VIEs as the primary beneficiary because we, through our role as the servicer, have both the power to direct the activities that most significantly affect the VIEs’ economic performance and a variable interest that could potentially be significant to the VIEs through holding the retained residual certificates. In evaluating whether we are the primary beneficiary, management considers both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. Management assesses whether we are the primary beneficiary of the VIEs on an ongoing basis. For these VIEs, the creditors have no recourse to the general credit of the Company and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs. Because we consolidate the securitization trusts, the loans held in the securitization trusts are included in Loans held for investment, and the notes sold to third-party investors are recorded in Notes issued by securitization trusts in the interim condensed consolidated balance sheets. We did not have any transactions with unconsolidated VIEs in the three and six months ended December 31, 2019 and 2020.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities ASC 820, "Fair Value Measurement" ("ASC 820") establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: • Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. • Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Financial Assets and Liabilities Recorded at Fair Value The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2020 (in thousands): Level 1 Level 2 Level 3 Total Assets: Servicing assets $ — $ — $ 2,132 $ 2,132 Total assets $ — $ — $ 2,132 $ 2,132 Liabilities: Constant maturity swaps $ — $ 3,297 $ — $ 3,297 Servicing liabilities — — 1,540 1,540 Performance fee liability — — 875 875 Convertible debt derivative — — 6,607 6,607 Total liabilities $ — $ 3,297 $ 9,022 $ 12,319 The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Assets: Servicing assets $ — $ — $ 1,923 $ 1,923 Total assets $ — $ — $ 1,923 $ 1,923 Liabilities: Constant maturity swaps $ — $ 1,571 $ — $ 1,571 Servicing liabilities — — 2,826 2,826 Performance fee liability — — 1,205 1,205 Residual trust certificates — — 1,348 1,348 Total liabilities $ — $ 1,571 $ 5,379 $ 6,950 During the year ended June 30, 2020, we acquired a series of constant maturity swaps from an institutional bank for the purpose of offsetting variable cash flows related to loan sale pricing fluctuations with a third-party loan buyer. These derivatives have not been designated as hedging instruments. The constant maturity swaps are recorded at fair value, based on prices quoted for similar financial instruments in markets that are not active, and are presented within Other assets on the interim condensed consolidated balance sheets, together with the collateral amount required by the agreements. Any changes in the fair value of these financial instruments are reflected in Other income, net, on the interim condensed consolidated statements of operations and comprehensive loss. There were no transfers between levels during the year ended June 30, 2020 and the six months ended December 31, 2020. Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3) We evaluate our financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. Since our servicing assets and liabilities, performance fee liability, convertible debt derivatives, and residual trust certificates do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value. This determination requires significant judgments to be made. Servicing Assets and Liabilities We sold loans with an unpaid balance of $1,054.9 million and $1,457.4 million for the three and six months ended December 31, 2019, respectively, and $834.9 million and $1,256.5 million for the three and six months ended December 31, 2020, respectively, of which we retained servicing rights. As of June 30, 2020 and December 31, 2020, we serviced loans we sold with a remaining unpaid principal balance of $1,365.6 million and $1,634.6 million, respectively. We use discounted cash flow models to arrive at an estimate of fair value. Significant assumptions used in the valuation of our servicing rights are as follows: Adequate Compensation We estimate adequate compensation as the rate a willing market participant would require for servicing loans with similar characteristics as those in the serviced portfolio. Discount Rate Estimated future payments to be received under servicing agreements are discounted as a part of determining the fair value of the servicing rights. For servicing rights on loans, the discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require. Net Default Rate We estimate the timing and probability of early loan payoffs, loan defaults and write-offs, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses. We earned $5.3 million and $7.4 million of servicing income for the three and six months ended December 31, 2019, respectively, and $5.2 million and $9.3 million of servicing income for the three and six months ended December 31, 2020, respectively. As of June 30, 2020 and December 31, 2020, the aggregate fair value of the servicing assets was measured at $2.1 million and $1.9 million, respectively, and presented within Other assets on the interim condensed consolidated balance sheets. As of June 30, 2020 and December 31, 2020, the aggregate fair value of the servicing liabilities was measured at $1.5 million and $2.8 million, respectively, and presented within Accrued expenses and other liabilities on the interim condensed consolidated balance sheets. The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): Servicing Assets Three Months Ended Six Months Ended 2019 2020 2019 2020 Fair value at beginning of period $ 1,334 $ 1,453 $ 1,680 $ 2,132 Initial transfers of financial assets 167 1,280 20 1,530 Subsequent changes in fair value (294) (810) (493) (1,739) Fair value at end of period $ 1,207 $ 1,923 $ 1,207 $ 1,923 The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Servicing Liabilities Three Months Ended Six Months Ended 2019 2020 2019 2020 Fair value at beginning of period $ 978 $ 1,521 $ 1,130 $ 1,540 Initial transfers of financial assets 205 2,207 992 3,213 Subsequent changes in fair value 1,349 (902) 410 (1,927) Fair value at end of period $ 2,532 $ 2,826 $ 2,532 $ 2,826 The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of June 30, 2020: Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.73 % 0.89 % 0.76 % Net default rate 0.81 % 0.82 % 0.82 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 3.18 % 2.55 % Net default rate 6.45 % 10.99 % 9.16 % (1) Estimated cost of servicing a loan as a percentage of unpaid principal balance The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of December 31, 2020: Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.70 % 1.54 % 0.96 % Net default rate 0.64 % 3.20 % 1.16 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 1.08 % 3.22 % 2.88 % Net default rate 0.74 % 8.72 % 7.15 % (1) Estimated cost of servicing a loan as a percentage of unpaid principal balance The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): June 30, 2020 December 31, 2020 Servicing assets Net default rate assumption: Net default rate increase of 25% $ (9) $ (7) Net default rate increase of 50% $ (21) $ (12) Adequate compensation assumption: Adequate compensation increase of 25% $ (1,338) $ (1,686) Adequate compensation increase of 50% $ (2,675) $ (3,373) Discount rate assumption: Discount rate increase of 25% $ (27) $ (12) Discount rate increase of 50% $ (56) $ (28) Servicing liabilities Net default rate assumption: Net default rate increase of 25% $ (8) $ (23) Net default rate increase of 50% $ (12) $ (40) Adequate compensation assumption: Adequate compensation increase of 25% $ 1,438 $ 1,878 Adequate compensation increase of 50% $ 2,875 $ 3,756 Discount rate assumption: Discount rate increase of 25% $ (48) $ (96) Discount rate increase of 50% $ (91) $ (184) Performance Fee Liability In accordance with our agreements with our originating bank partners, we pay a fee for each loan that is fully repaid by the consumer, due at the end of the period in which the loan is fully repaid. We recognize a liability upon the purchase of a loan for the expected future payment of the performance fee. This liability is measured using a discounted cash flow model and recorded at fair value and presented within Accrued expenses and other liabilities on the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in Other income, net, on the interim condensed consolidated statements of operations and comprehensive loss. The following table summarizes the activity related to the fair value of the performance fee liability (in thousands): Performance Fee Liability Three Months Ended Six Months Ended 2019 2020 2019 2020 Fair value at beginning of period $ 88 $ 1,010 $ 488 $ 875 Purchases of loans 302 375 501 721 Subsequent changes in fair value (179) (180) (778) (391) Fair value at end of period $ 211 $ 1,205 $ 211 $ 1,205 The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of June 30, 2020: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00 % 10.00 % 10.00 % Refund rate 4.50 % 4.50 % 4.50 % Default rate 2.17 % 3.71 % 2.72 % The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of December 31, 2020: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00 % 10.00 % 10.00 % Refund rate 4.50 % 4.50 % 4.50 % Default rate 1.89 % 4.65 % 2.56 % The following table summarizes the effect adverse changes in estimates would have on the fair value of the performance fee liability given hypothetical changes in significant unobservable inputs (in thousands): June 30, 2020 December 31, 2020 Performance fee liability Discount rate assumption: Discount rate increase of 25% $ (25) $ (37) Discount rate increase of 50% $ (50) $ (73) Refund rate assumption: Refund rate increase of 25% $ (1) $ (2) Refund rate increase of 50% $ (3) $ (4) Default rate assumption: Default rate increase of 25% $ (5) $ (6) Default rate increase of 50% $ (11) $ (13) Convertible Debt Derivative See Note 10. Convertible Debt for a description of the convertible debt derivative liability and changes in the fair value recognized during the period. On September 11, 2020, the convertible notes were converted into 4,444,321 shares of Series G-1 redeemable convertible preferred stock. The conversion of the notes was accounted for as a debt extinguishment and as such the convertible debt derivative liability was extinguished. Residual Trust Certificates See Note 9. Notes Issued by Securitization Trusts for a description of the 2020-Z2 securitization trust. The remaining 6.6% residual trust certificates held by third-party investor(s) is measured at fair value, using a discounted cash flow model, and presented within Accrued expenses and other liabilities on the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in Other income, net, on the interim condensed consolidated statements of operations and comprehensive loss. The following table summarizes the activity related to the fair value of the residual trust certificates during the three and six months ended December 31, 2020 (in thousands): Fair value at beginning of period $ — Initial transfer of financial assets 1,622 Subsequent changes in fair value (274) Fair value at end of period $ 1,348 The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates as of December 31, 2020: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00 % 12.00 % 11.00 % Loss rate 0.75 % 1.13 % 0.94 % Prepayment rate 8.00 % 8.00 % 8.00 % The following table summarizes the effect adverse changes in estimates would have on the fair value of the residual trust certificates, given hypothetical changes in significant unobservable inputs (in thousands): December 31, 2020 Residual trust certificates Discount rate assumption: Discount rate increase of 25% $ (36) Discount rate increase of 50% $ (69) Loss rate assumption: Loss rate increase of 25% $ (46) Loss rate increase of 50% $ (93) Prepayment rate assumption: Prepayment rate increase of 25% $ 19 Prepayment rate increase of 50% $ 37 Financial Assets and Liabilities Not Recorded at Fair Value The following tables present the fair value hierarchy for financial assets and liabilities not recorded at fair value as of June 30, 2020 (in thousands): Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Cash and cash equivalents $ 267,059 $ 267,059 $ — $ — $ 267,059 Restricted cash 61,069 61,069 — — 61,069 Loans held for sale 4,459 — 4,459 — 4,459 Loans held for investment, net 939,175 — — 922,919 922,919 Accounts receivable, net 59,001 — 59,001 — 59,001 Other assets 7,984 — 7,984 — 7,984 Total assets $ 1,338,747 $ 328,128 $ 71,444 $ 922,919 $ 1,322,491 Liabilities: Accounts payable $ 18,361 $ — $ 18,361 $ — $ 18,361 Payable to third-party loan owners 24,998 — 24,998 — 24,998 Accrued interest payable 1,860 — 1,860 — 1,860 Accrued expenses and other liabilities 25,395 — 25,395 — 25,395 Convertible debt 67,615 — — 67,615 67,615 Funding debt 817,926 — — 805,910 805,910 Total liabilities $ 956,155 $ — $ 70,614 $ 873,525 $ 944,139 The following tables present the fair value hierarchy for financial assets and liabilities not recorded at fair value as of December 31, 2020 (in thousands): Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Cash and cash equivalents $ 520,741 $ 520,741 $ — $ — $ 520,741 Restricted cash 116,049 116,049 — — 116,049 Loans held for sale 12,302 — 12,302 — 12,302 Loans held for investment, net 1,757,267 — — 1,742,324 1,742,324 Accounts receivable, net 67,046 — 67,046 — 67,046 Other assets 20,494 — 20,494 — 20,494 Total assets $ 2,493,899 $ 636,790 $ 99,842 $ 1,742,324 $ 2,478,956 Liabilities: Accounts payable $ 26,224 $ — $ 26,224 $ — $ 26,224 Payable to third-party loan owners 33,043 — 33,043 — 33,043 Accrued interest payable 3,133 — 3,133 — 3,133 Accrued expenses and other liabilities 39,250 — 39,250 — 39,250 Notes issued by securitization trusts 818,446 — — 822,728 822,728 Funding debt 813,457 — — 813,457 813,457 Total liabilities $ 1,733,553 $ — $ 101,650 $ 1,636,185 $ 1,737,835

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Stockholders’ Deficit	6 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Redeemable Convertible Preferred Stock and Stockholders’ Deficit	Redeemable Convertible Preferred Stock and Stockholders’ Deficit Redeemable Convertible Preferred Stock A summary of the authorized, issued and outstanding redeemable convertible preferred stock as of June 30, 2020 is as follows: Shares Carrying Value (in thousands) Liquidation Preference (in thousands) Series Authorized Issued and A 21,428,572 21,428,572 $ 21,598 $ 21,616 B 19,788,417 19,788,417 25,941 26,000 C 15,129,141 13,802,530 72,661 72,905 D 22,705,526 22,318,532 137,471 137,614 E 21,391,882 21,391,882 242,435 242,597 F 24,009,471 23,386,038 304,064 308,300 Total 124,453,009 122,115,971 $ 804,170 $ 809,032 A summary of the authorized, issued and outstanding redeemable convertible preferred stock as of December 31, 2020 is as follows: Shares Carrying Value (in thousands) Liquidation Preference (in thousands) Series Authorized Issued and A 21,428,572 21,428,572 $ 21,598 $ 7,500 B 19,788,417 19,788,417 25,941 26,000 C 13,802,530 13,802,530 72,661 72,830 D 22,318,532 22,318,532 137,471 137,614 E 21,391,882 21,391,882 242,435 242,597 F 23,386,038 23,386,038 304,064 308,300 G 23,300,000 21,836,687 434,541 435,124 G-1 4,444,321 4,444,321 88,560 75,275 Total 149,860,292 148,396,979 1,327,271 1,305,240 In September 2020 and October 2020, we issued 21,836,687 shares of Series G redeemable convertible preferred stock at $19.93 per share for an aggregate purchase amount of $434.9 million. These shares have a liquidation preference of $435.1 million. As part of this equity financing round, the convertible notes issued in April 2020 converted into 4,444,321 shares of Series G-1 redeemable convertible preferred stock. These shares have a liquidation preference of $75.3 million. Significant terms of the redeemable convertible preferred stock are as follows: Liquidation Preference In the event of any liquidation event, either voluntary or involuntary, the holders of each series of redeemable convertible preferred stock shall be entitled to receive on a pari passu basis, prior and in preference to any distributions of any assets of the Company to the holders of the common stock by reason of their ownership thereof, an amount per share equal to the sum of one times the applicable original issuance price plus any declared but unpaid dividends. The original issuance price for Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock, Series C redeemable convertible preferred stock, Series D redeemable convertible preferred stock, Series E redeemable convertible preferred stock, Series F redeemable convertible preferred stock, Series G redeemable convertible preferred stock, and Series G-1 redeemable convertible preferred stock is $0.3500, $1.3139, $5.2766, $6.1659, $11.3406, $13.1831, $19.9263, and $16.9374 per share, respectively. If the proceeds distributed among the holders of the redeemable convertible preferred shares are insufficient to permit the payment to such holders of the full preferential amounts, the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of the redeemable convertible preferred stock in proportion to the preferential amount that each such holder is otherwise entitled to receive. After payment has been made to the holders of the redeemable convertible preferred stock of their full respective preferential amounts, all of the remaining assets of the Company shall be distributed ratably among the holders of common stock. Dividends The holders of each series of redeemable convertible preferred stock shall be entitled to receive dividends, out of any funds legally available, prior and in preference to any declaration or payment of any dividend on common stock of the Company, at the rate of $1.2550 per annum for each share of Series G-1 redeemable preferred stock, $1.5941 per annum for each share of Series G redeemable convertible preferred stock, $1.0546 per annum for each share of Series F redeemable convertible preferred stock, $0.9072 per annum for each share of Series E redeemable convertible preferred stock, $0.4933 per annum for each share of Series D redeemable convertible preferred stock, $0.4221 per annum for each share of Series C redeemable convertible preferred stock, $0.1051 per annum for each share of Series B redeemable convertible preferred stock and $0.0280 per annum for each share of Series A redeemable convertible preferred stock (each as adjusted for stock splits, stock dividends, reclassification and the like) payable quarterly when, as, and if declared by the Board of Directors. Such dividends shall not be cumulative. Following the payment in full of any dividends to the holders of redeemable convertible preferred stock, any additional dividends shall be distributed first to the holders of the common stock until each holder of common stock has received an amount equal to $0.0280 per share (as adjusted for stock splits, stock dividends, reclassification and the like) and then among the holders of Series A redeemable convertible preferred stock and common stock pro rata based on the number of shares of common stock then held by each holder (assuming conversion of all such Series A redeemable convertible preferred stock into common stock), until each such holder of common stock or Series A redeemable convertible preferred stock has received an additional $0.0771 per share (as adjusted for stock splits, stock dividends, reclassification and the like) and then among the holders of Series A redeemable convertible preferred stock, the Series B redeemable convertible preferred stock and common stock pro rata based on the number of shares of common stock then held by each holder (assuming conversion of all such Series A redeemable convertible preferred stock into common stock), until each such holder of common stock, Series A redeemable convertible preferred stock or Series B redeemable convertible preferred stock has received an additional $0.3170 per share (as adjusted for stock splits, stock dividends, reclassification and the like) and then among the holders of Series A redeemable convertible preferred stock, the Series B redeemable convertible preferred stock, the Series C redeemable convertible preferred stock and common stock pro rata based on the number of shares of common stock then held by each holder (assuming conversion of all such Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock and Series C redeemable convertible preferred stock into Common Stock), until each holder of common stock, Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock or Series C redeemable convertible preferred stock has received an additional $0.0712 per share (as adjusted for stock splits, stock dividends, reclassification and the like) and then among holders of Series A redeemable convertible preferred stock, the Series B redeemable convertible preferred stock, the Series C redeemable convertible preferred stock, the Series D redeemable convertible preferred stock and common stock pro rata based on the number of shares of common stock then held by each holder (assuming conversion of all such Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock, Series C redeemable convertible preferred stock and Series D redeemable convertible preferred stock into Common Stock) until each such holder of common stock, Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock, Series C redeemable convertible preferred stock or Series D redeemable convertible preferred stock has received an additional $0.4139 per share (as adjusted for stock splits, stock dividends, reclassification and the like), and then among the holders of Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock, Series C redeemable convertible preferred stock, Series D redeemable convertible preferred stock, Series E redeemable convertible preferred stock, Series F redeemable convertible preferred stock, Series G redeemable convertible preferred stock, Series G-1 redeemable convertible preferred stock and common stock pro rata based on the number of shares of common stock then held by each holder (assuming conversion of all such Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock, Series C redeemable convertible preferred stock, Series D redeemable convertible preferred stock, Series E redeemable convertible preferred stock, Series F redeemable convertible preferred stock, Series G redeemable convertible preferred stock, and Series G-1 redeemable convertible preferred stock into common stock). Voting The holders of redeemable convertible preferred stock have the same voting rights as a holder of common stock. The holders of common stock and redeemable convertible preferred stock vote together as a single class in all matters. Each holder of common stock is entitled to one vote for each share of common stock held, and each holder of redeemable convertible preferred stock is entitled to the number of votes equal to the number of shares of common stock into which such shares of redeemable convertible preferred stock could then be converted. The holders of the common stock, voting separately as a single class, are entitled to elect three directors of the corporation. The holders of the Series B redeemable convertible preferred stock, voting separately as a single class, are entitled to elect two directors of the corporation. The holders of the Series C redeemable convertible preferred stock, voting separately as a single class, are entitled to elect one director of the corporation. The holders of the Series D redeemable convertible preferred stock, voting separately as a single class, are entitled to elect one director of the corporation. The holders of the common stock and redeemable convertible preferred stock (excluding the Series E redeemable convertible preferred stock), voting together as a single class, on an as converted basis, are entitled to elect all other directors of the corporation. The holders of the Series F redeemable convertible preferred stock, voting separately as a single class, are entitled to elect one director of the corporation. Conversion Each share of redeemable convertible preferred stock is convertible to common stock at the option of the holder. Such conversion is determined by dividing the original issue price by the then-effective conversion price (adjusted for any stock dividends, combinations, or splits with respect to such shares). As of December 31, 2020, each share of redeemable convertible preferred stock was convertible into one share of common stock. Each share of redeemable convertible preferred stock is automatically converted into shares of common stock at the conversion rate then in effect for such series of redeemable convertible preferred stock immediately upon the earlier of (i) the Company’s sale of its common stock in a firm commitment underwritten public offering pursuant to a registration statement under the Securities Act of 1933, as amended, resulting in a post-offering market capitalization of the Company of at least $2,000,000,000 and for the total offering with gross proceeds to the Company of not less than $100,000,000 or (ii) the date or upon the occurrence of an event, specified by written consent or agreement of each of (A) the holders of at least sixty percent (60%) of the Series B redeemable convertible preferred stock then outstanding, voting as a separate series, (B) the holders of at least seventy-five percent (75%) of the Series C redeemable convertible preferred stock then outstanding, voting as a separate series and (C) the holders of at least a majority of the Series D redeemable convertible preferred stock then outstanding, voting as a separate series, (D) the holders of a majority of the Series E redeemable convertible preferred stock then outstanding, voting as separate series, and (E) either (x) the holders of at least eighty-five (85%) of the then outstanding shares of Series F redeemable convertible preferred stock, voting as a separate series, or (y) the holders of a majority of the then outstanding shares of Series F redeemable convertible preferred stock, voting as a separate series, provided that such majority includes the Special Series F Investor Vote, and (F) the holders of a majority of the Series G redeemable convertible preferred stock then outstanding, voting as a separate series. Redemption The redeemable convertible preferred stock does not have any redemption rights that are at the election of the holders. However, the redeemable convertible preferred stock is entitled to payment upon the occurrence of certain contingent liquidity events that do not cause the entire entity to be liquidated, such as certain change of control provisions. As it relates to payment upon the occurrence of a contingent event, we evaluated the redeemable convertible preferred stock in accordance with the guidance in ASC 480, “Distinguishing Liabilities from Equity,” and determined that the payment of liquidation amounts due upon the occurrence of a contingent event is not solely within our control and accordingly the redeemable convertible preferred stock is classified in temporary equity in the interim condensed consolidated balance sheet. As it relates to the accretion to redemption value, the redeemable convertible preferred stock is not currently redeemable, nor is it probable that the instrument will become redeemable, as it is only redeemable upon the occurrence of a contingent event that is not probable to occur. Accordingly, no accretion has been recognized for the redeemable convertible preferred stock and it will not be accreted until it is probable that the shares will become redeemable. Common Stock The Company had shares of common stock reserved for issuance as follows: June 30, 2020 December 31, 2020 Conversion of redeemable convertible preferred stock 122,115,971 148,396,979 Exercise of warrants 706,065 15,929,262 Available outstanding under stock option plan 50,771,657 49,609,315 Available for future grant under stock option plan 4,904,531 16,544,228 Total 178,498,224 230,479,784 The common stock is not redeemable. Each holder of common stock has the right to one vote per share of common stock and is entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and is entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the Common Stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors. Upon the liquidation, dissolution or winding up of the corporation, or the occurrence of a liquidation transaction, the assets of the corporation will be distributed in accordance with the liquidation preferences referenced in the redeemable convertible preferred stock section above. Common Stock Warrants Common stock warrants are included as a component of Additional paid in capital within the interim condensed consolidated balance sheets. During the six months ended December 31, 2020, we issued warrants to purchase 20,297,595 shares of common stock in connection with a commercial agreement with Shopify Inc. The exercise price was $0.01 per share, and the term of the warrants was 10 years. We valued the warrants at issuance using the Black-Scholes-Merton option pricing model with the following assumptions: a dividend yield of zero, years to maturity of 10 years, volatility of 52%, and a risk-free rate of 0.62%. In connection with these warrants issued during the six months ended December 31, 2020, we recognized an asset of $67.6 million associated with the fair value of the portion of these warrants that have vested as of December 31, 2020, which is recorded in our interim condensed consolidated balance sheets within Other assets. See Note 5. Other Assets for more information on the asset and related amortization. The following table summarizes the warrant activity during the six months ended December 31, 2020: Number of Shares Weighted Average Exercise Price ($) Weighted Average Remaining Life (years) Warrants outstanding, June 30, 2020 706,065 $2.50 7.21 Issued 20,297,595 0.01 10.00 Exercised (5,074,398) 0.01 9.54 Warrants outstanding, December 31, 2020 15,929,262 $0.12 9.42

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation 2012 Equity Incentive Plan Under our 2012 Equity Incentive Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, and Restricted Stock Units (“RSUs”) to employees, officers, directors, and consultants. As of December 31, 2020, the maximum number of shares of common stock which may be issued under the Plan is 87,609,793 shares. As of June 30, 2020, and December 31, 2020, there were 4,904,531 and 16,544,228 shares of common stock, respectively, available for future grants under the Plan. Stock Options The following table summarizes our stock option activity for the six months ended December 31, 2020: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance, June 30, 2020 42,536,487 $ 5.17 7.54 Granted — — Exercised (6,492,645) 3.81 Forfeited, expired or cancelled (1,391,516) 7.27 Balance, December 31, 2020 34,652,326 5.34 7.14 Vested and exercisable, December 31, 2020 22,509,576 $ 4.15 6.55 $ 249,244 Vested and exercisable, and expected to vest thereafter (1) December 31, 2020 32,321,902 $ 5.14 7.04 $ 327,287 (1) Options expected to vest reflect the application of an estimated forfeiture rate. Restricted Stock Units During the six months ended December 31, 2020, we awarded 7,355,150 RSUs to certain employees under the Plan. These RSUs were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either a change of control or an initial public offering, each as defined in the Plan), both of which must be met in order to vest. The service-based vesting condition is typically met over a four-year period, either monthly or with 25% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro rata basis each month over the next three years. Employees are able to retain RSUs vested with respect to the service condition upon departure, and such RSUs remain subject to the performance-based vesting condition. As of December 31, 2020, we determined a liquidity event was not probable, and as such, no RSUs were vested or expected to vest. Any RSUs that have not vested will automatically terminate on the expiration date, which is defined by the Plan as seven years from the grant date. The following table summarizes our RSU activity during the six months ended December 31, 2020: Number of Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2020 8,235,170 $ 7.95 Granted 7,355,150 14.59 Forfeited, expired or cancelled (633,331) 8.45 Non-vested at December 31, 2020 14,956,989 $ 11.94 As of December 31, 2020, we had approximately $25.4 million of unrecognized compensation cost related to non-vested RSUs. The fair value of RSUs is equal to the fair market value of common stock on the grant date. To estimate unrecognized compensation costs, the grant date fair value of RSUs was used to measure expense on a straight-line basis over the requisite service periods of the awards. Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2019 2020 2019 2020 General and administrative $ 3,689 $ 3,097 $ 7,501 $ 6,301 Technology and data analytics 3,610 2,556 6,937 4,769 Sales and marketing 963 581 2,254 1,341 Processing and servicing 32 287 27 313 Total stock-based compensation in operating expenses 8,294 6,521 16,719 12,724 Capitalized into property, equipment and software, net 786 253 1,683 1,225 Total stock-based compensation expense $ 9,080 $ 6,774 $ 18,402 $ 13,949

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended December 31, 2019, we recorded income tax expense of $0.1 million and $0.2 million, which was primarily attributable to various state income taxes. For the three and six months ended December 31, 2020, we recorded income tax expense of $0.08 million and $0.18 million, which was primarily attributable to the effects of foreign income taxes on our Canadian subsidiary and various state income taxes. As of December 31, 2020, we continue to recognize a full valuation allowance against net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. The amount of deferred tax assets considered realizable in future periods may change as management continues to reassess the underlying factors it uses in estimating future taxable income.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	6 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The following table presents basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended December 31, Six Months Ended December 31, 2019 2020 2019 2020 Numerator: Basic Net Loss $ (30,996) $ (31,557) $ (61,791) $ (46,832) Excess return to preferred stockholders on repurchase (13,205) — (13,205) — Net Loss Attributable to Common Stockholders $ (44,201) $ (31,557) $ (74,996) $ (46,832) Diluted Net Loss $ (30,996) $ (31,557) $ (61,791) $ (46,832) Excess return to preferred stockholders on repurchase (13,205) — (13,205) — Gain on conversion of convertible debt — — — (30,106) Interest on convertible debt prior to conversion — — — 398 Amortization of debt discount prior to conversion — — — 1,792 Net Loss Attributable to Common Stockholders $ (44,201) $ (31,557) $ (74,996) $ (74,748) Denominator: Basic Weighted average common shares outstanding, basic 48,079,867 70,801,521 48,241,444 67,795,598 Total-basic 48,079,867 70,801,521 48,241,444 67,795,598 Diluted Weighted average common shares outstanding, diluted 48,079,867 70,801,521 48,241,444 67,795,598 Weighted average common shares attributable to convertible debt prior to conversion — — — 1,739,082 Total-diluted 48,079,867 70,801,521 48,241,444 69,534,680 Net loss per share attributable to common stockholders: Basic $ (0.92) $ (0.45) $ (1.55) $ (0.69) Diluted $ (0.92) $ (0.45) $ (1.55) $ (1.07) The following common stock equivalents, presented based on amounts outstanding, were excluded from the calculation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive: As of December 31, 2019 2020 Redeemable convertible preferred stock 122,115,971 148,396,979 Stock options, including early exercise of options 43,000,378 36,108,658 Restricted stock units 5,049,852 13,500,657 Common stock warrants 706,065 706,065 Total 170,872,266 198,712,359

Segments and Geographical Infor

Segments and Geographical Information	6 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segments and Geographical Information	Segments and Geographical Information We conduct our operations through a single operating segment and, therefore, one reportable segment. Revenue Revenue by geography is based on the billing addresses of the borrower or the location of the merchant’s national headquarters. The following table sets forth revenue by geographic area (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2019 2020 2019 2020 United States $ 129,249 $ 205,943 $ 217,196 $ 378,185 Canada 727 (1,902) 727 (166) Total Revenue, net $ 129,976 $ 204,041 $ 217,923 $ 378,019 Long-Lived Assets Our long-lived assets, consisting of Property, equipment and software, net, are all located in the United States as of June 30, 2020 and December 31, 2020.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events through February 17, 2021, which is the date that these interim condensed consolidated financial statements were available to be issued. There were no significant subsequent events identified other than the matters described below. Business Combination On January 1, 2021, Affirm Canada Holdings Ltd. (“Affirm Canada”), a subsidiary of Affirm, and Affirm completed the closing of the transaction contemplated by a Stock Purchase Agreement entered into with PayBright Inc., one of Canada’s leading buy now, pay later providers, and the shareholders of PayBright to purchase all of the issued and outstanding stock of PayBright. The purchase price was comprised of (i) approximately $113.6 million in cash, (ii) 3,622,445 shares of our common stock issued to the shareholders of PayBright at closing and (iii) 2,587,362 shares of our common stock issued in escrow and subject to forfeiture if certain revenue milestones are not met. On January 12, 2021, in connection with the reclassification described below, these shares were reclassified into 1,811,222 shares of our Class A common stock and 1,811,222 shares of our Class B common stock issued to the shareholders of PayBright at closing, and 1,293,681 shares of our Class A common stock and 1,293,681 shares of our Class B common stock issued in escrow and subject to forfeiture if certain revenue milestones are not met. The initial accounting for the business combination is incomplete at the time of this filing due to the limited amount of time between the acquisition date and the date that these financial statements are issued. It is impracticable for us to provide all of the disclosures required for a business combination pursuant to ASC 805, Business Combinations . Amended and Restated Certificate of Incorporation and Conversion of Redeemable Convertible Preferred Stock On January 12, 2021, we amended and restated our certificate of incorporation to effect a reclassification of each share of our outstanding common stock into ½ share of Class A common stock and ½ share of Class B common stock, with cash paid for fractional shares. Additionally, the conversion of all outstanding shares of redeemable convertible preferred stock into shares of our common stock occurred immediately prior to the reclassification. Initial Public Offering On January 15, 2021, we closed our initial public offering ("IPO") of 28,290,000 shares of Class A common stock, including 3,690,000 shares pursuant to the option granted to the underwriters to purchase additional shares of Class A common stock, at an offering price of $49.00 per share. The proceeds from the IPO, before expenses, were approximately $1.3 billion. Revolving Credit Facility On January 19, 2021, we entered into a revolving credit agreement with a syndicate of commercial banks for a $185.0 million unsecured revolving credit facility. This facility bears interest at a rate equal to, at our option, either (a) a Eurodollar rate determined by reference to adjusted LIBOR for the interest period, plus an applicable margin of 2.50% per annum or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate last quoted by The Wall Street Journal as the U.S. prime rate, and (iii) the one-month adjusted LIBOR plus 1.00% per annum, in each case, plus an applicable margin of 1.50% per annum and has a final maturity date of January 19, 2024. The facility contains certain covenants and restrictions, including certain financial maintenance covenants, and requires payment of a monthly unused commitment fee of 0.35% per annum on the undrawn balance available. There are no borrowings outstanding under the facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended June 30, 2020. The balance sheet as of June 30, 2020 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Principles of Consolidation	Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various Delaware business trust entities established to enter into warehouse credit agreements with certain lenders for funding debt facilities and asset-backed securitization transactions.    Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.
Use of Estimates	The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized software development costs, valuation allowance for deferred tax assets, convertible debt derivatives, loss on loan purchase commitment, and discount on self-originated loans. We base our estimates on historical experience, current events and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected.    These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates.
Revenue Recognition	Merchant Network Revenue — Revenue from Contracts with Customers Merchant network revenue consists of merchant fees. Merchant partners (or merchants) are charged a fee on each transaction processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the terms of the executed merchant agreement have been fulfilled and the merchant successfully confirms the transaction. Our contracts with merchants are defined at the transaction level and do not extend beyond the service already provided (i.e., each transaction represents a separate contract). The fees collected from merchants for each transaction are determined as a percentage of the value of the goods purchased by the consumer from merchants and consider a number of factors including the end consumer’s credit risk and financing term . We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to merchants to facilitate transactions with consumers. From time to time, we offer merchants promotional incentives to offer our products to their customers, such as fee reductions or rebates. These amounts, as well as refunds, are recorded as a reduction of revenue and netted against merchant network revenue. We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss, which we record as a reduction to merchant network revenue. In order to continue to expand our consumer base, we may originate loans under certain merchant arrangements that we do not expect to achieve positive revenue. In these instances, the loss is recorded as sales and marketing expense. Virtual Card Network Revenue — Revenue from Contracts with Customers We have agreements with issuer processors to facilitate transactions through the issuance of virtual debit cards to be used by consumers at checkout. Consumers can apply through the Affirm app and, upon approval, receive a single-use virtual debit card to be used for their purchase online or offline at a non-integrated merchant. The non-integrated merchants are charged interchange fees for virtual debit card transactions by the issuer processors, as with all debit card purchases, and the issuer processor shares a portion of this revenue with us. Our contracts with issuer processors are defined at the transaction level and do not extend beyond the service already provided. The fees collected from issuer processors for each transaction are determined as a percentage of the interchange fees charged on transactions facilitated on the payment processor network, and revenue is recognized at the point in time the transaction is completed successfully. The fees collected are presented in revenue, net of associated processing fees. As the issuer processors do not provide distinct services to us, any fees paid to the issuer processors are offset against collected fees. We have concluded that these fees do not give rise to a future material right because the pricing of each transaction does not depend on the volume of prior successful transactions. We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to the issuer processors to facilitate transactions with consumers. Interest Income We accrue interest income using the effective interest method. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the borrower involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed and any interest that would have been earned during the disputed period is retroactively accrued. As of June 30, 2020 and December 31, 2020, the balance of Loans held for investment on non-accrual status was $0.3 million and $0.5 million, respectively. The account is charged-off in the period the account becomes 120 days past due or meets other charge-off policy requirements. Past due status is based on the contractual terms of the loans. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is reversed. Any discounts or premiums on loan receivables created upon purchase of the loan from our originating bank partners are amortized over the life of the loan using the effective interest method. The amortization is presented together as interest income in the interim condensed consolidated statements of operations and comprehensive loss. Servicing Income Servicing fees are contractual fees specified in our servicing agreements with third-party loan owners that are earned from providing professional services to manage loan portfolios on their behalf. The servicing fee is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. We recognize this revenue on a monthly basis.
Customer Referral Partners	From time to time, we make payments to customer referral partners providing lead generation services for each transaction processed through our technology platform. We first evaluate whether the customer referral partner is a customer or a vendor. We consider customer referral partners as customers if we determine they are the principal to eligible merchants in providing the facilitation of credit service. We consider customer referral partners as vendors if we determine that we are the principal to eligible merchants in providing the facilitation of credit service. Payments made to customer referral partners that are not considered to be our customers are expensed as incurred and recorded in Sales and marketing within our interim condensed consolidated statements of operations and comprehensive loss.
Stock-Based Compensation	In accordance with ASC Topic 718, “Compensation — Stock Compensation” (“ASC 718”), equity-classified stock-based compensation provided to employees is measured based on the grant date fair value of stock-based awards and recognized as compensation expense on a straight-line basis over the period during which the award holder is required to perform services in exchange for the award (the requisite service period). In addition, we made an accounting policy election to estimate the expected forfeiture rate for service-based awards and only recognize expense for those stock-based awards expected to vest. We estimate the forfeiture rate based on our historical experience with stock-based awards that are granted and forfeited prior to vesting. We account for stock-based awards to non-employees, including consultants, in accordance with ASC 718, in which equity-classified awards are measured at the grant date fair value and recognized as expense in the period and manner as though we had paid cash in exchange for goods or services instead of granting a stock-based award. We have granted restricted stock units (“RSUs”) which are subject to two vesting conditions: a service-based vesting condition that is typically four years from the date of grant, and a performance-based vesting condition (i.e., a liquidity event in the form of either a change of control or an initial public offering). Stock-based
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	We currently qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. Accordingly, we are provided the option to adopt new or revised accounting guidance either (i) within the same periods as those applicable to public business entities or (ii) within the same time periods as non-public business entities, for as long as we qualify as an emerging growth company. We have elected to adopt new or revised accounting guidance within the same time period as non-public business entities, unless, as indicated below, management determines it is preferable to take advantage of early adoption provisions provided for within the applicable guidance. Revenue Recognition In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” ("ASC 606"). ASC 606 requires revenue to be recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for goods or services and also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows from customer contracts. Subsequent to the issuance of ASU 2014-09, the FASB issued several amendments to ASC 606 to clarify or improve the revenue recognition standard such as principal versus agent considerations in ASU 2016-08, technical corrections and improvements to ASC 606 in ASU 2016-20, and clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial asset in ASU 2017-05. In June 2020, the FASB issued ASU 2020-05, “Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities” ("ASC 842"), which amends the effective dates of ASC 606 and ASC 842 to give immediate relief to certain entities as a result of the widespread adverse economic effects and business disruptions caused by the COVID-19 pandemic. ASU 2020-05 permits certain entities that have not yet made statements available for issuance to adopt ASC 606 for annual reporting periods beginning after December 15, 2019, and for interim reporting periods within annual reporting periods beginning after December 15, 2020. Under ASU 2020-05, we adopted ASC 606 on July 1, 2020 using the modified retrospective transition method. Under this method, we evaluated contracts that were not complete as of the date of adoption as if those contracts had been accounted for under ASC 606. Under the modified retrospective transition approach, periods prior to the adoption date were not adjusted and continue to be reported in accordance with revenue accounting literature in effect during those periods. The adoption of ASC 606 did not have a material impact on our revenue arrangements. ASC 606 explicitly excludes revenue generated in accordance with ASC 310, "Receivables" and ASC 860, "Transfers and Servicing." Accordingly, we have concluded that interest income, gains on loan sales and servicing income are not affected by the adoption of ASC 606 and its related amendments. Merchant network revenue and virtual card network revenue are within the scope of ASC 606. Stock Based Compensation In June 2018, the FASB issued ASU 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” that expands on the scope of ASC 718 to include stock-based payment transactions for acquiring goods and services from non-employees. For non-public business entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption of ASC 606. We have adopted ASC 606 effective July 1, 2020 and have correspondingly adopted ASU 2018-07 as of that date. There was no material impact to existing stock-based awards to non-employees. Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes certain exceptions related to the approach for intraperiod tax allocation, recognizing deferred tax liabilities for outside basis differences and calculating income taxes in interim periods. The guidance also reduces complexity in certain areas, including franchise taxes that are partially based on income and accounting for tax law changes in interim periods. We early adopted the new standard effective July 1, 2020 on a prospective basis. The adoption of the new standard did not have a material impact on our interim condensed consolidated financial statements. We have adopted all new accounting pronouncements that are in effect and applicable to us for the period ended December 31, 2020. Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” that substantially modifies lessee accounting for leases, and requires most leases to be recognized on the balance sheet with enhanced disclosures. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Subsequent to the issuance of ASU 2016-02, the FASB issued several amendments to ASC 842 to clarify or improve the new leases standard such as codification and targeted improvements in ASUs 2018-10, 2018-11 and 2019-01, narrow-scope improvements for lessors in ASU 2018-20, etc. For private companies, the amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The effective dates in ASU 2016-02 for private companies were deferred by one year pursuant to the FASB’s issuance of ASU 2019-10, “Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates” in November 2019. As noted above, in June 2020, the FASB issued ASU 2020-05, “Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities,” which amends the effective dates of ASC 606 and ASC 842 to give immediate relief to certain entities as a result of the widespread adverse economic effects and business disruptions caused by the COVID-19 pandemic. ASU 2020-05 permits certain private entities that have not yet issued their financial statements or made financial statements available for issuance, to adopt ASC 842 for fiscal years beginning after December 15, 2021, and interim reporting periods within fiscal years beginning after December 15, 2022. We have elected to adopt the effective date deferral standard and will adopt ASU 2016-02 and its related amendments for our annual reporting period beginning July 1, 2022. We are currently evaluating the impact of adopting ASU 2016-02 and its amendments on our consolidated financial statements. Financial Instruments — Credit Losses In June 2016, the FASB issued amendments on ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326).” The amendments will replace the incurred loss impairment methodology in U.S. GAAP with a methodology that measures expected credit losses based on historical experience, current conditions and a reasonable and supportable forecast. This amendment is generally referred to as the current expected credit loss (CECL) standard. The amendments in this standard will be recognized through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Subsequent to the issuance of ASU 2016-13, the FASB issued several amendments to ASC 326 to clarify or improve the financial instruments credit losses standard such as codification and targeted improvements in ASUs 2018-19, 2019-04, 2019-05, 2019-11 and 2020-03. For private companies, the amendments in ASU 2016-13 were initially effective for fiscal years beginning after December 15, 2021, and interim periods therein. The effective dates in ASU 2016-13 for private companies were deferred by one year (fiscal years beginning after December 15, 2022) pursuant to the FASB’s issuance of ASU 2019-10, “Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates” in November 2019.” The standard dictates that institutions estimate the cash flows that are not expected to be collected over the contractual life of the loan, adjusted for prepayments. Our current methodology also estimates the total expected cash flow not expected to be collected on our consolidated balance sheets. Based on preliminary analysis, we do not expect that the consideration of forward-looking information, i.e. the reasonable and supportable forecast, will result in a material impact to our consolidated financial statements. However, we are still in the process of evaluating the impact. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021. This ASU is effective for all entities upon issuance as of March 12, 2020 through December 31, 2022. We are in the process of reviewing our revolving credit agreements and loan sale agreements that utilize LIBOR as the reference rate and introducing new fallback language to these agreements. We expect this change to have an immaterial impact on our consolidated financial statements. Convertible Debt Instruments

Interest Income (Tables)

Interest Income (Tables)	6 Months Ended
	Dec. 31, 2020
Banking and Thrift, Interest [Abstract]
Schedule of Interest Income	Interest income consisted of the following components (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2019 2020 2019 2020 Interest income on unpaid principal balance $ 39,747 $ 54,243 $ 74,735 $ 96,745 Amortization of discount on loans held for investment 8,323 22,448 15,729 37,218 Amortization of premiums on loans held for investment (1,432) (2,118) (2,535) (4,076) Interest receivable charged-off, net of recoveries (1,565) (716) (2,688) (1,793) Total interest income $ 45,073 $ 73,857 $ 85,241 $ 128,094

Loans Held for Investment and_2

Loans Held for Investment and Allowance for Credit Losses (Tables)	6 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Schedule of Loans Held for Investment and Allowance for Credit Loss	Loans held for investment consisted of the following (in thousands): June 30, 2020 December 31, 2020 Unpaid principal balance $ 1,054,077 $ 1,953,610 Accrued interest receivable 8,707 12,577 Premiums on loans held for investment 4,646 6,118 Less: Discount due to loan commitment liability (28,659) (71,571) Less: Loans held for sale (4,459) (12,302) Total loans held for investment $ 1,034,312 $ 1,888,432
Schedule of Credit Quality by ITACs Score	The following table presents an analysis of the credit quality, by ITACs score, of the unpaid principal balance of loans held for investment and loans held for sale (in thousands): June 30, 2020 December 31, 2020 96+ $ 746,758 $ 1,459,271 94 – 96 196,083 357,629 90 – 94 82,368 74,199 <90 8,004 25,517 No score (1) 20,864 36,994 Total unpaid principal balance $ 1,054,077 $ 1,953,610
Schedule of Delinquent Financing Receivables	The following table presents an aging analysis of the unpaid principal balance related to loans held for investment and loans held for sale by delinquency status (in thousands): June 30, 2020 December 31, 2020 Non-delinquent loans $ 1,019,492 $ 1,906,552 4 – 29 calendar days past due 16,765 27,481 30 – 59 calendar days past due 5,393 8,522 60 – 89 calendar days past due 6,268 5,827 90 – 119 calendar days past due 6,159 5,228 Total unpaid principal balance $ 1,054,077 $ 1,953,610
Schedule of Loans Held for Investment and Allowance for Credit Loss	The following table details activity in the allowance for credit losses (in thousands): Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance at beginning of period $ 76,060 $ 124,273 $ 66,260 $ 95,137 Provision for credit losses (1) 29,948 16,008 54,838 56,464 Charge-offs (21,560) (11,791) (37,793) (25,865) Recoveries of charged-off receivables 1,407 2,675 2,550 5,429 Balance at end of period $ 85,855 $ 131,165 $ 85,855 $ 131,165 (1) Excludes provision for merchant losses of nil for both the three and six months ended December 31, 2019 and $1.2 million and $1.0 million for the three and six months ended December 31, 2020, respectively, and provision for repurchase of fraudulent loans sold of $0.2 million for both the three and six months ended December 31, 2019 and $0.2 million and $0.3 million for the three and six months ended December 31, 2020, respectively, which are included in Provision for credit losses on the interim condensed consolidated statements of operations and comprehensive loss.

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): June 30, 2020 December 31, 2020 Acquisition funding $ — $ 113,628 Commercial agreement asset — 36,346 Prepaid expenses 6,406 9,100 Processing reserves 924 12,852 Other receivables 3,169 388 Other assets 12,849 13,045 Total other assets $ 23,348 $ 185,359

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Commitments Under Operating Leases	As of December 31, 2020, future minimum lease commitments under operating leases were as follows (in thousands) for the years ended: 2021 (remaining six months) $ 6,609 2022 14,120 2023 15,285 2024 17,316 2025 15,766 Thereafter 25,515 Total $ 94,611

Funding Debt (Tables)

Funding Debt (Tables)	6 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Funding Debt and Aggregate Future Maturities	Funding debt and its aggregate future maturities consists of the following (in thousands): Final Maturity Year Ending June 30, 2020 December 31, 2020 2021 $ — $ — 2022 171,133 164,892 2023 653,447 511,498 2024 — — 2025 — — Thereafter — 137,067 Total $ 824,580 $ 813,457 Deferred debt issuance costs (6,654) (8,497) Total funding debt, net of deferred debt issuance costs $ 817,926 $ 804,960

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Fair Value Measured On Recurring Basis	The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2020 (in thousands): Level 1 Level 2 Level 3 Total Assets: Servicing assets $ — $ — $ 2,132 $ 2,132 Total assets $ — $ — $ 2,132 $ 2,132 Liabilities: Constant maturity swaps $ — $ 3,297 $ — $ 3,297 Servicing liabilities — — 1,540 1,540 Performance fee liability — — 875 875 Convertible debt derivative — — 6,607 6,607 Total liabilities $ — $ 3,297 $ 9,022 $ 12,319 The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Assets: Servicing assets $ — $ — $ 1,923 $ 1,923 Total assets $ — $ — $ 1,923 $ 1,923 Liabilities: Constant maturity swaps $ — $ 1,571 $ — $ 1,571 Servicing liabilities — — 2,826 2,826 Performance fee liability — — 1,205 1,205 Residual trust certificates — — 1,348 1,348 Total liabilities $ — $ 1,571 $ 5,379 $ 6,950
Schedule of Servicing Assets at Fair Value	The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): Servicing Assets Three Months Ended Six Months Ended 2019 2020 2019 2020 Fair value at beginning of period $ 1,334 $ 1,453 $ 1,680 $ 2,132 Initial transfers of financial assets 167 1,280 20 1,530 Subsequent changes in fair value (294) (810) (493) (1,739) Fair value at end of period $ 1,207 $ 1,923 $ 1,207 $ 1,923
Schedule of Servicing Liabilities at Fair Value	The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Servicing Liabilities Three Months Ended Six Months Ended 2019 2020 2019 2020 Fair value at beginning of period $ 978 $ 1,521 $ 1,130 $ 1,540 Initial transfers of financial assets 205 2,207 992 3,213 Subsequent changes in fair value 1,349 (902) 410 (1,927) Fair value at end of period $ 2,532 $ 2,826 $ 2,532 $ 2,826
Schedule of Significant Unobservable Inputs For Level 3 Fair Value Measurement	The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of June 30, 2020: Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.73 % 0.89 % 0.76 % Net default rate 0.81 % 0.82 % 0.82 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 3.18 % 2.55 % Net default rate 6.45 % 10.99 % 9.16 % (1) Estimated cost of servicing a loan as a percentage of unpaid principal balance The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of December 31, 2020: Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.70 % 1.54 % 0.96 % Net default rate 0.64 % 3.20 % 1.16 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 1.08 % 3.22 % 2.88 % Net default rate 0.74 % 8.72 % 7.15 % (1) Estimated cost of servicing a loan as a percentage of unpaid principal balance Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00 % 10.00 % 10.00 % Refund rate 4.50 % 4.50 % 4.50 % Default rate 2.17 % 3.71 % 2.72 % The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of December 31, 2020: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00 % 10.00 % 10.00 % Refund rate 4.50 % 4.50 % 4.50 % Default rate 1.89 % 4.65 % 2.56 % The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates as of December 31, 2020: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00 % 12.00 % 11.00 % Loss rate 0.75 % 1.13 % 0.94 % Prepayment rate 8.00 % 8.00 % 8.00 %
Schedule of Sensitivity Analysis of Fair Value, Servicing Assets and Liabilities	The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): June 30, 2020 December 31, 2020 Servicing assets Net default rate assumption: Net default rate increase of 25% $ (9) $ (7) Net default rate increase of 50% $ (21) $ (12) Adequate compensation assumption: Adequate compensation increase of 25% $ (1,338) $ (1,686) Adequate compensation increase of 50% $ (2,675) $ (3,373) Discount rate assumption: Discount rate increase of 25% $ (27) $ (12) Discount rate increase of 50% $ (56) $ (28) Servicing liabilities Net default rate assumption: Net default rate increase of 25% $ (8) $ (23) Net default rate increase of 50% $ (12) $ (40) Adequate compensation assumption: Adequate compensation increase of 25% $ 1,438 $ 1,878 Adequate compensation increase of 50% $ 2,875 $ 3,756 Discount rate assumption: Discount rate increase of 25% $ (48) $ (96) Discount rate increase of 50% $ (91) $ (184)
Summary Of Activity For Liabilities With Significant Unobservable Inputs For Fair Value	The following table summarizes the activity related to the fair value of the performance fee liability (in thousands): Performance Fee Liability Three Months Ended Six Months Ended 2019 2020 2019 2020 Fair value at beginning of period $ 88 $ 1,010 $ 488 $ 875 Purchases of loans 302 375 501 721 Subsequent changes in fair value (179) (180) (778) (391) Fair value at end of period $ 211 $ 1,205 $ 211 $ 1,205 Fair value at beginning of period $ — Initial transfer of financial assets 1,622 Subsequent changes in fair value (274) Fair value at end of period $ 1,348
Schedule Sensitivity Analysis of Fair Value, Performance Fee Liability	The following table summarizes the effect adverse changes in estimates would have on the fair value of the performance fee liability given hypothetical changes in significant unobservable inputs (in thousands): June 30, 2020 December 31, 2020 Performance fee liability Discount rate assumption: Discount rate increase of 25% $ (25) $ (37) Discount rate increase of 50% $ (50) $ (73) Refund rate assumption: Refund rate increase of 25% $ (1) $ (2) Refund rate increase of 50% $ (3) $ (4) Default rate assumption: Default rate increase of 25% $ (5) $ (6) Default rate increase of 50% $ (11) $ (13)
Schedule Sensitivity Analysis of Fair Value, Residual Trust Certificates	The following table summarizes the effect adverse changes in estimates would have on the fair value of the residual trust certificates, given hypothetical changes in significant unobservable inputs (in thousands): December 31, 2020 Residual trust certificates Discount rate assumption: Discount rate increase of 25% $ (36) Discount rate increase of 50% $ (69) Loss rate assumption: Loss rate increase of 25% $ (46) Loss rate increase of 50% $ (93) Prepayment rate assumption: Prepayment rate increase of 25% $ 19 Prepayment rate increase of 50% $ 37
Fair Value Hierarchy For Financial Assets And Liabilities Not Recorded At Fair Value	The following tables present the fair value hierarchy for financial assets and liabilities not recorded at fair value as of June 30, 2020 (in thousands): Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Cash and cash equivalents $ 267,059 $ 267,059 $ — $ — $ 267,059 Restricted cash 61,069 61,069 — — 61,069 Loans held for sale 4,459 — 4,459 — 4,459 Loans held for investment, net 939,175 — — 922,919 922,919 Accounts receivable, net 59,001 — 59,001 — 59,001 Other assets 7,984 — 7,984 — 7,984 Total assets $ 1,338,747 $ 328,128 $ 71,444 $ 922,919 $ 1,322,491 Liabilities: Accounts payable $ 18,361 $ — $ 18,361 $ — $ 18,361 Payable to third-party loan owners 24,998 — 24,998 — 24,998 Accrued interest payable 1,860 — 1,860 — 1,860 Accrued expenses and other liabilities 25,395 — 25,395 — 25,395 Convertible debt 67,615 — — 67,615 67,615 Funding debt 817,926 — — 805,910 805,910 Total liabilities $ 956,155 $ — $ 70,614 $ 873,525 $ 944,139 The following tables present the fair value hierarchy for financial assets and liabilities not recorded at fair value as of December 31, 2020 (in thousands): Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Cash and cash equivalents $ 520,741 $ 520,741 $ — $ — $ 520,741 Restricted cash 116,049 116,049 — — 116,049 Loans held for sale 12,302 — 12,302 — 12,302 Loans held for investment, net 1,757,267 — — 1,742,324 1,742,324 Accounts receivable, net 67,046 — 67,046 — 67,046 Other assets 20,494 — 20,494 — 20,494 Total assets $ 2,493,899 $ 636,790 $ 99,842 $ 1,742,324 $ 2,478,956 Liabilities: Accounts payable $ 26,224 $ — $ 26,224 $ — $ 26,224 Payable to third-party loan owners 33,043 — 33,043 — 33,043 Accrued interest payable 3,133 — 3,133 — 3,133 Accrued expenses and other liabilities 39,250 — 39,250 — 39,250 Notes issued by securitization trusts 818,446 — — 822,728 822,728 Funding debt 813,457 — — 813,457 813,457 Total liabilities $ 1,733,553 $ — $ 101,650 $ 1,636,185 $ 1,737,835

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Tables)	6 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Redeemable Convertible Preferred Stock and Common Stock	A summary of the authorized, issued and outstanding redeemable convertible preferred stock as of June 30, 2020 is as follows: Shares Carrying Value (in thousands) Liquidation Preference (in thousands) Series Authorized Issued and A 21,428,572 21,428,572 $ 21,598 $ 21,616 B 19,788,417 19,788,417 25,941 26,000 C 15,129,141 13,802,530 72,661 72,905 D 22,705,526 22,318,532 137,471 137,614 E 21,391,882 21,391,882 242,435 242,597 F 24,009,471 23,386,038 304,064 308,300 Total 124,453,009 122,115,971 $ 804,170 $ 809,032 A summary of the authorized, issued and outstanding redeemable convertible preferred stock as of December 31, 2020 is as follows: Shares Carrying Value (in thousands) Liquidation Preference (in thousands) Series Authorized Issued and A 21,428,572 21,428,572 $ 21,598 $ 7,500 B 19,788,417 19,788,417 25,941 26,000 C 13,802,530 13,802,530 72,661 72,830 D 22,318,532 22,318,532 137,471 137,614 E 21,391,882 21,391,882 242,435 242,597 F 23,386,038 23,386,038 304,064 308,300 G 23,300,000 21,836,687 434,541 435,124 G-1 4,444,321 4,444,321 88,560 75,275 Total 149,860,292 148,396,979 1,327,271 1,305,240
Schedule Of Common Stock, Reserved For Future Issuance	The Company had shares of common stock reserved for issuance as follows: June 30, 2020 December 31, 2020 Conversion of redeemable convertible preferred stock 122,115,971 148,396,979 Exercise of warrants 706,065 15,929,262 Available outstanding under stock option plan 50,771,657 49,609,315 Available for future grant under stock option plan 4,904,531 16,544,228 Total 178,498,224 230,479,784
Schedule of Warrant Activity	The following table summarizes the warrant activity during the six months ended December 31, 2020: Number of Shares Weighted Average Exercise Price ($) Weighted Average Remaining Life (years) Warrants outstanding, June 30, 2020 706,065 $2.50 7.21 Issued 20,297,595 0.01 10.00 Exercised (5,074,398) 0.01 9.54 Warrants outstanding, December 31, 2020 15,929,262 $0.12 9.42

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes our stock option activity for the six months ended December 31, 2020: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance, June 30, 2020 42,536,487 $ 5.17 7.54 Granted — — Exercised (6,492,645) 3.81 Forfeited, expired or cancelled (1,391,516) 7.27 Balance, December 31, 2020 34,652,326 5.34 7.14 Vested and exercisable, December 31, 2020 22,509,576 $ 4.15 6.55 $ 249,244 Vested and exercisable, and expected to vest thereafter (1) December 31, 2020 32,321,902 $ 5.14 7.04 $ 327,287 (1) Options expected to vest reflect the application of an estimated forfeiture rate.
Schedule of Restricted Stock Unit Activity	The following table summarizes our RSU activity during the six months ended December 31, 2020: Number of Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2020 8,235,170 $ 7.95 Granted 7,355,150 14.59 Forfeited, expired or cancelled (633,331) 8.45 Non-vested at December 31, 2020 14,956,989 $ 11.94
Schedule of Components and Classification of Stock-based Compensation	The following table presents the components and classification of stock-based compensation (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2019 2020 2019 2020 General and administrative $ 3,689 $ 3,097 $ 7,501 $ 6,301 Technology and data analytics 3,610 2,556 6,937 4,769 Sales and marketing 963 581 2,254 1,341 Processing and servicing 32 287 27 313 Total stock-based compensation in operating expenses 8,294 6,521 16,719 12,724 Capitalized into property, equipment and software, net 786 253 1,683 1,225 Total stock-based compensation expense $ 9,080 $ 6,774 $ 18,402 $ 13,949

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table presents basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended December 31, Six Months Ended December 31, 2019 2020 2019 2020 Numerator: Basic Net Loss $ (30,996) $ (31,557) $ (61,791) $ (46,832) Excess return to preferred stockholders on repurchase (13,205) — (13,205) — Net Loss Attributable to Common Stockholders $ (44,201) $ (31,557) $ (74,996) $ (46,832) Diluted Net Loss $ (30,996) $ (31,557) $ (61,791) $ (46,832) Excess return to preferred stockholders on repurchase (13,205) — (13,205) — Gain on conversion of convertible debt — — — (30,106) Interest on convertible debt prior to conversion — — — 398 Amortization of debt discount prior to conversion — — — 1,792 Net Loss Attributable to Common Stockholders $ (44,201) $ (31,557) $ (74,996) $ (74,748) Denominator: Basic Weighted average common shares outstanding, basic 48,079,867 70,801,521 48,241,444 67,795,598 Total-basic 48,079,867 70,801,521 48,241,444 67,795,598 Diluted Weighted average common shares outstanding, diluted 48,079,867 70,801,521 48,241,444 67,795,598 Weighted average common shares attributable to convertible debt prior to conversion — — — 1,739,082 Total-diluted 48,079,867 70,801,521 48,241,444 69,534,680 Net loss per share attributable to common stockholders: Basic $ (0.92) $ (0.45) $ (1.55) $ (0.69) Diluted $ (0.92) $ (0.45) $ (1.55) $ (1.07)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following common stock equivalents, presented based on amounts outstanding, were excluded from the calculation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive: As of December 31, 2019 2020 Redeemable convertible preferred stock 122,115,971 148,396,979 Stock options, including early exercise of options 43,000,378 36,108,658 Restricted stock units 5,049,852 13,500,657 Common stock warrants 706,065 706,065 Total 170,872,266 198,712,359

Segments and Geographical Inf_2

Segments and Geographical Information (Tables)	6 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Revenue by Geographical Area	The following table sets forth revenue by geographic area (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2019 2020 2019 2020 United States $ 129,249 $ 205,943 $ 217,196 $ 378,185 Canada 727 (1,902) 727 (166) Total Revenue, net $ 129,976 $ 204,041 $ 217,923 $ 378,019

Business Description (Details)

Business Description (Details)	6 Months Ended
	Dec. 31, 2020
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	48 months

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)vesting_condition	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)vesting_condition	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of suspended accrued interest past due			120 days
Non-accrued loans held for investment	$ 500,000		$ 500,000		$ 300,000
Stock-based compensation expense	$ 6,521,000	$ 8,294,000	$ 12,724,000	$ 16,719,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting conditions | vesting_condition	2		2
RSU vesting period			4 years
Stock-based compensation expense			$ 0		$ 0

Interest Income (Details)

Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Banking and Thrift, Interest [Abstract]
Interest income on unpaid principal balance	$ 54,243	$ 39,747	$ 96,745	$ 74,735
Amortization of discount on loans held for investment	22,448	8,323	37,218	15,729
Amortization of premiums on loans held for investment	(2,118)	(1,432)	(4,076)	(2,535)
Interest receivable charged-off, net of recoveries	(716)	(1,565)	(1,793)	(2,688)
Interest income	$ 73,857	$ 45,073	$ 128,094	$ 85,241

Loans Held for Investment and_3

Loans Held for Investment and Allowance for Credit Losses - Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Receivables [Abstract]
Unpaid principal balance	$ 1,953,610	$ 1,054,077
Accrued interest receivable	12,577	8,707
Premiums on loans held for investment	6,118	4,646
Less: Discount due to loan commitment liability	(71,571)	(28,659)
Less: Loans held for sale	(12,302)	(4,459)
Total loans held for investment	$ 1,888,432	$ 1,034,312

Loans Held for Investment and_4

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 2,065.4	$ 1,323.1	$ 3,589.6	$ 2,223.6
Threshold period for delinquent loans past due	4 days		4 days
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms			1 month
Proprietary credit quality score	0		0
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms			48 months
Proprietary credit quality score	100		100

Loans Held for Investment and_5

Loans Held for Investment and Allowance for Credit Losses - Credit Quality by ITACs Score (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid principal balance	$ 1,953,610	$ 1,054,077
96+
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid principal balance	1,459,271	746,758
94 – 96
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid principal balance	357,629	196,083
90 – 94
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid principal balance	74,199	82,368
Less than 90
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid principal balance	25,517	8,004
No score
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid principal balance	$ 36,994	$ 20,864

Loans Held for Investment and_6

Loans Held for Investment and Allowance for Credit Losses - Unpaid Principal Balance for Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	$ 1,906,552	$ 1,019,492
Total unpaid principal balance	1,953,610	1,054,077
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Delinquent loans	27,481	16,765
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Delinquent loans	8,522	5,393
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Delinquent loans	5,827	6,268
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Delinquent loans	$ 5,228	$ 6,159

Loans Held for Investment and_7

Loans Held for Investment and Allowance for Credit Losses - Allowance for Credit Loss (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 124,273,000	$ 76,060,000	$ 95,137,000	$ 66,260,000
Provision for credit losses	16,008,000	29,948,000	56,464,000	54,838,000
Charge-offs	(11,791,000)	(21,560,000)	(25,865,000)	(37,793,000)
Recoveries of charged-off receivables	2,675,000	1,407,000	5,429,000	2,550,000
Ending balance	131,165,000	85,855,000	131,165,000	85,855,000
Provision for repurchase of merchant loss	1,200,000	0	1,000,000	0
Provision for repurchase of fraudulent loans	$ 200,000	$ 200,000	$ 300,000	$ 200,000

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquisition funding	$ 113,628	$ 0
Commercial agreement asset	36,346	0
Prepaid expenses	9,100	6,406
Processing reserves	12,852	924
Other receivables	388	3,169
Other assets	13,045	12,849
Total other assets	$ 185,359	$ 23,348

Other Assets - Additional Infor

Other Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Asset amortization period		4 years
Commercial agreement asset	$ 67,600	$ 67,600
Amortization of commercial agreement asset	17,000	31,300	$ 0
Acquisition cash payment in escrow	$ 113,628	$ 113,628		$ 0

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Other Commitments [Line Items]
Restricted cash	$ 116,049		$ 116,049		$ 61,069
Rent expense incurred	4,000	$ 3,200	7,800	$ 6,400
Cash collateral and deposits for letters of credit
Other Commitments [Line Items]
Restricted cash	$ 9,900		$ 9,900		$ 9,700
Customer Concentration Risk | Revenue | Largest merchant partner
Other Commitments [Line Items]
Revenue concentration percent	24.00%	28.00%	27.00%	22.00%
CALIFORNIA | Geographic Concentration Risk | Loan receivable
Other Commitments [Line Items]
Revenue concentration percent			15.00%		15.00%

Commitment and Contingencies _2

Commitment and Contingencies - Future Minimum Lease Commitments Under Operating Leases (Details) $ in Thousands	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021 (remaining six months)	$ 6,609
2022	14,120
2023	15,285
2024	17,316
2025	15,766
Thereafter	25,515
Total	$ 94,611

Transactions with Related Par_2

Transactions with Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Sublease income | Affiliated companies
Related Party Transaction [Line Items]
Related party transaction, amount	$ 0	$ 0	$ 0	$ 100

Funding Debt - Aggregate Future

Funding Debt - Aggregate Future Maturities of Funding Debt (Details) - Funding debt - Revolving facilities - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Line of Credit Facility [Line Items]
2021	$ 0	$ 0
2022	164,892	171,133
2023	511,498	653,447
2024	0	0
2025	0	0
Thereafter	137,067	0
Total funding debt	813,457	824,580
Deferred debt issuance costs	(8,497)	(6,654)
Total funding debt, net of deferred debt issuance costs	$ 804,960	$ 817,926

Funding Debt - Additional Infor

Funding Debt - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Funding debt
Line of Credit Facility [Line Items]
Unpaid principal balance of loans pledged as collateral	$ 966,600	$ 990,700
Revolving facilities | Funding debt
Line of Credit Facility [Line Items]
Covenant, period prior to final maturity date borrowings can occur	12 months
Aggregate commitment amount of credit facility	$ 1,625,000
Funding debt	813,457	$ 824,580
Remaining amount available of credit facility	$ 811,500
Minimum | Revolving facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage	0.20%
Minimum | Revolving facilities | Funding debt
Line of Credit Facility [Line Items]
Advance rate percentage	80.00%
Minimum | Revolving facilities | Funding debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread	1.75%
Maximum | Revolving facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage	0.75%
Maximum | Revolving facilities | Funding debt
Line of Credit Facility [Line Items]
Advance rate percentage	88.00%
Maximum | Revolving facilities | Funding debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread	5.50%

Notes Issued by Securitizatio_2

Notes Issued by Securitization Trusts (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2020USD ($)securitized_trustclass
Debt Instrument [Line Items]
Number of securitization trusts | securitized_trust	3
Securitized loans outstanding	$ 991,700
2020-Z1
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2020-Z1 | Secured debt
Debt Instrument [Line Items]
Securitization issued	$ 150,000
Fixed interest rate	0.0346%
Debt issuance costs	$ 1,000
Debt	110,700
Loans pledged as collateral at amortized cost	$ 116,500
2020-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2020-A | Secured debt
Debt Instrument [Line Items]
Debt issuance costs	$ 3,200
Debt	368,200
Loans pledged as collateral at amortized cost	$ 404,800
Number of classes of securitization trusts | class	3
2020-A Notes, Class A | Secured debt
Debt Instrument [Line Items]
Securitization issued	$ 330,000
Fixed interest rate	210.00%
2020-A Notes, Class B | Secured debt
Debt Instrument [Line Items]
Securitization issued	$ 16,200
Fixed interest rate	354.00%
2020-A Notes, Class C | Secured debt
Debt Instrument [Line Items]
Securitization issued	$ 22,100
Fixed interest rate	623.00%
2020-Z2
Debt Instrument [Line Items]
Securitized loans outstanding	$ 27,900
Percentage of residual certificates retained	93.30%
2020-Z2 | Secured debt
Debt Instrument [Line Items]
Securitization issued	$ 375,000
Fixed interest rate	0.019%
Debt issuance costs	$ 1,700
Debt	345,600
Loans pledged as collateral at amortized cost	$ 361,200
Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates retained	6.60%
Third party loan buyer | 2020-Z2
Debt Instrument [Line Items]
Percentage of residual certificates retained	6.70%

Convertible Debt (Details)

Convertible Debt (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 11, 2020	Sep. 30, 2020	Apr. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Dec. 31, 2020
Temporary Equity [Line Items]
Conversion threshold for proceeds from issuance of redeemable convertible preferred stock		$ 50,000
Convertible debt derivative			$ 2,800
Equity component of total proceeds		42,100			$ 42,100
Conversion of convertible debt		42,100			42,124
Convertible Debt
Temporary Equity [Line Items]
Convertible debt			$ 75,000
Fixed interest rate			1.00%
Conversion threshold for proceeds from issuance of redeemable convertible preferred stock			$ 50,000
Threshold for proceeds from conversion			50,000
Proceeds from qualified initial public offering			$ 50,000
Effective interest rate			1.00%
Convertible notes term						1 year
Intrinsic value of beneficial conversion						$ 5,600
Amount of debt conversion		75,500
Liability component of total proceeds		46,500			$ 46,500
Gain on debt extinguishment		$ 30,100
Series G-1 Preferred Stock
Temporary Equity [Line Items]
Conversion of convertible debt (in shares)	4,444,321	4,444,321
Conversion price of redeemable convertible preferred stock (in USD per share)		$ 16.9374			$ 16.9374
Series G Preferred Stock
Temporary Equity [Line Items]
Conversion of convertible debt		$ 88,600
Redeemable convertible preferred stock per share (in USD per shares)		$ 19.9263		$ 19.93

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Apr. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	$ 1,900		$ 2,100
Servicing liabilities	2,826	$ 1,521	1,540		$ 2,532	$ 978	$ 1,130
Convertible debt derivative				$ 2,800
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	1,923		2,132
Total assets	1,923		2,132
Constant maturity swaps	1,571		3,297
Servicing liabilities	2,826		1,540
Performance fee liability	1,205		875
Convertible debt derivative			6,607
Residual trust certificates	1,348
Total liabilities	6,950		12,319
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	636,790		328,128
Total liabilities	0		0
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	0		0
Total assets	0		0
Constant maturity swaps	0		0
Servicing liabilities	0		0
Performance fee liability	0		0
Convertible debt derivative			0
Residual trust certificates	0
Total liabilities	0		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	99,842		71,444
Total liabilities	101,650		70,614
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	0		0
Total assets	0		0
Constant maturity swaps	1,571		3,297
Servicing liabilities	0		0
Performance fee liability	0		0
Convertible debt derivative			0
Residual trust certificates	0
Total liabilities	1,571		3,297
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,742,324		922,919
Total liabilities	1,636,185		873,525
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	1,923		2,132
Total assets	1,923		2,132
Constant maturity swaps	0		0
Servicing liabilities	2,826		1,540
Performance fee liability	1,205		875
Convertible debt derivative			6,607
Residual trust certificates	1,348
Total liabilities	$ 5,379		$ 9,022

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Sep. 11, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid balance on loans sold with retained servicing rights			$ 834,900	$ 1,054,900	$ 1,256,500	$ 1,457,400
Unpaid principal balance on serviced sold loans			1,634,600		1,634,600		$ 1,365,600
Servicing income			5,174	$ 5,291	9,258	$ 7,355
Servicing assets			1,900		1,900		2,100
Servicing liabilities			$ 2,800		$ 2,800		$ 1,500
Third party loan buyer
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of residual certificates retained			6.60%		6.60%
Series G-1 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Conversion of convertible debt (in shares)	4,444,321	4,444,321

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Fair Value Of Servicing Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 1,453	$ 1,334	$ 2,132	$ 1,680
Initial transfers of financial assets	1,280	167	1,530	20
Subsequent changes in fair value	(810)	(294)	(1,739)	(493)
Fair value at end of period	$ 1,923	$ 1,207	$ 1,923	$ 1,207

Fair Value of Financial Asset_6

Fair Value of Financial Assets and Liabilities - Fair Value Of Servicing Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 1,521	$ 978	$ 1,540	$ 1,130
Initial transfers of financial assets	2,207	205	3,213	992
Subsequent changes in fair value	(902)	1,349	(1,927)	410
Fair value at end of period	$ 2,826	$ 2,532	$ 2,826	$ 2,532

Fair Value of Financial Asset_7

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs For Servicing Assets and Liabilities (Details)	Dec. 31, 2020	Jun. 30, 2020
Discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Adequate compensation | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0070	0.0073
Servicing liability, measurement input	0.0108	0.0200
Adequate compensation | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0154	0.0089
Servicing liability, measurement input	0.0322	0.0318
Adequate compensation | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0096	0.0076
Servicing liability, measurement input	0.0288	0.0255
Net default rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0064	0.0081
Servicing liability, measurement input	0.0074	0.0645
Net default rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0320	0.0082
Servicing liability, measurement input	0.0872	0.1099
Net default rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0116	0.0082
Servicing liability, measurement input	0.0715	0.0916

Fair Value of Financial Asset_8

Fair Value of Financial Assets and Liabilities - Summary Of Adverse Changes In Estimates For Servicing Assets and Liabilities Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Net default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ (7)	$ (9)
Servicing asset, effect of 50% increase in measurement input	(12)	(21)
Servicing liability, effect of 25% increase in measurement input	(23)	(8)
Servicing liability, effect of 50% increase in measurement input	(40)	(12)
Adequate compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(1,686)	(1,338)
Servicing asset, effect of 50% increase in measurement input	(3,373)	(2,675)
Servicing liability, effect of 25% increase in measurement input	1,878	1,438
Servicing liability, effect of 50% increase in measurement input	3,756	2,875
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(12)	(27)
Servicing asset, effect of 50% increase in measurement input	(28)	(56)
Servicing liability, effect of 25% increase in measurement input	(96)	(48)
Servicing liability, effect of 50% increase in measurement input	$ (184)	$ (91)

Fair Value of Financial Asset_9

Fair Value of Financial Assets and Liabilities - Fair Value Of Performance Fee Liability (Details) - Performance Fee Liability - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,010	$ 88	$ 875	$ 488
Purchases of loans	375	302	721	501
Subsequent changes in fair value	(180)	(179)	(391)	(778)
Fair value at end of period	$ 1,205	$ 211	$ 1,205	$ 211

Fair Value of Financial Asse_10

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs For Performance Fee Liability (Details)	Dec. 31, 2020	Jun. 30, 2020
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Minimum | Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Minimum | Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0189	0.0217
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Maximum | Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Maximum | Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0465	0.0371
Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Weighted Average | Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Weighted Average | Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0256	0.0272

Fair Value of Financial Asse_11

Fair Value of Financial Assets and Liabilities - Summary Of Adverse Changes In Estimates For Performance Fee Liability Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, effect of 25% increase in measurement input	$ (37)	$ (25)
Performance fee liability, effect of 50% increase in measurement input	(73)	(50)
Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, effect of 25% increase in measurement input	(2)	(1)
Performance fee liability, effect of 50% increase in measurement input	(4)	(3)
Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, effect of 25% increase in measurement input	(6)	(5)
Performance fee liability, effect of 50% increase in measurement input	$ (13)	$ (11)

Fair Value of Financial Asse_12

Fair Value of Financial Assets and Liabilities - Fair Value Of Residual Trust Certificates (Details) - Residual Trust Certificates $ in Thousands	3 Months Ended
	Dec. 31, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 0
Initial transfer of financial assets	1,622
Subsequent changes in fair value	(274)
Fair value at end of period	$ 1,348

Fair Value of Financial Asse_13

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs For Residual Trust Certificates (Details)	Dec. 31, 2020
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000
Minimum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0075
Minimum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0800
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1200
Maximum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0113
Maximum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0800
Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1100
Weighted Average | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0094
Weighted Average | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0800

Fair Value of Financial Asse_14

Fair Value of Financial Assets and Liabilities - Summary Of Adverse Changes In Estimates For Residual Trust Certificates Inputs (Details) $ in Thousands	Dec. 31, 2020USD ($)
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	$ (36)
Residual trust certificates, effect of 50% increase in measurement input	(69)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	(46)
Residual trust certificates, effect of 50% increase in measurement input	(93)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	19
Residual trust certificates, effect of 50% increase in measurement input	$ 37

Fair Value of Financial Asse_15

Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents	$ 520,741	$ 267,059
Restricted cash	116,049	61,069
Loans held for sale	0	0
Loans held for investment, net	0	0
Accounts receivable, net	0	0
Other assets	0	0
Total assets	636,790	328,128
Accounts payable	0	0
Payable to third-party loan owners	0	0
Accrued interest payable	0	0
Accrued expenses and other liabilities	0	0
Notes issued by securitization trusts	0
Convertible debt		0
Funding debt	0	0
Total liabilities	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Loans held for sale	12,302	4,459
Loans held for investment, net	0	0
Accounts receivable, net	67,046	59,001
Other assets	20,494	7,984
Total assets	99,842	71,444
Accounts payable	26,224	18,361
Payable to third-party loan owners	33,043	24,998
Accrued interest payable	3,133	1,860
Accrued expenses and other liabilities	39,250	25,395
Notes issued by securitization trusts	0
Convertible debt		0
Funding debt	0	0
Total liabilities	101,650	70,614
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Loans held for sale	0	0
Loans held for investment, net	1,742,324	922,919
Accounts receivable, net	0	0
Other assets	0	0
Total assets	1,742,324	922,919
Accounts payable	0	0
Payable to third-party loan owners	0	0
Accrued interest payable	0	0
Accrued expenses and other liabilities	0	0
Notes issued by securitization trusts	822,728
Convertible debt		67,615
Funding debt	813,457	805,910
Total liabilities	1,636,185	873,525
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents	520,741	267,059
Restricted cash	116,049	61,069
Loans held for sale	12,302	4,459
Loans held for investment, net	1,757,267	939,175
Accounts receivable, net	67,046	59,001
Other assets	20,494	7,984
Total assets	2,493,899	1,338,747
Accounts payable	26,224	18,361
Payable to third-party loan owners	33,043	24,998
Accrued interest payable	3,133	1,860
Accrued expenses and other liabilities	39,250	25,395
Notes issued by securitization trusts	818,446
Convertible debt		67,615
Funding debt	813,457	817,926
Total liabilities	1,733,553	956,155
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents	520,741	267,059
Restricted cash	116,049	61,069
Loans held for sale	12,302	4,459
Loans held for investment, net	1,742,324	922,919
Accounts receivable, net	67,046	59,001
Other assets	20,494	7,984
Total assets	2,478,956	1,322,491
Accounts payable	26,224	18,361
Payable to third-party loan owners	33,043	24,998
Accrued interest payable	3,133	1,860
Accrued expenses and other liabilities	39,250	25,395
Notes issued by securitization trusts	822,728
Convertible debt		67,615
Funding debt	813,457	805,910
Total liabilities	$ 1,737,835	$ 944,139

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Oct. 31, 2020	Jun. 30, 2020
Temporary Equity [Line Items]
Shares, Authorized (in shares)	149,860,292		124,453,009
Shares, Issued (in shares)	148,396,979		122,115,971
Shares, Outstanding (in shares)	148,396,979		122,115,971
Carrying Value	$ 1,327,271		$ 804,170
Liquidation Preference	$ 1,305,240		$ 809,032
Series A Preferred Stock
Temporary Equity [Line Items]
Shares, Authorized (in shares)	21,428,572		21,428,572
Shares, Issued (in shares)	21,428,572		21,428,572
Shares, Outstanding (in shares)	21,428,572		21,428,572
Carrying Value	$ 21,598		$ 21,598
Liquidation Preference	$ 7,500		$ 21,616
Series B Preferred Stock
Temporary Equity [Line Items]
Shares, Authorized (in shares)	19,788,417		19,788,417
Shares, Issued (in shares)	19,788,417		19,788,417
Shares, Outstanding (in shares)	19,788,417		19,788,417
Carrying Value	$ 25,941		$ 25,941
Liquidation Preference	$ 26,000		$ 26,000
Series C Preferred Stock
Temporary Equity [Line Items]
Shares, Authorized (in shares)	13,802,530		15,129,141
Shares, Issued (in shares)	13,802,530		13,802,530
Shares, Outstanding (in shares)	13,802,530		13,802,530
Carrying Value	$ 72,661		$ 72,661
Liquidation Preference	$ 72,830		$ 72,905
Series D Preferred Stock
Temporary Equity [Line Items]
Shares, Authorized (in shares)	22,318,532		22,705,526
Shares, Issued (in shares)	22,318,532		22,318,532
Shares, Outstanding (in shares)	22,318,532		22,318,532
Carrying Value	$ 137,471		$ 137,471
Liquidation Preference	$ 137,614		$ 137,614
Series E Preferred Stock
Temporary Equity [Line Items]
Shares, Authorized (in shares)	21,391,882		21,391,882
Shares, Issued (in shares)	21,391,882		21,391,882
Shares, Outstanding (in shares)	21,391,882		21,391,882
Carrying Value	$ 242,435		$ 242,435
Liquidation Preference	$ 242,597		$ 242,597
Series F Preferred Stock
Temporary Equity [Line Items]
Shares, Authorized (in shares)	23,386,038		24,009,471
Shares, Issued (in shares)	23,386,038		23,386,038
Shares, Outstanding (in shares)	23,386,038		23,386,038
Carrying Value	$ 304,064		$ 304,064
Liquidation Preference	$ 308,300		$ 308,300
Series G Preferred Stock
Temporary Equity [Line Items]
Shares, Authorized (in shares)	23,300,000
Shares, Issued (in shares)	21,836,687
Shares, Outstanding (in shares)	21,836,687
Carrying Value	$ 434,541
Liquidation Preference	$ 435,124	$ 435,100
Series G-1 Preferred Stock
Temporary Equity [Line Items]
Shares, Authorized (in shares)	4,444,321
Shares, Issued (in shares)	4,444,321
Shares, Outstanding (in shares)	4,444,321
Carrying Value	$ 88,560
Liquidation Preference	$ 75,275	$ 75,300

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Additional Information (Details)	Sep. 11, 2020shares	Sep. 30, 2020$ / sharesshares	Oct. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)yrdirectorvote$ / sharesshares	Jun. 30, 2020USD ($)
Temporary Equity [Line Items]
Redeemable convertible preferred stock, liquidation preference | $				$ 1,305,240,000	$ 809,032,000
Common stock, dividends declared (in USD per share)				$ 0.0280
Number of votes per common stock shareholder | vote				1
Converted into common stock (in shares) | shares				1
Threshold for post offering market capitalization | $				$ 2,000,000,000
Threshold for offering proceeds triggering conversion to common stock | $				$ 100,000,000
Shares purchased by warrants (in shares) | shares				20,297,595
Exercise price of warrants (in USD per share)				$ 0.01
Maturity term for warrants				10 years
Commercial agreement asset | $				$ 67,600,000
Dividend yield
Temporary Equity [Line Items]
Warrants, measurement input				0
Maturity
Temporary Equity [Line Items]
Warrants, measurement input | yr				10
Volatility
Temporary Equity [Line Items]
Warrants, measurement input				0.52
Risk-free rate
Temporary Equity [Line Items]
Warrants, measurement input				0.0062
Series G Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock issued (in shares) | shares			21,836,687
Redeemable convertible preferred stock per share (in USD per shares)		$ 19.9263	$ 19.93
Redeemable convertible preferred stock, aggregate purchase amount | $			$ 434,900,000
Redeemable convertible preferred stock, liquidation preference | $			435,100,000	$ 435,124,000
Redeemable convertible preferred stock per share (in USD per share)				$ 19.9263
Dividend payment rate (in USD per share)				$ 1.5941
Series G-1 Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, liquidation preference | $			$ 75,300,000	$ 75,275,000
Conversion of convertible debt (in shares) | shares	4,444,321	4,444,321
Redeemable convertible preferred stock per share (in USD per share)				$ 16.9374
Dividend payment rate (in USD per share)				$ 1.2550
Series A Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, liquidation preference | $				$ 7,500,000	21,616,000
Redeemable convertible preferred stock per share (in USD per share)				$ 0.3500
Dividend payment rate (in USD per share)				0.0280
Threshold for additional dividends (in USD per share)				$ 0.0771
Series B Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, liquidation preference | $				$ 26,000,000	26,000,000
Redeemable convertible preferred stock per share (in USD per share)				$ 1.3139
Dividend payment rate (in USD per share)				$ 0.1051
Number of directors entitled to elect | director				2
Voting percentage threshold for triggering conversion to common stock				60.00%
Series C Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, liquidation preference | $				$ 72,830,000	72,905,000
Redeemable convertible preferred stock per share (in USD per share)				$ 5.2766
Dividend payment rate (in USD per share)				$ 0.4221
Number of directors entitled to elect | director				1
Voting percentage threshold for triggering conversion to common stock				75.00%
Series D Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, liquidation preference | $				$ 137,614,000	137,614,000
Redeemable convertible preferred stock per share (in USD per share)				$ 6.1659
Dividend payment rate (in USD per share)				$ 0.4933
Number of directors entitled to elect | director				1
Series E Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, liquidation preference | $				$ 242,597,000	242,597,000
Redeemable convertible preferred stock per share (in USD per share)				$ 11.3406
Dividend payment rate (in USD per share)				$ 0.9072
Series F Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, liquidation preference | $				$ 308,300,000	$ 308,300,000
Redeemable convertible preferred stock per share (in USD per share)				$ 13.1831
Dividend payment rate (in USD per share)				$ 1.0546
Number of directors entitled to elect | director				1
Voting percentage threshold for triggering conversion to common stock				85.00%
Series A and Series B Preferred Stock
Temporary Equity [Line Items]
Threshold for additional dividends (in USD per share)				$ 0.3170
Series A, Series B, and Series C Preferred Stock
Temporary Equity [Line Items]
Threshold for additional dividends (in USD per share)				0.0712
Series A, Series B, Series C, and Series D Preferred Stock
Temporary Equity [Line Items]
Threshold for additional dividends (in USD per share)				$ 0.4139
Common Stock
Temporary Equity [Line Items]
Number of directors entitled to elect | director				3

Redeemable Convertible Prefer_5

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Common Stock Reserved for Issuance (Details) - shares	Dec. 31, 2020	Jun. 30, 2020
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	230,479,784	178,498,224
Available outstanding under stock option plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	49,609,315	50,771,657
Future stock options grant
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	16,544,228	4,904,531
Conversion of redeemable convertible preferred stock
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	148,396,979	122,115,971
Exercise of warrants
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	15,929,262	706,065

Redeemable Convertible Prefer_6

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Warrant Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Number of Shares
Number of Shares, Beginning Balance (in shares)	706,065
Number of Shares, Issued (in shares)	20,297,595
Number of Shares, Exercised (in shares)	(5,074,398)
Number of Shares, Ending Balance (in shares)	15,929,262	706,065
Weighted Average Exercise Price ($)
Weighted Average Exercise Price, Beginning Balance (in USD per share)	$ 2.50
Weighted Average Exercise Price, Issued (in USD per share)	0.01
Weighted Average Exercise Price, Exercised (in USD per share)	0.01
Weighted Average Exercise Price, Ending Balance (in USD per share)	$ 0.12	$ 2.50
Weighted Average Remaining Life (years)
Weighted Average Remaining Life, Outstanding	9 years 5 months 1 day	7 years 2 months 15 days
Weighted Average Remaining Life, Issued	10 years
Weighted Average Remaining Life, Exercised	9 years 6 months 14 days

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) $ in Millions	6 Months Ended
	Dec. 31, 2020USD ($)vesting_conditionshares	Jun. 30, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)	230,479,784	178,498,224
Number of common stock available for issuance (in shares)	16,544,228	4,904,531
2012 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)	87,609,793
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs awarded (in shares)	7,355,150
Number of vesting conditions | vesting_condition	2
RSU vesting period	4 years
RSUs vested or expected to vest (in shares)	0
Termination period for RSUs not vested	7 years
Non-vested RSUs, unrecognized compensation cost | $	$ 25.4
Restricted stock units | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period	12 months
RSU vesting rights percentage	25.00%
Restricted stock units | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period	3 years

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Number of Options
Beginning balance (in shares)	42,536,487
Granted (in shares)	0
Exercised (in shares)	(6,492,645)
Forfeited, expired or cancelled (in shares)	(1,391,516)
Ending balance (in shares)	34,652,326	42,536,487
Vested and exercisable (in shares)	22,509,576
Vested and exercisable, and expected to vest (in shares)	32,321,902
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 5.17
Granted (in USD per share)	0
Exercised (in USD per share)	3.81
Forfeited, expired or cancelled (in USD per share)	7.27
Ending balance (in USD per share)	5.34	$ 5.17
Vested and exercisable (in USD per share)	4.15
Vested and exercisable, and expected to vest (in USD per share)	$ 5.14
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term	7 years 1 month 20 days	7 years 6 months 14 days
Weighted Average Remaining Contractual Term, Vested and exercisable	6 years 6 months 18 days
Weighted Average Remaining Contractual Term, Vested and exercisable, and expected to vest	7 years 14 days
Aggregate Intrinsic Value, Vested and exercisable	$ 249,244
Aggregate Intrinsic Value, Vested and exercisable, and expected to vest	$ 327,287

Stock Based Compensation - RSU

Stock Based Compensation - RSU Activity (Details) - Restricted stock units	6 Months Ended
	Dec. 31, 2020$ / sharesshares
Number of Shares
Beginning balance, Non-vested (in shares) | shares	8,235,170
Granted (in shares) | shares	7,355,150
Forfeited, expired or cancelled (in shares) | shares	(633,331)
Ending balance, Non-vested (in shares) | shares	14,956,989
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) | $ / shares	$ 7.95
Granted (in USD per share) | $ / shares	14.59
Forfeited, expired or cancelled (in USD per share) | $ / shares	8.45
Ending balance, Non-vested (in USD per share) | $ / shares	$ 11.94

Stock Based Compensation - Comp

Stock Based Compensation - Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 6,521	$ 8,294	$ 12,724	$ 16,719
Capitalized into property, equipment and software, net	253	786	1,225	1,683
Total stock-based compensation expense	6,774	9,080	13,949	18,402
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	3,097	3,689	6,301	7,501
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	2,556	3,610	4,769	6,937
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	581	963	1,341	2,254
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 287	$ 32	$ 313	$ 27

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 78	$ 93	$ 175	$ 189

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Numerator, Basic
Net Loss	$ (31,557)	$ (15,275)	$ (30,996)	$ (30,795)	$ (46,832)	$ (61,791)
Excess return to preferred stockholders on repurchase	0		(13,205)		0	(13,205)
Net Loss Attributable to Common Stockholders	(31,557)		(44,201)		(46,832)	(74,996)
Numerator, Diluted
Gain on conversion of convertible debt	0		0		(30,106)	0
Interest on convertible debt prior to conversion	0		0		398	0
Amortization of debt discount prior to conversion	0		0		1,792	0
Net Loss Attributable to Common Stockholders	$ (31,557)		$ (44,201)		$ (74,748)	$ (74,996)
Denominator, Basic
Basic weighted average common shares outstanding (in shares)	70,801,521		48,079,867		67,795,598	48,241,444
Denominator, Diluted
Weighted average common shares attributable to convertible debt prior to conversion (in shares)	0		0		1,739,082	0
Diluted (in shares)	70,801,521		48,079,867		69,534,680	48,241,444
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (0.45)		$ (0.92)		$ (0.69)	$ (1.55)
Diluted (in USD per share)	$ (0.45)		$ (0.92)		$ (1.07)	$ (1.55)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	198,712,359	170,872,266
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	148,396,979	122,115,971
Stock options, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	36,108,658	43,000,378
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	13,500,657	5,049,852
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	706,065	706,065

Segments and Geographical Inf_3

Segments and Geographical Information - Additional Information (Details)	6 Months Ended
	Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Segments and Geographical Inf_4

Segments and Geographical Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 204,041	$ 129,976	$ 378,019	$ 217,923
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	205,943	129,249	378,185	217,196
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ (1,902)	$ 727	$ (166)	$ 727

Subsequent Events (Details)

Subsequent Events (Details)	Jan. 19, 2021USD ($)	Jan. 15, 2021USD ($)$ / sharesshares	Jan. 12, 2021shares	Jan. 01, 2021USD ($)shares	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)
Revolving facilities | Funding debt
Subsequent Event [Line Items]
Unsecured revolving credit facility | $					$ 1,625,000,000
Borrowings outstanding | $					$ 813,457,000	$ 824,580,000
Subsequent Event | Revolving facilities
Subsequent Event [Line Items]
Unsecured revolving credit facility | $	$ 185,000,000
Unused commitment fee percentage	0.35%
Subsequent Event | Revolving facilities | Funding debt
Subsequent Event [Line Items]
Borrowings outstanding | $	$ 0
Subsequent Event | Revolving facilities | Fed Funds Effective Rate Overnight Index Swap Rate
Subsequent Event [Line Items]
Basis spread	0.50%
Subsequent Event | Revolving facilities | One Month London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Basis spread	1.00%
Subsequent Event | Revolving facilities | Base Rate
Subsequent Event [Line Items]
Basis spread	1.50%
Subsequent Event | Revolving facilities | LIBOR
Subsequent Event [Line Items]
Basis spread	2.50%
Subsequent Event | Class A common stock
Subsequent Event [Line Items]
Common stock, stock split			0.5
Subsequent Event | Class A common stock | IPO
Subsequent Event [Line Items]
Issuance of common stock (in shares)		28,290,000
Common stock offering price (in USD per share) | $ / shares		$ 49
Proceeds from IPO | $		$ 1,300,000,000
Subsequent Event | Class A common stock | Over-Allotment Option
Subsequent Event [Line Items]
Issuance of common stock (in shares)		3,690,000
Subsequent Event | Class B common stock
Subsequent Event [Line Items]
Common stock, stock split			0.5
Subsequent Event | PayBright
Subsequent Event [Line Items]
Cash portion of purchase price | $				$ 113,600,000
Common stock issued (in shares)				3,622,445
Common stock issued in escrow, subject to forfeiture (in shares)				2,587,362
Subsequent Event | PayBright | Class A common stock
Subsequent Event [Line Items]
Common stock issued (in shares)			1,811,222
Common stock issued in escrow, subject to forfeiture (in shares)			1,293,681
Subsequent Event | PayBright | Class B common stock
Subsequent Event [Line Items]
Common stock issued (in shares)			1,811,222
Common stock issued in escrow, subject to forfeiture (in shares)			1,293,681