Affirm (AFRM) 10-Q 15 Nov 21 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Sep. 30, 2021	Nov. 03, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
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		208,195,315
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		72,810,224

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Assets
Cash and cash equivalents	$ 1,439,531	$ 1,466,558
Restricted cash	236,282	226,074
Securities available for sale at fair value	456,266	16,170
Loans held for sale	1,808	13,030
Loans held for investment	2,244,826	2,022,320
Allowance for credit losses	(152,021)	(117,760)
Loans held for investment, net	2,092,805	1,904,560
Accounts receivable, net	100,951	91,575
Property, equipment and software, net	84,925	62,499
Goodwill	540,770	516,515
Intangible assets	71,378	67,930
Commercial agreement assets	207,431	227,377
Other assets	169,952	274,679
Total Assets	5,402,099	4,866,967
Liabilities:
Accounts payable	425,854	57,758
Payable to third-party loan owners	38,462	50,079
Accrued interest payable	3,304	2,751
Accrued expenses and other liabilities	450,662	323,577
Notes issued by securitization trusts	1,621,638	1,176,673
Funding debt	484,821	680,602
Total liabilities	3,024,741	2,291,440
Commitments and contingencies (Note 8)
Stockholders’ equity:
Additional paid in capital	3,579,763	3,467,236
Accumulated deficit	(1,205,100)	(898,485)
Accumulated other comprehensive gain	2,692	6,773
Total stockholders’ equity	2,377,358	2,575,527
Total Liabilities and Stockholders’ Equity	5,402,099	4,866,967
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Assets of consolidated VIEs, included in total assets above
Restricted cash	$ 236,282	$ 226,074
Loans held for investment	2,244,826	2,022,320
Allowance for credit losses	(152,021)	(117,760)
Loans held for investment, net	2,092,805	1,904,560
Accounts receivable, net	100,951	91,575
Other assets	169,952	274,679
Total Assets	5,402,099	4,866,967
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	425,854	57,758
Accrued interest payable	3,304	2,751
Accrued expenses and other liabilities	450,662	323,577
Notes issued by securitization trusts	1,621,638	1,176,673
Funding debt	484,821	680,602
Total liabilities	3,024,741	2,291,440
Consolidated Variable Interest Entities
Assets of consolidated VIEs, included in total assets above
Restricted cash	164,868	142,385
Loans held for investment	2,035,653	1,743,810
Allowance for credit losses	(127,744)	(94,463)
Loans held for investment, net	1,907,909	1,649,347
Accounts receivable, net	8,195	8,209
Other assets	3,501	3,683
Total Assets	2,084,473	1,803,624
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	2,873	2,927
Accrued interest payable	3,139	2,613
Accrued expenses and other liabilities	3,627	3,820
Notes issued by securitization trusts	1,621,638	1,176,673
Funding debt	374,817	607,394
Total liabilities	2,006,094	1,793,427
Total net assets	$ 78,379	$ 10,197
Class A common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	3,030,000,000	3,030,000,000
Common stock, issued (in shares)	200,336,842	181,131,728
Common stock, outstanding (in shares)	200,336,842	181,131,728
Class B common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	140,000,000	140,000,000
Common stock, issued (in shares)	77,380,330	88,226,376
Common stock, outstanding (in shares)	77,380,330	88,226,376

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenue
Revenue	$ 111,639	$ 99,223
Interest income	117,302	54,237
Gain on sales of loans	30,979	16,434
Servicing income	9,465	4,084
Total Revenue, net	269,385	173,978
Operating Expenses
Loss on loan purchase commitment	51,678	65,868
Provision for credit losses	63,647	28,931
Funding costs	16,753	10,352
Processing and servicing	25,201	13,498
Technology and data analytics	78,013	33,768
Sales and marketing	63,960	22,582
General and administrative	136,204	32,273
Total Operating Expenses	435,456	207,272
Operating Loss	(166,071)	(33,294)
Other (expense) income, net	(140,373)	29,445
Loss Before Income Taxes	(306,444)	(3,849)
Income Tax Expense	171	97
Net Loss	(306,615)	(3,946)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(3,802)	405
Unrealized gain (loss) on securities available for sale, net	(279)	0
Net Other Comprehensive (Loss) Income	(4,081)	405
Comprehensive Loss	$ (310,696)	$ (3,541)
Net loss per share attributable to common stockholders for Class A and Class B:
Basic (in USD per share)	$ (1.13)	$ (0.06)
Diluted (in USD per share)	$ (1.13)	$ (0.47)
Weighted average common shares outstanding:
Basic (in shares)	271,677,516	64,778,024
Diluted (in shares)	271,677,516	68,256,189
Merchant network revenue
Revenue
Revenue	$ 92,244	$ 93,265
Virtual card network revenue
Revenue
Revenue	$ 19,395	$ 5,958

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Redeemable convertible preferred stock	Common StockCommon Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2020			122,115,971
Beginning balance, Redeemable Convertible Preferred Stock at Jun. 30, 2020			$ 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
Beginning balance at Jun. 30, 2020	$ (367,096)	$ (9,980)		$ 0	$ 80,373	$ (447,167)	$ (9,980)	$ (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 for common stock (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	405							405
Net Loss	(3,946)					(3,946)
Ending balance, Common Stock (in shares) at Sep. 30, 2020				53,031,446
Ending balance at Sep. 30, 2020	$ (346,764)			$ 0	114,226	(461,093)		103
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2021			0
Beginning balance, Redeemable Convertible Preferred Stock at Jun. 30, 2021			$ 0
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Sep. 30, 2021	0		0
Ending balance, Redeemable Convertible Preferred Stock at Sep. 30, 2021			$ 0
Beginning balance, Common Stock (in shares) at Jun. 30, 2021				269,358,104
Beginning balance at Jun. 30, 2021	$ 2,575,527			$ 3	3,467,236	(898,485)		6,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	7,424,538			7,403,503
Issuance of common stock	$ 37,470				37,470
Issuance of common stock for acquisition (in shares)				183,733
Issuance of common stock in acquisition	10,000				10,000
Vesting of restricted stock units (in shares)				772,653
Repurchases of common stock (in shares)				(821)
Repurchases of common stock	(5)				(5)
Stock-based compensation	104,879				104,879
Tax withholding on stock-based compensation	(39,817)				(39,817)
Foreign currency translation adjustments	(3,802)							(3,802)
Unrealized gain (loss) on securities available for sale	(279)							(279)
Net Loss	(306,615)					(306,615)
Ending balance, Common Stock (in shares) at Sep. 30, 2021				277,717,172
Ending balance at Sep. 30, 2021	$ 2,377,358			$ 3	$ 3,579,763	$ (1,205,100)		$ 2,692

CONDENSED CONSOLIDATED STATEM_3

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

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities
Net Loss	$ (306,615)	$ (3,946)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Provision for credit losses	63,647	28,931
Amortization of premiums and discounts on loans, net	(35,708)	(11,123)
Gain on sales of loans	(30,979)	(16,434)
Changes in fair value of assets and liabilities	(139,884)	30,202
Amortization of commercial agreement assets	18,971	14,261
Amortization of debt issuance costs	5,231	1,083
Stock-based compensation	93,189	6,203
Depreciation and amortization	10,541	3,720
Other	4,002	608
Purchases of loans held for sale	(896,786)	(346,878)
Proceeds from the sale of loans held for sale	888,580	338,926
Change in operating assets and liabilities:
Accounts receivable, net	(12,076)	10,175
Other assets	78,086	(64,412)
Accounts payable	368,096	6,110
Payable to third-party loan owners	(11,618)	(3,793)
Accrued interest payable	553	798
Accrued expenses and other liabilities	(11,848)	63,669
Net Cash Provided by (Used in) Operating Activities	365,150	(2,304)
Cash Flows from Investing Activities
Purchases and origination of loans held for investment	(1,847,458)	(1,177,769)
Proceeds from the sale of loans held for investment	195,039	75,049
Principal repayments and other loan servicing activity	1,486,099	749,128
Acquisition, net of cash and restricted cash acquired	(5,999)	0
Additions to property, equipment and software	(16,347)	(4,169)
Purchases of securities available for sale	(443,560)	0
Proceeds from maturities and repayments of securities available for sale	889	0
Other investing cash inflows	4,827	0
Other investing cash outflows	(3,000)	0
Net Cash Used in Investing Activities	(629,510)	(357,761)
Cash Flows from Financing Activities
Proceeds from funding debt	682,106	773,938
Payment of debt issuance costs	(6,609)	(4,617)
Principal repayments of funding debt	(873,778)	(890,556)
Proceeds from issuance of notes and residual trust certificates by securitization trusts	499,789	518,232
Principal repayments of notes issued by securitization trusts	(55,204)	(14,777)
Proceeds from issuance of redeemable convertible preferred stock, net	0	434,434
Proceeds from exercise of common stock options and warrants	37,470	1,741
Repurchases of common stock	(4)	(584)
Payments of tax withholding for stock-based compensation	(39,817)	0
Net Cash Provided by Financing Activities	243,953	817,811
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,588	0
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash	(16,819)	457,746
Cash and cash equivalents and restricted cash, beginning of period	1,692,632	328,128
Cash and Cash Equivalents and Restricted Cash, end of period	1,675,813	785,874
Supplemental Disclosures of Cash Flow Information
Cash payments for interest	10,195	6,934
Cash paid for income taxes	72	0
Cash paid for operating leases	4,475	3,148
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Stock-based compensation included in capitalized internal-use software	11,690	972
Additions to property and equipment included in accrued expenses	56	15
Issuance of warrants in exchange for commercial agreement	0	67,645
Conversion of convertible debt	0	88,559
Issuance of common stock in connection with acquisition	$ 10,000	$ 0

Business Description

Business Description	3 Months Ended
	Sep. 30, 2021
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 next-generation commerce platform and partnerships with originating banks, we enable 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 regular 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 deferred interest, no penalties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2021
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 fiscal year ended June 30, 2021. The balance sheet as of June 30, 2021 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. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain 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 variable consideration for revenue, the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, convertible debt derivatives, loss on loan purchase commitment, the fair value of servicing assets and liabilities, discount on self-originated loans, the fair value and useful lives of tangible and intangible assets acquired and liabilities assumed resulting from business combinations, the fair value of contingent consideration related to business combinations, the evaluation for impairment of intangible assets and goodwill, the incremental borrowing rate used in discounting our lease liabilities, the fair value of available for sale debt securities including retained interests in our securitizations trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation. 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. Immaterial Correction of Prior Period Amounts Subsequent to the issuance of our financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021, which was filed with the SEC on September 17, 2021, we identified understatements in certain prior period amounts related to the fair value measurement of contingent consideration and stock-based compensation. We remeasure the fair value of the contingent consideration liability recorded in connection with the PayBright, Inc. (“PayBright”) acquisition at each reporting date. An incorrect input in the Monte Carlo simulation used to estimate the fair value as of June 30, 2021, resulted in an understatement of accrued expenses and other liabilities of $5.6 million as of June 30, 2021. We measure stock-based compensation based on the fair value of an award at the grant date and recognize expense over the vesting period of the award based on the estimated portion of the award that is expected to vest. An incorrect determination of the grant date and service inception dates for certain awards granted prior to our initial public offering (“IPO”), as well as incorrect treatment of expense recognition for certain terminated employees, resulted in an understatement of additional paid in capital of $4.5 million as of June 30, 2021. Accordingly, we are correcting the relevant financial statements and related footnotes as of June 30, 2021 within these interim condensed consolidated financial statements from amounts previously reported. We have evaluated the materiality of these misstatements based on an analysis of quantitative and qualitative factors and concluded they were not material to the prior period financial statements, individually or in aggregate. The following table provides the impact of the correction on our consolidated balance sheet as of June 30, 2021, as presented below (in thousands): As of June 30, 2021 As Previously Reported Adjustments As Corrected Accrued expenses and other liabilities 317,951 5,626 323,577 Total liabilities 2,285,814 5,626 2,291,440 Additional paid in capital 3,462,762 4,474 3,467,236 Accumulated deficit (888,381) (10,104) (898,485) Accumulated other comprehensive income 6,769 4 6,773 Total stockholders’ equity 2,581,153 (5,626) 2,575,527 Significant Accounting Policies Except for the addition of policies described below for marketable securities, there were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2021, which was filed with the SEC on September 17, 2021. Marketable Securities During the three months ended September 30, 2021, we purchased certain investments in marketable debt securities which are accounted for under ASC Topic 320, “Investments - Debt Securities” (“ASC 320”). We have classified these investments as available for sale, as defined within ASC 320. These investments are held at fair value with changes in fair value recorded in unrealized gain (loss) on securities available for sale, net within other comprehensive income (loss). As of the end of each reporting period, management reviews each security where the fair value is less than the amortized cost to determine whether any portion of the decline in fair value is due to a credit loss and/or whether or not we intend to sell or will be required to sell such security before recovery of its amortized cost basis. The portion of any decline in fair value which management identifies as a credit loss will be recognized as an allowance for credit losses through other (expense) income, net rather than unrealized gain (loss) on securities available for sale, net. To the extent management intends to sell or may be required to sell a security in an unrealized loss position, we 1) reverse any previously recorded allowance for credit losses with an offsetting entry to reduce the amortized cost basis of the security and 2) write-off any remaining portion of the amortized cost basis to equal its fair value, with this change recorded through other (expense) income, net. Interest income for available for sale securities is recorded within other (expense) income, net. Available for sale securities initially purchased with less than 90 days until maturity with quoted transaction prices in an active market are classified as cash and cash equivalents. Refer to Note 12. Investments for additional information. Advertising Costs Advertising costs are expensed as incurred and are included within sales and marketing in our interim condensed consolidated statements of operations and comprehensive loss. For the three months ended September 30, 2021 and 2020, advertising costs totaled $18.3 million and $1.4 million, respectively. Recently Adopted Accounting Standards Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)” ("ASC 326"). The amendments replaced the incurred loss impairment methodology with the current expected credit loss model ("CECL"). 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. Following the loss of our emerging growth company status in the third quarter of the prior fiscal year, we adopted ASC 326 effective July 1, 2020 using the modified retrospective approach for our loans held for investment. For the three months ended September 30, 2020, this adoption resulted in a decrease in the provision for credit losses of $11.3 million. Convertible Debt Instruments In August 2020, the FASB issued Accounting Standard Update (“ASU”) 2020-06, “Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40),” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted no earlier than the fiscal year beginning after December 15, 2020. We early adopted the new standard effective July 1, 2021 on a modified retrospective basis. The adoption of the new standard did not have any material impact on our interim condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform

Interest Income

Interest Income	3 Months Ended
	Sep. 30, 2021
Banking and Thrift, Interest [Abstract]
Interest Income	Interest Income Interest income consisted of the following components (in thousands): Three Months Ended September 30, 2021 2020 Interest income on unpaid principal balance $ 82,941 $ 42,502 Amortization of discount on loans held for investment 38,445 14,770 Amortization of premiums on loans (2,737) (1,958) Interest receivable charged-off, net of recoveries (1,347) (1,077) Total interest income $ 117,302 $ 54,237 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 consumer 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 September 30, 2021 and June 30, 2021, the balance of loans held for investment on non-accrual status was $0.8 million and $1.1 million, respectively.

Loans Held for Investment and A

Loans Held for Investment and Allowance for Credit Losses	3 Months Ended
	Sep. 30, 2021
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): September 30, 2021 June 30, 2021 Unpaid principal balance $ 2,280,315 $ 2,058,863 Accrued interest receivable 16,817 15,466 Premiums on loans held for investment 7,175 7,071 Less: Discount due to loss on loan purchase commitment (53,657) (53,177) Less: Fair value adjustment on loans acquired through business combination (5,824) (5,903) Total loans held for investment $ 2,244,826 $ 2,022,320 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 $2,244.2 million and $1,524.1 million during the three months ended September 30, 2021 and 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 and therefore the lowest likelihood of loss. 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 team closely tracks the distribution of ITACs at the portfolio level, as well as ITACs at the individual loan level to monitor for signs of a changing credit profile within the portfolio. Repayment performance within each ITACs band is also monitored to support 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 amortized cost basis by fiscal year of origination on loans held for investment (in thousands) as of September 30, 2021: Amortized Costs Basis by Fiscal Year of Origination 2022 2021 2020 2019 2018 Prior Total 96+ $ 50,032 $ 5,695 $ 11 $ — $ — $ — $ 55,738 94 – 96 96,076 74,820 819 8 — — 171,723 90 – 94 236,342 211,078 4,191 246 2 — 451,859 <90 619,067 697,268 81,346 4,583 2 — 1,402,266 No score (1) 79,039 58,216 9,484 1,201 273 18 148,231 Total loan receivables $ 1,080,556 $ 1,047,077 $ 95,851 $ 6,038 $ 277 $ 18 $ 2,229,817 Current period charge-offs $ (29,454) $ (943) $ (56) $ (1) $ — $ — $ (30,454) Current period recoveries 1,200 978 839 385 267 42 3,711 Current period net charge-offs $ (28,254) $ 35 $ 783 $ 384 $ 267 $ 42 $ (26,743) (1) This balance represents loan receivables in new markets without sufficient data currently available for use by the Affirm scoring methodology as well as loan receivables originated by PayBright. Loan receivables are defined as past due if either the principal or interest have not been received within four September 30, 2021 June 30, 2021 Non-delinquent loans $ 2,111,756 $ 1,939,976 4 – 29 calendar days past due 60,191 43,838 30 – 59 calendar days past due 26,499 17,267 60 – 89 calendar days past due 17,558 12,044 90 – 119 calendar days past due 13,813 6,759 Total amortized cost basis $ 2,229,817 $ 2,019,884 We maintain an allowance for credit losses at a level that we believe is appropriate to absorb probable losses inherent in our loans. The allowance for credit losses covers estimated losses for individually assessed loans and includes estimates which rely on economic conditions, forecasts, and historical loan performance. When loans are charged off, we recognize this as a charge against the allowance for credit losses. We may continue to attempt to recover amounts from the respective consumers. The allowance for credit losses on loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. It is comprised of a specific allowance for individually assessed loans which are regularly evaluated to maintain a level adequate to absorb expected losses inherent in the loans. The following table details activity in the allowance for credit losses (in thousands): Three Months Ended 2021 2020 Balance at beginning of period $ 117,760 $ 95,137 Adjustment due to adoption of new accounting standard — 10,083 Provision for credit losses 61,004 29,121 Charge-offs (30,454) (14,074) Recoveries of charged-off receivables 3,711 2,754 Balance at end of period $ 152,021 $ 123,021

Business Combination

Business Combination	3 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Business Combination	Business Combination ShopBrain On July 1, 2021, Affirm completed the acquisition of technology and intellectual property from Yroo, Inc. and entered into employment arrangements with certain of its employees (“the ShopBrain acquisition”). Yroo, Inc. is a data aggregation and cataloging technology company based in Canada (“ShopBrain”). The purchase price was comprised of (i) $30.0 million in cash and (ii) 151,745 shares of our Class A common stock issued to the shareholders of ShopBrain at closing. The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands): Cash $ 30,000 Fair value of Class A common stock transferred 10,000 Total acquisition date fair value of the consideration transferred $ 40,000 The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”) . The acquired identifiable intangible assets have been recorded at their estimated fair values with the excess purchase price assigned to goodwill. The goodwill was primarily attributed to future synergies from integration and the value of the assembled workforce. The goodwill is expected to be deductible for income tax purposes. The following table summarizes the allocation of the consideration paid of approximately $40.0 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Intangible assets $ 9,488 Total net assets acquired 9,488 Goodwill 30,512 Total purchase price $ 40,000 The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands): Fair Value Useful Life (Years) Developed technology $ 9,488 3.0 The fair values of the intangible assets were determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represents Level 3 measurements. The transaction costs associated with the acquisition were approximately $0.1 million for the three months ended September 30, 2021, which are included in general and administrative expense within the interim condensed consolidated statements of operations and comprehensive loss. Pro forma adjustments would only include the additional amortization that would have been charged assuming the intangible assets had been recorded as of July 1, 2020 . Such adjustments would not be material to the interim condensed consolidated statements of operations and comprehensive loss for the three months ended September 30, 2021 and 2020, respectively.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Accounts Receivable, net Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, and servicing fees due from third-party loan owners. We evaluate accounts receivable estimated to be uncollectible and provide an allowance, as necessary, for doubtful accounts. This allowance was $7.1 million and $4.1 million as of September 30, 2021 and June 30, 2021, respectively. Goodwill and Intangible Assets The changes in the carrying amount of goodwill during the three months ended September 30, 2021 were as follows (in thousands): Balance as of June 30, 2021 516,515 Additions 30,792 Effect of foreign currency translation (6,537) Balance as of September 30, 2021 $ 540,770 Refer to Note 5. Business Combination for a description of additions to goodwill during the three months ended September 30, 2021. No impairment losses related to goodwill were recorded during the three months ended September 30, 2021 and 2020. Intangible assets consisted of the following (in thousands): September 30, 2021 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 38,510 $ (4,200) $ 34,310 4.5 Developed technology 39,577 (6,166) 33,411 2.8 Trademarks and domains 3,668 (361) 3,307 3.3 Other intangibles 350 — 350 Indefinite Total intangible assets $ 82,105 $ (10,727) $ 71,378 June 30, 2021 Gross Accumulated Amortization Net Weighted Average Merchant relationships $ 38,951 $ (2,192) $ 36,759 4.5 Developed technology 30,176 (2,930) 27,246 2.8 Trademarks and domains 3,769 (194) 3,575 3.3 Other intangibles 350 — 350 Indefinite Total intangible assets 73,246 (5,316) 67,930 Amortization expense for intangible assets was $5.5 million and $2.6 million for the three months ended September 30, 2021 and 2020 , respectively. No impairment losses related to intangible assets were recorded during the three months ended September 30, 2021 and 2020. The expected future amortization expense of these intangible assets as of September 30, 2021 is as follows (in thousands): 2022 (remaining nine months) $ 16,295 2023 21,286 2024 19,173 2025 7,193 2026 and thereafter 4,936 Total amortization expense $ 68,883 Commercial Agreement Assets In July 2020, we recognized an asset in connection with a commercial agreement with Shopify Inc. (“Shopify”), in which we granted warrants in exchange for the opportunity to acquire 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. We recognized an asset of $270.6 million associated with the fair value of the warrants, which were fully vested as of September 30, 2021. During the three months ended September 30, 2021 and 2020, we recorded amortization expense related to the commercial agreement asset of $17.0 million and $14.3 million, respectively, in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. In January 2021, we recognized an asset in connection with a commercial agreement with an enterprise partner, in which we granted stock appreciation rights in exchange for the benefit of acquiring access to the partner's consumers. This asset represents the probable future economic benefit to be realized over the three-year expected benefit period and is valued based on the fair value of the stock appreciation rights on the grant date. We initially recognized an asset of $25.9 million associated with the fair value of the stock appreciation rights. During the three months ended September 30, 2021, we recorded amortization expense related to the asset of $1.9 million in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Other Assets Other assets consisted of the following (in thousands): September 30, 2021 June 30, 2021 Operating lease right-of-use assets $ 58,562 $ 57,828 Prepaid payroll taxes for stock-based compensation 23,291 111,278 Prepaid expenses 17,917 21,069 Equity securities, at cost 11,278 11,278 Processing reserves 25,021 14,042 Other receivables 24,692 26,423 Other assets 9,191 32,761 Total other assets $ 169,952 $ 274,679 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands) September 30, 2021 June 30, 2021 Contingent consideration liability $ 290,719 $ 153,446 Operating lease liability 74,360 74,952 Accrued expenses 51,247 47,674 Commercial agreement liability 12,627 25,357 Other liabilities 21,709 22,148 Total accrued expenses and other liabilities $ 450,662 $ 323,577 Our acquisition of PayBright included consideration transferred and shares held in escrow, contingent upon the achievement of future milestones. We classified the contingent consideration as a liability and will remeasure the liability to its fair value at each reporting date until the contingency is resolved. As of September 30, 2021, the fair value of the contingent consideration liability was $290.7 million. For further details on our fair value methodology with respect to the contingent consideration, see Note 13. Fair Value of Financial Assets and Liabilities.

Leases

Leases	3 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases We lease facilities under operating leases with various expiration dates through 2030. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from 180 days to one year. As of September 30, 2021, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Lease terms range from one year to nine years. 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 $9.6 million and $9.9 million as of September 30, 2021 and June 30, 2021, respectively. The weighted average remaining lease term as of September 30, 2021 wa s 5.6 years. The discount rate used in determining the lease liability for each individual lease was derived from a corporate yield curve which corresponded with the remaining lease term as of July 1, 2020 for leases that existed at the adoption of Leases (ASC Topic 842) (“ASC 842”) and as of the lease commencement date for leases subsequently entered into or modified after July 1, 2020. There was no impairment expense related to leases during the three months ended September 30, 2021 and 2020. Total rent expense incurred for all locations totaled $3.8 million for both the three months ended September 30, 2021 and 2020. Total lease expense incurred for short term leases with a term 12 months or less totaled $0.2 million and $0.5 million for the three months ended September 30, 2021 and 2020, respectively. We have subleased a portion of our leased facilities. Sublease income totaled $0.6 million during the three months ended September 30, 2021. There was no sublease income during the three months ended September 30, 2020. Lease term and discount rate information are summarized as follows: September 30, 2021 Weighted average remaining lease term (in years) 5.6 Weighted average discount rate 4.7% Maturities of lease liabilities as of September 30, 2021 are as follows (in thousands) for the years ended: 2022 (remaining nine months) $ 11,728 2023 16,117 2024 16,029 2025 16,132 2026 15,283 Thereafter 10,419 Total lease payments 85,708 Less imputed interest (11,348) Present value of lease liabilities $ 74,360

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Repurchase Obligation Under the normal terms of our whole loans sales to third-party investors, we may become obligated to repurchase loans from investors in certain instances where a breach in representation and warranties is identified. Generally, a breach in representation and warranties would occur where a loan has been identified as subject to verified or suspected fraud. We would only experience a loss if the contractual repurchase price of the loan exceeds the fair value on the repurchase date. The aggregate outstanding balance of loans held by third-party investors or unconsolidated VIEs was $2,622.7 million and $2,453.9 million as of September 30, 2021 and June 30, 2021, respectively, of which we have recorded a repurchase liability of $2.1 million as of both September 30, 2021 and June 30, 2021 within accrued expenses and other liabilities in our interim condensed consolidated balance sheets. 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 in our interim condensed consolidated balance sheets and these matters are immaterial, as of September 30, 2021. 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 loan receivables 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 September 30, 2021 and June 30, 2021, approximately 14% and 15%, respectively, 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	3 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related PartiesIn 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). Some of our directors, principal officers, and their immediate families have received loans facilitated by us, in accordance with our regular consumer loan offerings. As of September 30, 2021, the outstanding balance and interest earned on such accounts is immaterial.

Debt

Debt	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	DebtDebt encompasses funding debt and our revolving credit facility. As of September 30, 2021 and June 30, 2021, we have unutilized funding capacity through our revolving credit facility, which did not have any borrowings outstanding as of September 30, 2021. Funding Debt Funding debt and its aggregate future maturities consists of the following (in thousands): September 30, 2021 2022 $ 137,153 2023 — 2024 246,647 2025 — 2026 — Thereafter 111,266 Total $ 495,066 Deferred debt issuance costs (10,245) Total funding debt, net of deferred debt issuance costs $ 484,821 Warehouse Credit Facilities 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 75% 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 2024 and 2027, and subject to covenant compliance, generally permit borrowings up to 12 months prior to the final maturity date of each respective facility. As of September 30, 2021, the aggregate commitment amount of these facilities was $1,975.0 million on a revolving basis, of which $357.9 million was drawn, with $1,617.1 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 $425.7 million and $664.1 million as of September 30, 2021 and June 30, 2021, respectively. Borrowings under these warehouse credit facilities bear interest at an annual benchmark rate of LIBOR 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 1.65% to 4.00%. Interest is payable monthly. In addition, these agreements require payment of a monthly unused commitment fee ranging from 0.10% 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 September 30, 2021, we were in compliance with all applicable covenants in the agreements. Other Funding Facilities Prior to our acquisition of PayBright on January 1, 2021, PayBright entered into various credit facilities utilized to finance the origination of loan receivables in Canada. Similar to our warehouse credit facilities, borrowings under these agreements are referred to as funding debt, and proceeds from the borrowings may only be used for the purposes of facilitating loan funding and origination. These facilities are secured by PayBright loan receivables pledged to the respective facility as collateral, mature in 2022, and bear interest based on a commercial paper rate plus a spread ranging from 1.25% to 4.25%. As of September 30, 2021, the aggregate commitment amount of these facilities was $267.2 million on a revolving basis, of which $125.4 million was drawn, with $141.9 million remaining available. The unpaid principal balance of loans pledged to these facilities totaled $72.0 million as of September 30, 2021. These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of liquidity, leverage, and tangible net worth at the PayBright subsidiary level. As of September 30, 2021, we were in compliance with all applicable covenants in the agreements. Repurchase Agreement On August 20, 2021, we entered into a sale and repurchase agreement pursuant to which we sold securities to a counterparty with an obligation to repurchase at a future date and price. As of September 30, 2021, we had $11.8 million in debt outstanding under our repurchase agreement disclosed within funding debt on the interim condensed consolidated balance sheets. The outstanding debt relates to $13.7 million in pledged securities disclosed within securities available for sale at fair value on the interim condensed consolidated balance sheets and will be amortized through regular principal and interest payments on the pledged securities. The interest rate is 1.08% on the senior pledged securities and 2.63% on the residual certificate pledged securities. The contractual repurchase date is in November 2021. Prior to the repurchase date and subject to mutual agreement by Affirm and the counterparty, we may enter into a repurchase date extension subject to market interest rates on such extension date. Convertible Debt 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. In September 2020, as part of our Series G equity financing round, the convertible notes issued in April 2020 were fully converted into 4,444,321 shares of Series G-1 preferred stock. 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. The revolving credit agreement 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 at September 30, 2021.

Securitization and Variable Int

Securitization and Variable Interest Entities	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Securitization and Variable Interest Entities	Securitization and Variable Interest Entities Consolidated VIEs We consolidate VIEs when we are deemed to be the primary beneficiary. Warehouse Credit Facilities 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. Refer to Note 10. Debt for additional information. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets; however, as the servicer of the loans pledged to our warehouse funding facilities, we have the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, we retain significant economic exposure to the pledged loans and therefore, we are the primary beneficiary. Securitizations In connection with our asset-backed securitization program, we sponsor and establish trusts (deemed to be VIEs) to ultimately purchase loans facilitated by our platform. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm 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. We consolidate securitization VIEs when we are deemed to be the primary beneficiary and therefore have 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 VIE. Through our role as the servicer, we have both the power to direct the activities that most significantly affect the VIEs’ economic performance. In evaluating whether we have a variable interest that could potentially be significant to the VIE, we consider our retained interests. We also earn a servicing fee which has a senior distribution priority in the payment waterfall. 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. Where 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 consolidated balance sheets. During the three months ended September 30, 2021, we consolidated Affirm Asset Securitization Trust 2020-Z1 (“2020-Z1”), Affirm Asset Securitization Trust 2020-A (“2020-A”), Affirm Asset Securitization Trust 2020-Z2 (“2020-Z2”), Affirm Asset Securitization Trust 2021-A (“2021-A”), and Affirm Asset Securitization Trust 2020-A (“2021-B”). 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 $2,375.3 million. The 2020-Z1 and 2020-Z2 securitizations are secured by static pools of loans contributed at closing, whereas the 2020-A, 2021-A, and 2021-B securitization are 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, 2020-A, 2021-A and 2021-B, 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. 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. 2021-B On August 4, 2021, the notes under the 2021-B securitization were issued in five classes: Class A in the amount of $418.8 million, Class B in the amount of $28.0 million, Class C in the amount of $19.8 million, Class D in the amount of $22.5 million, and Class E in the amount of $11.0 million (collectively, the “2021-B notes”). The Class A, Class B, Class C, Class D, and Class E notes bear interest at a fixed rate of 1.03%, 1.24%, 1.40%, 2.54%, and 4.61%, respectively, and each class has a maturity date of August 17, 2026. Principal and interest payments began in October 2021 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 $3.0 million as of September 30, 2021, are deferred and amortized into interest expense over the estimated weighted average life of the notes. The 2021-B notes held by third-party investors and the unamortized debt issuance costs are included in notes issued by securitization trusts with a balance of $500.0 million on the interim condensed consolidated balance sheets at September 30, 2021 and are secured by loan receivables at amortized cost of $490.0 million included in loans held for investment on the interim condensed consolidated balance sheets as of September 30, 2021. The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs. September 30, 2021 Assets Liabilities Net Assets Warehouse credit facilities $ 433,661 $ 381,909 $ 51,752 Securitizations 1,650,812 1,624,185 26,627 Total consolidated VIEs $ 2,084,473 $ 2,006,094 $ 78,379 June 30, 2021 Assets Liabilities Net Assets Warehouse credit facilities $ 688,197 $ 614,882 $ 73,315 Securitizations 1,115,427 1,178,545 (63,118) Total consolidated VIEs $ 1,803,624 $ 1,793,427 $ 10,197 Unconsolidated VIEs For the three months ended September 30, 2021, Affirm Asset Securitization Trust 2021-Z1 (“2021-Z1”) was an unconsolidated VIE. We did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of September 30, 2021. 2021-Z1 On May 5, 2021, the notes under 2021-Z1 securitization were issued as a single class: Class A in the amount of $320.0 million (the “2021-Z1 notes”). The 2021-Z1 notes bear interest at a fixed rate of 1.07% and have a maturity date of August 15, 2025. Principal and interest payments began in June 2021 and are payable monthly. The 2021-Z1 securitization is secured by a static pool of loans which were contributed at the closing date to the 2021-Z1 trust. The loans contributed at closing were facilitated through our technology platform and purchased from our originating bank partners, with an aggregate outstanding principal balance of $351.0 million. Of the loans sold to the 2021-Z1 trust, we purchased $41.4 million of loan receivables from one of our third-party loan buyers, which were contributed to the trust at closing. At closing, we retained 5% of the 2021-Z1 notes and 86.9% of the residual certificates issued by the 2021-Z1 trust. The third-party loan contributor received 13.1% of the re sidual certificates at closing. On May 17, 2021, we sold a majority of the residual certificates retained at closing, comprising 81.9% of the par value, to five third-party investors. Subsequent to this sale, we retained only a 5% vertical interest in the 2021-Z1 trust via our ownership of 5% par amount of the 2021-Z1 notes and 5% par amount of the residual interests. We were required to retain these interests for compliance with U.S. risk retention rules. We initially consolidated the 2021-Z1 trust at closing due to retaining a majority of the residual interest. However, upon completing the subsequent third-party sale of 81.9% of the residual certificates on May 17, 2021, we determined that we no longer had significant economic exposure through our variable interests and as such, we determined that we were no longer the primary beneficiary as of this date. Upon consolidating the 2021-Z1 trust, we recognized a gain of $16.7 million, primarily driven by the gain on sale of the loans sold to the trust at closing. The following tables present the aggregate carrying value of financial assets and liabilities for unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary: September 30, 2021 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 262,451 $ 260,644 $ 1,807 $ 14,179 Total unconsolidated VIEs $ 262,451 $ 260,644 $ 1,807 $ 14,179 June 30, 2021 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 305,414 $ 304,567 $ 847 $ 16,850 Total unconsolidated VIEs $ 305,414 $ 304,567 $ 847 $ 16,850 Assets of unconsolidated VIEs include the carrying value for loans held in the 2021-Z1 trust and cash held in the collection and reserve accounts established for the trust. Liabilities include the outstanding principal balance of the 2021-Z1 notes. Maximum exposure to losses represents our exposure through our continuing involvement as servicer and through our retained interests. For 2021-Z1, this includes $13.7 million in retained 2021-Z1 notes and residual certificates disclosed within securities available for sale at fair value in our interim condensed consolidated balance sheets and $0.5 million related to our 2021-Z1 servicing asset and receivables disclosed within other assets in our interim condensed consolidated balance sheets. Additionally, we may experience a loss due to future repurchase obligations resulting from breaches in representations and warranties in our securitization and third-party sale agreements. In connection with 2021-Z1, this amount was not material as of September 30, 2021. Retained Beneficial Interests in Unconsolidated VIEs The investors of the securitizations have no direct recourse to the assets of Affirm, and the timing and amount of beneficial interest payments is dependent on the performance of the underlying loan assets held within each trust. We have classified our retained beneficial interests in 2021-Z1 as “available for sale” and as such they are disclosed at fair value in our consolidated balance sheets. See Note 12 . Investments and Note 13. Fair Value of Financial Assets and Liabilities for additional information on the fair value sensitivity of the notes receivable and residual certificates. Additionally, as of September 30, 2021 , we have pledged the 2021-Z1 retained beneficial interests as collateral in connection with a repurchase agreement as described in Note 10. Debt .

Investments

Investments	3 Months Ended
	Sep. 30, 2021
Investments, All Other Investments [Abstract]
Investments	Investments Securities Available for Sale, at Fair Value Securities available for sale primarily consist of cash equivalents and marketable debt securities. Retained interests in our off balance sheet securitization funding transactions are also classified as available for sale. The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of September 30, 2021 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit (1) $ 46,714 $ 1 $ (1) $ — $ 46,714 Corporate bonds (1) 202,204 9 (128) — 202,085 Commercial paper (1) 316,424 2 (4) — 316,422 Government bonds Non-US 50,111 — (38) — 50,073 US 63,730 — (9) — 63,721 Securitization notes receivable and certificates 13,827 23 (105) (1) 13,744 Other 2,003 — — — 2,003 Total securities available for sale $ 695,013 $ 35 $ (285) $ (1) $ 694,762 (1) Certificates of deposit, corporate bonds, and commercial paper include $238.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2021 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Securitization notes receivable and certificates $ 16,144 $ 29 $ — $ (3) $ 16,170 Total securities available for sale $ 16,144 $ 29 $ — $ (3) $ 16,170 As of September 30, 2021 and June 30, 2021, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities. A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of September 30, 2021 , is as follows: Less than 12 months Greater than 12 months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 26,702 $ (1) $ — $ — $ 26,702 $ (1) Corporate bonds 192,765 (128) — — 192,765 (128) Commercial paper 203,958 (4) — — 203,958 (4) Government bonds Non-US 50,073 (38) — — 50,073 (38) US 60,617 (9) — — 60,617 (9) Securitization notes receivable and certificates 689 (105) — — 689 (105) Other — — — — — — Total securities available for sale $ 534,804 $ (285) $ — $ — $ 534,804 $ (285) There were no securities available for sale with unrealized losses for which an allowance for credit losses had not been recorded as of June 30, 2021. The length of time contractual maturities of securities available for sale as of September 30, 2021 , were as follows: Less than 1 year 1 year through 5 years Total Net Carrying Value Fair Value Net Carrying Value Fair Value Net Carrying Value Fair Value Certificates of deposit $ 46,714 $ 46,714 $ — $ — $ 46,714 $ 46,714 Corporate bonds 138,172 138,115 64,032 63,970 63,970 202,204 202,085 Commercial paper 316,424 316,422 — — 316,424 316,422 Government bonds Non-US 39,805 39,782 10,306 10,291 50,111 50,073 US 31,292 31,288 32,438 32,433 63,730 63,721 Securitization notes receivable and certificates (1) — — 13,826 13,744 13,826 13,744 Other 2,003 2,003 — — 2,003 2,003 Total securities available for sale $ 574,410 $ 574,324 $ 120,602 $ 120,438 $ 695,012 $ 694,762 (1) Based on weighted average life of expected cash flows as of September 30, 2021. Gross proceeds from matured or redeemed securities for the three months ended September 30, 2021 were $50.7 million. There were no portfolio sales or associated realized gains or losses for available for sale securities for the three months ended September 30, 2021 . We did not hold any securities classified as available for sale for the three months ended September 30, 2020. Equity Securities, at Cost Equity investments without a readily determinable fair value held at cost were $11.3 million as of September 30, 2021 and June 30, 2021 and are included in other assets within the interim condensed consolidated balance sheets. We did not record any impairment or upward or downward adjustments at fair value as of September 30, 2021 and there were no realized gains or losses from sales of equity investments held at cost for the three months ended September 30, 2021 or September 30, 2020 .

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Securitization and Variable Interest Entities	Securitization and Variable Interest Entities Consolidated VIEs We consolidate VIEs when we are deemed to be the primary beneficiary. Warehouse Credit Facilities 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. Refer to Note 10. Debt for additional information. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets; however, as the servicer of the loans pledged to our warehouse funding facilities, we have the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, we retain significant economic exposure to the pledged loans and therefore, we are the primary beneficiary. Securitizations In connection with our asset-backed securitization program, we sponsor and establish trusts (deemed to be VIEs) to ultimately purchase loans facilitated by our platform. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm 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. We consolidate securitization VIEs when we are deemed to be the primary beneficiary and therefore have 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 VIE. Through our role as the servicer, we have both the power to direct the activities that most significantly affect the VIEs’ economic performance. In evaluating whether we have a variable interest that could potentially be significant to the VIE, we consider our retained interests. We also earn a servicing fee which has a senior distribution priority in the payment waterfall. 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. Where 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 consolidated balance sheets. During the three months ended September 30, 2021, we consolidated Affirm Asset Securitization Trust 2020-Z1 (“2020-Z1”), Affirm Asset Securitization Trust 2020-A (“2020-A”), Affirm Asset Securitization Trust 2020-Z2 (“2020-Z2”), Affirm Asset Securitization Trust 2021-A (“2021-A”), and Affirm Asset Securitization Trust 2020-A (“2021-B”). 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 $2,375.3 million. The 2020-Z1 and 2020-Z2 securitizations are secured by static pools of loans contributed at closing, whereas the 2020-A, 2021-A, and 2021-B securitization are 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, 2020-A, 2021-A and 2021-B, 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. 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. 2021-B On August 4, 2021, the notes under the 2021-B securitization were issued in five classes: Class A in the amount of $418.8 million, Class B in the amount of $28.0 million, Class C in the amount of $19.8 million, Class D in the amount of $22.5 million, and Class E in the amount of $11.0 million (collectively, the “2021-B notes”). The Class A, Class B, Class C, Class D, and Class E notes bear interest at a fixed rate of 1.03%, 1.24%, 1.40%, 2.54%, and 4.61%, respectively, and each class has a maturity date of August 17, 2026. Principal and interest payments began in October 2021 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 $3.0 million as of September 30, 2021, are deferred and amortized into interest expense over the estimated weighted average life of the notes. The 2021-B notes held by third-party investors and the unamortized debt issuance costs are included in notes issued by securitization trusts with a balance of $500.0 million on the interim condensed consolidated balance sheets at September 30, 2021 and are secured by loan receivables at amortized cost of $490.0 million included in loans held for investment on the interim condensed consolidated balance sheets as of September 30, 2021. The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs. September 30, 2021 Assets Liabilities Net Assets Warehouse credit facilities $ 433,661 $ 381,909 $ 51,752 Securitizations 1,650,812 1,624,185 26,627 Total consolidated VIEs $ 2,084,473 $ 2,006,094 $ 78,379 June 30, 2021 Assets Liabilities Net Assets Warehouse credit facilities $ 688,197 $ 614,882 $ 73,315 Securitizations 1,115,427 1,178,545 (63,118) Total consolidated VIEs $ 1,803,624 $ 1,793,427 $ 10,197 Unconsolidated VIEs For the three months ended September 30, 2021, Affirm Asset Securitization Trust 2021-Z1 (“2021-Z1”) was an unconsolidated VIE. We did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of September 30, 2021. 2021-Z1 On May 5, 2021, the notes under 2021-Z1 securitization were issued as a single class: Class A in the amount of $320.0 million (the “2021-Z1 notes”). The 2021-Z1 notes bear interest at a fixed rate of 1.07% and have a maturity date of August 15, 2025. Principal and interest payments began in June 2021 and are payable monthly. The 2021-Z1 securitization is secured by a static pool of loans which were contributed at the closing date to the 2021-Z1 trust. The loans contributed at closing were facilitated through our technology platform and purchased from our originating bank partners, with an aggregate outstanding principal balance of $351.0 million. Of the loans sold to the 2021-Z1 trust, we purchased $41.4 million of loan receivables from one of our third-party loan buyers, which were contributed to the trust at closing. At closing, we retained 5% of the 2021-Z1 notes and 86.9% of the residual certificates issued by the 2021-Z1 trust. The third-party loan contributor received 13.1% of the re sidual certificates at closing. On May 17, 2021, we sold a majority of the residual certificates retained at closing, comprising 81.9% of the par value, to five third-party investors. Subsequent to this sale, we retained only a 5% vertical interest in the 2021-Z1 trust via our ownership of 5% par amount of the 2021-Z1 notes and 5% par amount of the residual interests. We were required to retain these interests for compliance with U.S. risk retention rules. We initially consolidated the 2021-Z1 trust at closing due to retaining a majority of the residual interest. However, upon completing the subsequent third-party sale of 81.9% of the residual certificates on May 17, 2021, we determined that we no longer had significant economic exposure through our variable interests and as such, we determined that we were no longer the primary beneficiary as of this date. Upon consolidating the 2021-Z1 trust, we recognized a gain of $16.7 million, primarily driven by the gain on sale of the loans sold to the trust at closing. The following tables present the aggregate carrying value of financial assets and liabilities for unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary: September 30, 2021 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 262,451 $ 260,644 $ 1,807 $ 14,179 Total unconsolidated VIEs $ 262,451 $ 260,644 $ 1,807 $ 14,179 June 30, 2021 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 305,414 $ 304,567 $ 847 $ 16,850 Total unconsolidated VIEs $ 305,414 $ 304,567 $ 847 $ 16,850 Assets of unconsolidated VIEs include the carrying value for loans held in the 2021-Z1 trust and cash held in the collection and reserve accounts established for the trust. Liabilities include the outstanding principal balance of the 2021-Z1 notes. Maximum exposure to losses represents our exposure through our continuing involvement as servicer and through our retained interests. For 2021-Z1, this includes $13.7 million in retained 2021-Z1 notes and residual certificates disclosed within securities available for sale at fair value in our interim condensed consolidated balance sheets and $0.5 million related to our 2021-Z1 servicing asset and receivables disclosed within other assets in our interim condensed consolidated balance sheets. Additionally, we may experience a loss due to future repurchase obligations resulting from breaches in representations and warranties in our securitization and third-party sale agreements. In connection with 2021-Z1, this amount was not material as of September 30, 2021. Retained Beneficial Interests in Unconsolidated VIEs The investors of the securitizations have no direct recourse to the assets of Affirm, and the timing and amount of beneficial interest payments is dependent on the performance of the underlying loan assets held within each trust. We have classified our retained beneficial interests in 2021-Z1 as “available for sale” and as such they are disclosed at fair value in our consolidated balance sheets. See Note 12 . Investments and Note 13. Fair Value of Financial Assets and Liabilities for additional information on the fair value sensitivity of the notes receivable and residual certificates. Additionally, as of September 30, 2021 , we have pledged the 2021-Z1 retained beneficial interests as collateral in connection with a repurchase agreement as described in Note 10. Debt .

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities ASC Topic 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 September 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total Assets: Servicing assets $ — $ — $ 2,287 $ 2,287 Securities available for sale: Certificate of deposit (1) — 46,714 — 46,714 Corporate bonds (1) — 202,085 — 202,085 Commercial paper (1) — 316,422 — 316,422 Government bonds: Non-U.S. — 50,073 — 50,073 U.S. — 63,721 — 63,721 Securitization notes receivable and residual trust certificates — — 13,744 13,744 Other — — 2,003 2,003 Total securities available for sale — 679,015 15,747 694,762 Interest rate cap agreements — 4,035 — 4,035 Total assets $ — $ 683,050 $ 18,034 $ 701,084 Liabilities: Servicing liabilities $ — $ — $ 3,610 $ 3,610 Performance fee liability — — 1,335 1,335 Residual trust certificates, held by third-parties — — 745 745 Contingent consideration — — 290,719 290,719 Profit share liability — — 1,400 1,400 Total liabilities $ — $ — $ 297,809 $ 297,809 (1) Certificates of deposit, corporate bonds, and commercial paper include $238.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total Assets: Securitization notes receivable $ — $ — $ 15,224 $ 15,224 Residual trust certificates — — 946 946 Servicing assets — — 2,349 2,349 Interest rate cap agreements — 2,880 — 2,880 Total assets $ — $ 2,880 $ 18,519 $ 21,399 Liabilities: Servicing liabilities — — 3,961 3,961 Performance fee liability — — 1,290 1,290 Residual trust certificates, held by third-parties — — 914 914 Contingent consideration — — 147,820 147,820 Profit share liability — — 2,464 2,464 Total liabilities $ — $ — $ 156,449 $ 156,449 There were no transfers between levels during the periods ended September 30, 2021 and June 30, 2021. Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2) Securities Available for Sale As of September 30, 2021, we held marketable securities classified as available for sale. Management obtains pricing from one or more third party pricing services for the purpose of determining fair value. Whenever available, the fair value is based on quoted bid prices as of the end of the trading day. When quoted prices are not available, other methods may be utilized including evaluated prices provided by third party pricing services. Derivative Instruments (Interest Rate Cap Agreements) As of September 30, 2021, we had two interest rate cap agreements outstanding to manage interest costs and the risk associated with variable interest rates. These derivatives have not been designated as hedging instruments. As of September 30, 2021 the interest rate caps are classified as Level 2 and recorded at fair value, based on prices quoted for similar financial instruments in markets that are not active. The interest rate caps are presented within other assets or accrued expenses and other liabilities on the interim condensed consolidated balance sheets. Any changes in the fair value of the financial instruments are reflected in other (expense) income, net, on the interim condensed consolidated statements of operations and comprehensive loss. 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, residual trust certificates, contingent consideration, and profit share liability 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 $1,093.1 million and $421.6 million for the three months ended September 30, 2021 and 2020, respectively, for which we retained servicing rights. As of September 30, 2021 and June 30, 2021, we serviced loans which we sold with a remaining unpaid principal balance of $2,622.7 million and $2,453.9 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 $9.5 million and $4.1 million of servicing income for the three months ended September 30, 2021 and 2020, respectively. As of both September 30, 2021 and June 30, 2021, the aggregate fair value of the servicing assets was measured at $2.3 million and presented within other assets on the interim condensed consolidated balance sheets. As of September 30, 2021 and June 30, 2021, the aggregate fair value of the servicing liabilities was measured at $3.6 million and $4.0 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 September 30, 2021 June 30, 2021 Fair value at beginning of period $ 2,349 $ 2,132 Initial transfers of financial assets 469 2,915 Subsequent changes in fair value (531) (2,698) Fair value at end of period $ 2,287 $ 2,349 The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Servicing Liabilities September 30, 2021 June 30, 2021 Fair value at beginning of period $ 3,961 $ 1,540 Initial transfers of financial assets 1,975 8,794 Subsequent changes in fair value (2,326) (6,373) Fair value at end of period $ 3,610 $ 3,961 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 September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.60 % 1.75 % 0.97 % Net default rate 0.70 % 4.43 % 1.59 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 1.55 % 3.48 % 2.75 % Net default rate 1.05 % 13.54 % 10.60 % (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 June 30, 2021: Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.70 % 0.84 % 0.81 % Net default rate 0.53 % 0.95 % 0.64 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 1.29 % 3.70 % 2.71 % Net default rate 0.80 % 8.42 % 7.12 % (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): September 30, 2021 June 30, 2021 Servicing assets Net default rate assumption: Net default rate increase of 25% $ — $ (7) Net default rate increase of 50% $ 4 $ (15) Adequate compensation assumption: Adequate compensation increase of 25% $ (2,832) $ (2,006) Adequate compensation increase of 50% $ (5,663) $ (4,011) Discount rate assumption: Discount rate increase of 25% $ (29) $ (4) Discount rate increase of 50% $ (61) $ (1) Servicing liabilities Net default rate assumption: Net default rate increase of 25% $ (31) $ (40) Net default rate increase of 50% $ (53) $ (61) Adequate compensation assumption: Adequate compensation increase of 25% $ 2,482 $ 3,060 Adequate compensation increase of 50% $ 4,963 $ 6,119 Discount rate assumption: Discount rate increase of 25% $ (134) $ (137) Discount rate increase of 50% $ (257) $ (263) 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 (expense) 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 September 30, 2021 June 30, 2021 Fair value at beginning of period $ 1,290 $ 875 Purchases of loans 330 1,372 Subsequent changes in fair value (285) (957) Fair value at end of period $ 1,335 $ 1,290 Significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability are the discount rate, refund rate, and default rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. 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 September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.78% 2.35% 2.00% 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, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.78% 2.83% 1.80% Convertible Debt Derivative Refer to Note 10. Debt for a description of the convertible notes issued in April 2020. 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 related convertible debt derivative liability was extinguished. Residual Trust Certificates Held by Third-Parties in Consolidated VIEs Refer to Note 11. Securitization and Variable Interest Entities for a description of the 2020-Z2 securitization trust. Residual trust certificates held by third-party investor(s) 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. Any changes in the fair value of the liability are reflected in other (expense) 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 held by third-parties (in thousands): Three Months Ended Fair value at beginning of period $ 914 Repayments (255) Subsequent changes in fair value 86 Fair value at end of period $ 745 Significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties as of September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Loss rate 0.75% 0.75% 0.75% Prepayment rate 8.00% 8.00% 8.00% The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual certificates held by third-party investor(s) given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2021 Discount rate assumption: Discount rate increase of 25% $ (16) Discount rate increase of 50% $ (32) Loss rate assumption: Loss rate increase of 25% $ (22) Loss rate increase of 50% $ (43) Prepayment rate assumption: Prepayment rate decrease of 25% $ (7) Prepayment rate decrease of 50% $ (14) Retained Beneficial Interests in Unconsolidated VIEs As of September 30, 2021, the Company held notes receivable and residual trust certificates with an aggregate fair value of $13.7 million in connection with the 2021-Z1 securitization, which is an unconsolidated securitization. The balances correspond to the 5% economic risk retention the Company is required to maintain as the securitization sponsor. Refer to Note 11. Securitization and Variable Interest Entities for a further description of the 2021-Z1 securitization trust. These assets are measured at fair value using a discounted cash flow model, and presented within securities available for sale at fair value on the interim condensed consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit recognized as an impairment, are reflected in other comprehensive income (loss) on the interim condensed consolidated statements of operations and comprehensive loss. Declines in fair value due to credit are reflected in other (expense) 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 (in thousands): Three Months Ended September 30, 2021 Fair value at beginning of period $ 16,170 Cash received (due to payments or sales) (2,304) Change in unrealized gain (loss) (111) Accrued interest (14) Reversal of (impairment on) securities available for sale 3 Fair value at end of period $ 13,744 Significant unobservable inputs used for our Level 3 fair value measurement of the notes and residual trust certificates are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. 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 September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 0.88% 17.19% 1.41% Loss rate 0.61% 0.92% 0.61% Prepayment rate 5.25% 10.50% 10.50% The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2021 Discount rate assumption: Discount rate increase of 25% $ (52) Discount rate increase of 50% $ (103) Loss rate assumption: Loss rate increase of 25% $ (19) Loss rate increase of 50% $ (38) Prepayment rate assumption: Prepayment rate decrease of 25% $ (11) Prepayment rate decrease of 50% $ (22) Contingent Consideration Our acquisition of PayBright included consideration transferred and shares held in escrow where the shares released from escrow are contingent upon the achievement of future milestones. We classified the contingent consideration as a liability and will remeasure the liability to its fair value at each reporting date until the contingency is resolved. The acquisition date fair value of the contingent consideration liability was estimated using a Monte Carlo simulation. The number of shares released from escrow is determined based on simulated revenue, and the acquisition date fair value of the contingent consideration is equal to the number of shares released from escrow multiplied by the simulated share price, discounted at the risk-free rate. The change in fair value of the contingent consideration at each reporting date is recognized as a component of other (expense) income, net in the interim condensed consolidated statements of operations and comprehensive loss for the respective period. The following table summarizes the activity related to the fair value of the PayBright contingent consideration during the three months ended September 30, 2021 (in thousands): Three Months Ended September 30, 2021 Fair value at beginning of period $ 153,447 Subsequent changes in fair value 141,592 Effect of foreign currency translation (4,320) Fair value at end of period $ 290,719 Significant unobservable inputs used for our Level 3 fair value measurement of the PayBright contingent consideration are the discount rate, equity volatility, and revenue volatility. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the contingent consideration as of September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 12.50% 12.50% 12.50% Equity volatility 22.00% 97.00% 70.00% Revenue volatility 7.00% 102.00% 31.00% The Kite acquisition included $9.0 million of cash held in escrow, the release of which is determined based on employee retention. The acquisition date fair value of the contingent consideration was estimated using a probability-weighted approach in which the likelihoods of potential employee retention outcomes were applied to the respective payout amounts and discounted to present value. The contingent consideration asset will be remeasured to fair value at each reporting date based on the remaining amount held in escrow, passage of time, and any changes in expectations regarding employee retention outcomes until the contingency is resolved. The change in fair value of the contingent consideration asset at each reporting date is recognized as a component of other (expense) income, net in the interim condensed consolidated statements of operations and comprehensive loss for the respective period. The acquisition date fair value as of June 1, 2021 was $1.2 million. For the three months ended September 30, 2021, the change in fair value of the contingent consideration asset related to the Kite acquisition was not material. Profit Share Liability During the fiscal year ended June 30, 2021, we entered into a commercial agreement with an enterprise partner, in which we are obligated to share in the profitability of transactions facilitated by our platform. Upon capture of a loan under this program, we record a liability associated with the estimated future profit to be shared over the life of the loan based on estimated program profitability levels. 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. The following table summarizes the activity related to the fair value of the profit share liability during the three months ended September 30, 2021 (in thousands): Three Months Ended September 30, 2021 Fair value at beginning of period $ 2,464 Facilitation of loans 1,040 Actual performance — Subsequent changes in fair value (2,104) Fair value at end of period $ 1,400 Significant unobservable inputs used for our Level 3 fair value measurement of the profit share liability are the discount rate and estimated program profitability. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 30.00% 30.00% 30.00% Program profitability 1.78% 3.16% 3.16% Financial Assets and Liabilities Not Recorded at Fair Value The following table presents the fair value hierarchy for financial assets and liabilities not recorded at fair value as of September 30, 2021 (in thousands): Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Cash and cash equivalents $ 1,439,531 $ 1,439,531 $ — $ — $ 1,439,531 Restricted cash 236,282 236,282 — — 236,282 Loans held for sale 1,808 — 1,808 — 1,808 Loans held for investment, net 2,092,805 — — 2,034,563 2,034,563 Accounts receivable, net 100,951 — 100,951 — 100,951 Other assets 89,452 — 89,452 — 89,452 Total assets $ 3,960,829 $ 1,675,813 $ 192,211 $ 2,034,563 $ 3,902,587 Liabilities: Accounts payable $ 425,854 $ — $ 425,854 $ — $ 425,854 Payable to third-party loan owners 38,462 — 38,462 — 38,462 Accrued interest payable 3,304 — 3,304 — 3,304 Accrued expenses and other liabilities 152,853 — 150,787 2,066 152,853 Notes issued by securitization trusts 1,621,638 — — 1,889,744 1,889,744 Funding debt 495,066 — — 495,066 495,066 Total liabilities $ 2,737,177 $ — $ 618,407 $ 2,386,876 $ 3,005,283 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Cash and cash equivalents $ 1,466,558 $ 1,466,558 $ — $ — $ 1,466,558 Restricted cash 226,074 226,074 — — 226,074 Loans held for sale 13,030 — 13,030 — 13,030 Loans held for investment, net 1,904,560 — — 1,883,364 1,883,364 Accounts receivable, net 91,575 — 91,575 — 91,575 Other assets 171,250 — 171,250 — 171,250 Total assets $ 3,873,047 $ 1,692,632 $ 275,855 $ 1,883,364 $ 3,851,851 Liabilities: Accounts payable $ 57,758 $ — $ 57,758 $ — $ 57,758 Payable to third-party loan owners 50,079 — 50,079 — 50,079 Accrued interest payable 2,751 — 2,751 — 2,751 Accrued expenses and other liabilities 161,502 — 159,387 2,115 161,502 Notes issued by securitization trusts 1,176,673 — — 1,184,663 1,184,663 Funding debt 689,356 — — 689,356 689,356 Total liabilities $ 2,138,119 $ — $ 269,975 $ 1,876,134 $ 2,146,109

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Stockholders’ Deficit	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Redeemable Convertible Preferred Stock and Stockholders’ Deficit	Redeemable Convertible Preferred Stock and Stockholders’ Equity Redeemable Convertible Preferred Stock During the fiscal year ended June 30, 2021, 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 had 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 had a liquidation preference of $75.3 million prior to conversion. On January 12, 2021, prior to our initial public offering, all outstanding shares of redeemable convertible preferred stock were converted into shares of our common stock on a one-to-one basis and their carrying value of $1.3 billion was reclassified into stockholders' deficit. Following this conversion, 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. As of September 30, 2021 and June 30, 2021, there were no shares of redeemable convertible preferred stock issued and outstanding. Common Stock The Company had shares of common stock reserved for issuance as follows: September 30, 2021 June 30, 2021 Available outstanding under stock option plan 50,358,651 58,417,514 Available for future grant under stock option plan 43,127,440 29,793,755 Total 93,486,091 88,211,269

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity Incentive Plans	Equity Incentive Plans 2012 Stock Plan Under our Amended and Restated 2012 Stock 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 September 30, 2021, the maximum number of shares of common stock which may be issued under the Plan is 118,374,202 Class A shares. As of September 30, 2021 and June 30, 2021, there were 43,127,440 and 29,793,755 shares of Class A common stock, respectively, available for future grants under the Plan. Stock Options For stock options granted before our IPO in January 2021, the minimum expiration period is seven years after termination of employment or 10 years from the date of grant. For stock options granted after our IPO, the minimum expiration period is three months after termination of employment or 10 years from the date of grant. Stock options generally vest over a period of four years or with 25% vesting on the 12 month anniversary of the vesting commencement date, and the remainder vesting on a pro-rata basis each month over the next three years. The following table summarizes our stock option activity for the three months ended September 30, 2021: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance, June 30, 2021 31,662,750 $ 10.42 6.30 Granted — — Exercised (7,424,538) 5.08 Forfeited, expired or cancelled (383,466) 36.19 Balance, September 30, 2021 23,854,746 11.67 6.59 Vested and exercisable, September 30, 2021 14,234,138 $ 5.30 6.57 $ 1,620,245 Vested and exercisable, and expected to vest thereafter (1) September 30, 2021 23,253,440 $ 10.70 6.59 $ 2,521,414 (1) Options expected to vest reflect the application of an estimated forfeiture rate. When an employee exercises stock options, we collect and remit taxes on the employee’s behalf to applicable taxing authorities. As of September 30, 2021 and June 30, 2021, the balance of equity exercise taxes payable was $395.2 million and $23.7 million, respectively, which is included in accounts payable on the interim condensed consolidated balance sheets. Stock Options for Non-Employees In accounting for stock options to non-employees, the fair value of services related to the options granted is recorded as an expense as these services are provided to the Company over the relevant service periods. We remeasure any non-vested, non-employee options to fair value at the end of each reporting period using the Black Scholes-Merton option pricing model. Stock Options with Early Exercise Rights In accordance with the Plan, we allow for early exercise of stock options while retaining the right to repurchase any unvested options upon termination at the original exercise price. The proceeds received from early exercise of stock options has been recorded within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. As of September 30, 2021, the early exercise liability totaled $0.6 million. Value Creation Award In November 2020, in connection with an overall review of the compensation of Max Levchin, our Chief Executive Officer, in advance of the IPO, and taking into account Mr. Levchin’s leadership since the inception of the Company, the comparatively modest level of cash compensation he had received from the Company during his many years of service, and that he did not hold any unvested equity awards, the Company's Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company's Class A common stock (the “Value Creation Award”). We recognize stock-based compensation on these awards using an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied. During the three months ended September 30, 2021, we incurred stock-based compensation expense of $42.3 million associated with the Value Creation Award as a component of general and administrative expense within the interim condensed consolidated statements of operations and comprehensive loss. As of September 30, 2021, unrecognized compensation expense related to the Value Creation Award was approximately $305.9 million. The period over which such compensation expense will be recognized is approximately 4.3 years. Restricted Stock Units RSUs granted prior to the IPO 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. We record stock-based compensation expense for performance-based equity awards on an accelerated attribution method over the requisite service period, which is generally four years, and only if performance-based conditions are considered probable of being satisfied. RSUs granted after IPO are subject to a service-based vesting condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally four years. During the three months ended September 30, 2021, we awarded 1,550,917 RSUs to certain employees under the Plan. The following table summarizes our RSU activity during the three months ended September 30, 2021: Number of Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2021 14,242,111 $ 37.93 Granted 1,550,917 67.03 Vested (1,292,316) 22.54 Forfeited, expired or cancelled (496,807) 38.51 Non-vested at September 30, 2021 14,003,905 $ 42.32 As of September 30, 2021, unrecognized compensation expense related to unvested RSUs was approximately $498.3 million. The weighted-average period over which such compensation expense will be recognized is approximately 2.73 years. Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation (in thousands): Three Months Ended September 30, 2021 2020 General and administrative $ 67,742 $ 3,204 Technology and data analytics 20,067 2,213 Sales and marketing 5,024 760 Processing and servicing 356 26 Total stock-based compensation in operating expenses 93,189 6,203 Capitalized into property, equipment and software, net 11,690 972 Total stock-based compensation expense $ 104,879 $ 7,175 In connection with the acquisition of Returnly on May 1, 2021, we issued 304,364 shares of our Class A common stock, which are held in escrow. Because the future payment of the escrowed shares is contingent on continued employment of certain employees, the arrangement represents stock-based compensation in the post combination period. The grant-date fair value was estimated based on the value of the shares at the date of closing. The escrowed shares have a requisite service period of two years and contain a performance-based vesting condition (i.e., the achievement of certain revenue targets). We record stock-based compensation expense on a straight-line basis for each tranche over the requisite service period, as long as the performance-based conditions are considered probable of being satisfied. We estimate the grant date fair value based on the probability of achievement of the revenue targets at each reporting period.

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended September 30, 2021 and 2020, we recorded income tax expense of $0.2 million and $0.1 million, respectively, which was primarily attributable to various U.S. state and foreign income taxes and the tax amortization of certain intangibles. As of September 30, 2021, we continue to recognize a full valuation allowance against our U.S. federal and state as well as the majority of our foreign net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred by the Company for the prior three fiscal years. The presence of a three-year cumulative loss limits the ability to consider other subjective evidence, such as our expectations of future taxable income and projections for growth.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common StockholdersOn 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. Therefore, we have two classes of common stock: Class A common stock and Class B common stock. The rights, including the dividends and distributions, of the holders of our Class A and Class B common stock are identical, except with respect to voting. Additionally, the conversion of all outstanding shares of redeemable convertible preferred stock into shares of our common stock occurred immediately prior to the reclassification. The following table presents basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data): Three Months Ended September 30, 2021 Class A Class B Numerator: Basic Net Loss $ (212,082) $ (94,533) Net Loss Attributable to Common Stockholders $ (212,082) $ (94,533) Diluted Net Loss $ (212,082) $ (94,533) Net Loss Attributable to Common Stockholders $ (212,082) $ (94,533) Denominator: Basic Weighted average shares outstanding, basic 187,916,455 83,761,061 Total-basic 187,916,455 83,761,061 Diluted Weighted average common shares outstanding, diluted 187,916,455 83,761,061 Total-diluted 187,916,455 83,761,061 Net loss per share attributable to common stockholders: Basic $ (1.13) $ (1.13) Diluted $ (1.13) $ (1.13) The following table presents basic and diluted net loss per share attributable to common stockholders for common stock (in thousands, except share and per share data): Three Months Ended September 30, 2020 Numerator: Basic Net Loss $ (3,946) Net Loss Attributable to Common Stockholders $ (3,946) Diluted Net Loss $ (3,946) 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 $ (31,862) Denominator: Basic Weighted average shares outstanding, basic 64,778,024 Total-basic 64,778,024 Diluted Weighted average common shares outstanding, diluted 64,778,024 Weighted average common shares attributable to convertible debt prior to conversion 3,478,165 Total-diluted 68,256,189 Net loss per share attributable to common stockholders: Basic $ (0.06) Diluted $ (0.47) 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 September 30, 2021 2020 Redeemable convertible preferred stock — 148,384,433 Stock options, including early exercise of options 36,354,746 42,213,842 Restricted stock units 14,003,905 7,802,245 Common stock warrants — 15,929,262 Total 50,358,651 214,329,782

Segments and Geographical Infor

Segments and Geographical Information	3 Months Ended
	Sep. 30, 2021
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 September 30, 2021 2020 United States $ 261,603 $ 172,242 Canada 7,782 1,736 Total $ 269,385 $ 173,978 Long-Lived Assets The following table sets forth our long-lived assets, consisting of property, equipment and software, net and operating lease right-of-use assets, by geographic area (in thousands): September 30, 2021 June 30, 2021 United States $ 140,935 $ 118,076 Canada 2,552 2,251 Total $ 143,487 $ 120,327

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn November 10, 2021, we entered into an amended and restated commercial agreement with Amazon.com Services LLC (“Amazon Services”) and Amazon Payments, Inc. In connection with this agreement, we issued to Amazon Services: (i) a warrant (the “First Warrant”) to purchase up to an aggregate of 7,000,000 shares of Class A common stock at an exercise price of $0.01 per share; and (ii) a warrant (the “Second Warrant” and, together with the First Warrant, the “Warrants”) to purchase up to an aggregate of 15,000,000 shares of Class A common stock at an exercise price of $100.00 per share. The Warrants vest in multiple tranches in accordance with the terms of the Warrants. The First Warrant expires on May 9, 2025 and the Second Warrant expires on May 9, 2029.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2021
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 fiscal year ended June 30, 2021. The balance sheet as of June 30, 2021 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. Certain prior period amounts have been reclassified to conform to the current period presentation.
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 business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain 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 variable consideration for revenue, the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, convertible debt derivatives, loss on loan purchase commitment, the fair value of servicing assets and liabilities, discount on self-originated loans, the fair value and useful lives of tangible and intangible assets acquired and liabilities assumed resulting from business combinations, the fair value of contingent consideration related to business combinations, the evaluation for impairment of intangible assets and goodwill, the incremental borrowing rate used in discounting our lease liabilities, the fair value of available for sale debt securities including retained interests in our securitizations trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation. 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. Immaterial Correction of Prior Period Amounts Subsequent to the issuance of our financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021, which was filed with the SEC on September 17, 2021, we identified understatements in certain prior period amounts related to the fair value measurement of contingent consideration and stock-based compensation. We remeasure the fair value of the contingent consideration liability recorded in connection with the PayBright, Inc. (“PayBright”) acquisition at each reporting date. An incorrect input in the Monte Carlo simulation used to estimate the fair value as of June 30, 2021, resulted in an understatement of accrued expenses and other liabilities of $5.6 million as of June 30, 2021. We measure stock-based compensation based on the fair value of an award at the grant date and recognize expense over the vesting period of the award based on the estimated portion of the award that is expected to vest. An incorrect determination of the grant date and service inception dates for certain awards granted prior to our initial public offering (“IPO”), as well as incorrect treatment of expense recognition for certain terminated employees, resulted in an understatement of additional paid in capital of $4.5 million as of June 30, 2021. Accordingly, we are correcting the relevant financial statements and related footnotes as of June 30, 2021 within these interim condensed consolidated financial statements from amounts previously reported. We have evaluated the materiality of these misstatements based on an analysis of quantitative and qualitative factors and concluded they were not material to the prior period financial statements, individually or in aggregate.
Marketable Securities	During the three months ended September 30, 2021, we purchased certain investments in marketable debt securities which are accounted for under ASC Topic 320, “Investments - Debt Securities” (“ASC 320”). We have classified these investments as available for sale, as defined within ASC 320. These investments are held at fair value with changes in fair value recorded in unrealized gain (loss) on securities available for sale, net within other comprehensive income (loss). As of the end of each reporting period, management reviews each security where the fair value is less than the amortized cost to determine whether any portion of the decline in fair value is due to a credit loss and/or whether or not we intend to sell or will be required to sell such security before recovery of its amortized cost basis. The portion of any decline in fair value which management identifies as a credit loss will be recognized as an allowance for credit losses through other (expense) income, net rather than unrealized gain (loss) on securities available for sale, net. To the extent management intends to sell or may be required to sell a security in an unrealized loss position, we 1) reverse any previously recorded allowance for credit losses with an offsetting entry to reduce the amortized cost basis of the security and 2) write-off any remaining portion of the amortized cost basis to equal its fair value, with this change recorded through other (expense) income, net. Interest income for available for sale securities is recorded within other (expense) income, net. Available for sale securities initially purchased with less than 90 days until maturity with quoted transaction prices in an active market are classified as cash and cash equivalents. Refer to Note 12. Investments for additional information.
Advertising Cost	Advertising costs are expensed as incurred and are included within sales and marketing in our interim condensed consolidated statements of operations and comprehensive loss.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)” ("ASC 326"). The amendments replaced the incurred loss impairment methodology with the current expected credit loss model ("CECL"). 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. Following the loss of our emerging growth company status in the third quarter of the prior fiscal year, we adopted ASC 326 effective July 1, 2020 using the modified retrospective approach for our loans held for investment. For the three months ended September 30, 2020, this adoption resulted in a decrease in the provision for credit losses of $11.3 million. Convertible Debt Instruments In August 2020, the FASB issued Accounting Standard Update (“ASU”) 2020-06, “Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40),” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Prior Period Adjustments Error Corrections	The following table provides the impact of the correction on our consolidated balance sheet as of June 30, 2021, as presented below (in thousands): As of June 30, 2021 As Previously Reported Adjustments As Corrected Accrued expenses and other liabilities 317,951 5,626 323,577 Total liabilities 2,285,814 5,626 2,291,440 Additional paid in capital 3,462,762 4,474 3,467,236 Accumulated deficit (888,381) (10,104) (898,485) Accumulated other comprehensive income 6,769 4 6,773 Total stockholders’ equity 2,581,153 (5,626) 2,575,527

Interest Income (Tables)

Interest Income (Tables)	3 Months Ended
	Sep. 30, 2021
Banking and Thrift, Interest [Abstract]
Schedule of Interest Income	Interest income consisted of the following components (in thousands): Three Months Ended September 30, 2021 2020 Interest income on unpaid principal balance $ 82,941 $ 42,502 Amortization of discount on loans held for investment 38,445 14,770 Amortization of premiums on loans (2,737) (1,958) Interest receivable charged-off, net of recoveries (1,347) (1,077) Total interest income $ 117,302 $ 54,237 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 consumer 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 September 30, 2021 and June 30, 2021, the balance of loans held for investment on non-accrual status was $0.8 million and $1.1 million, respectively.

Loans Held for Investment and_2

Loans Held for Investment and Allowance for Credit Losses (Tables)	3 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Schedule of Loans Held for Investment and Allowance for Credit Loss	Loans held for investment consisted of the following (in thousands): September 30, 2021 June 30, 2021 Unpaid principal balance $ 2,280,315 $ 2,058,863 Accrued interest receivable 16,817 15,466 Premiums on loans held for investment 7,175 7,071 Less: Discount due to loss on loan purchase commitment (53,657) (53,177) Less: Fair value adjustment on loans acquired through business combination (5,824) (5,903) Total loans held for investment $ 2,244,826 $ 2,022,320
Schedule of Credit Quality by ITACs Score	The following table presents an analysis of the credit quality, by ITACs score, of the amortized cost basis by fiscal year of origination on loans held for investment (in thousands) as of September 30, 2021: Amortized Costs Basis by Fiscal Year of Origination 2022 2021 2020 2019 2018 Prior Total 96+ $ 50,032 $ 5,695 $ 11 $ — $ — $ — $ 55,738 94 – 96 96,076 74,820 819 8 — — 171,723 90 – 94 236,342 211,078 4,191 246 2 — 451,859 <90 619,067 697,268 81,346 4,583 2 — 1,402,266 No score (1) 79,039 58,216 9,484 1,201 273 18 148,231 Total loan receivables $ 1,080,556 $ 1,047,077 $ 95,851 $ 6,038 $ 277 $ 18 $ 2,229,817 Current period charge-offs $ (29,454) $ (943) $ (56) $ (1) $ — $ — $ (30,454) Current period recoveries 1,200 978 839 385 267 42 3,711 Current period net charge-offs $ (28,254) $ 35 $ 783 $ 384 $ 267 $ 42 $ (26,743)
Schedule of Delinquent Financing Receivables	The following table presents an aging analysis of the amortized cost basis on loans held for investment by delinquency status (in thousands): September 30, 2021 June 30, 2021 Non-delinquent loans $ 2,111,756 $ 1,939,976 4 – 29 calendar days past due 60,191 43,838 30 – 59 calendar days past due 26,499 17,267 60 – 89 calendar days past due 17,558 12,044 90 – 119 calendar days past due 13,813 6,759 Total amortized cost basis $ 2,229,817 $ 2,019,884
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 2021 2020 Balance at beginning of period $ 117,760 $ 95,137 Adjustment due to adoption of new accounting standard — 10,083 Provision for credit losses 61,004 29,121 Charge-offs (30,454) (14,074) Recoveries of charged-off receivables 3,711 2,754 Balance at end of period $ 152,021 $ 123,021

Business Combination (Tables)

Business Combination (Tables)	3 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Schedule of Acquisition Consideration Transferred	The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands): Cash $ 30,000 Fair value of Class A common stock transferred 10,000 Total acquisition date fair value of the consideration transferred $ 40,000
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of the consideration paid of approximately $40.0 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Intangible assets $ 9,488 Total net assets acquired 9,488 Goodwill 30,512 Total purchase price $ 40,000
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands): Fair Value Useful Life (Years) Developed technology $ 9,488 3.0

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill during the three months ended September 30, 2021 were as follows (in thousands): Balance as of June 30, 2021 516,515 Additions 30,792 Effect of foreign currency translation (6,537) Balance as of September 30, 2021 $ 540,770
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands): September 30, 2021 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 38,510 $ (4,200) $ 34,310 4.5 Developed technology 39,577 (6,166) 33,411 2.8 Trademarks and domains 3,668 (361) 3,307 3.3 Other intangibles 350 — 350 Indefinite Total intangible assets $ 82,105 $ (10,727) $ 71,378 June 30, 2021 Gross Accumulated Amortization Net Weighted Average Merchant relationships $ 38,951 $ (2,192) $ 36,759 4.5 Developed technology 30,176 (2,930) 27,246 2.8 Trademarks and domains 3,769 (194) 3,575 3.3 Other intangibles 350 — 350 Indefinite Total intangible assets 73,246 (5,316) 67,930
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands): September 30, 2021 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 38,510 $ (4,200) $ 34,310 4.5 Developed technology 39,577 (6,166) 33,411 2.8 Trademarks and domains 3,668 (361) 3,307 3.3 Other intangibles 350 — 350 Indefinite Total intangible assets $ 82,105 $ (10,727) $ 71,378 June 30, 2021 Gross Accumulated Amortization Net Weighted Average Merchant relationships $ 38,951 $ (2,192) $ 36,759 4.5 Developed technology 30,176 (2,930) 27,246 2.8 Trademarks and domains 3,769 (194) 3,575 3.3 Other intangibles 350 — 350 Indefinite Total intangible assets 73,246 (5,316) 67,930
Schedule of Intangible Assets, Future Amortization Expense	The expected future amortization expense of these intangible assets as of September 30, 2021 is as follows (in thousands): 2022 (remaining nine months) $ 16,295 2023 21,286 2024 19,173 2025 7,193 2026 and thereafter 4,936 Total amortization expense $ 68,883
Schedule of Other Assets	Other assets consisted of the following (in thousands): September 30, 2021 June 30, 2021 Operating lease right-of-use assets $ 58,562 $ 57,828 Prepaid payroll taxes for stock-based compensation 23,291 111,278 Prepaid expenses 17,917 21,069 Equity securities, at cost 11,278 11,278 Processing reserves 25,021 14,042 Other receivables 24,692 26,423 Other assets 9,191 32,761 Total other assets $ 169,952 $ 274,679
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands) September 30, 2021 June 30, 2021 Contingent consideration liability $ 290,719 $ 153,446 Operating lease liability 74,360 74,952 Accrued expenses 51,247 47,674 Commercial agreement liability 12,627 25,357 Other liabilities 21,709 22,148 Total accrued expenses and other liabilities $ 450,662 $ 323,577

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Lease Term and Discount Rate	Lease term and discount rate information are summarized as follows: September 30, 2021 Weighted average remaining lease term (in years) 5.6 Weighted average discount rate 4.7%
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of September 30, 2021 are as follows (in thousands) for the years ended: 2022 (remaining nine months) $ 11,728 2023 16,117 2024 16,029 2025 16,132 2026 15,283 Thereafter 10,419 Total lease payments 85,708 Less imputed interest (11,348) Present value of lease liabilities $ 74,360

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Funding Debt and Aggregate Future Maturities	Funding debt and its aggregate future maturities consists of the following (in thousands): September 30, 2021 2022 $ 137,153 2023 — 2024 246,647 2025 — 2026 — Thereafter 111,266 Total $ 495,066 Deferred debt issuance costs (10,245) Total funding debt, net of deferred debt issuance costs $ 484,821

Securitization and Variable I_2

Securitization and Variable Interest Entities (Tables)	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from VIEs	The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs. September 30, 2021 Assets Liabilities Net Assets Warehouse credit facilities $ 433,661 $ 381,909 $ 51,752 Securitizations 1,650,812 1,624,185 26,627 Total consolidated VIEs $ 2,084,473 $ 2,006,094 $ 78,379 June 30, 2021 Assets Liabilities Net Assets Warehouse credit facilities $ 688,197 $ 614,882 $ 73,315 Securitizations 1,115,427 1,178,545 (63,118) Total consolidated VIEs $ 1,803,624 $ 1,793,427 $ 10,197
Schedule of Variable Interest Entities	The following tables present the aggregate carrying value of financial assets and liabilities for unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary: September 30, 2021 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 262,451 $ 260,644 $ 1,807 $ 14,179 Total unconsolidated VIEs $ 262,451 $ 260,644 $ 1,807 $ 14,179 June 30, 2021 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 305,414 $ 304,567 $ 847 $ 16,850 Total unconsolidated VIEs $ 305,414 $ 304,567 $ 847 $ 16,850

Investments (Tables)

Investments (Tables)	3 Months Ended
	Sep. 30, 2021
Investments, All Other Investments [Abstract]
Unrealized Gain (Loss) on Investments	The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of September 30, 2021 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit (1) $ 46,714 $ 1 $ (1) $ — $ 46,714 Corporate bonds (1) 202,204 9 (128) — 202,085 Commercial paper (1) 316,424 2 (4) — 316,422 Government bonds Non-US 50,111 — (38) — 50,073 US 63,730 — (9) — 63,721 Securitization notes receivable and certificates 13,827 23 (105) (1) 13,744 Other 2,003 — — — 2,003 Total securities available for sale $ 695,013 $ 35 $ (285) $ (1) $ 694,762 (1) Certificates of deposit, corporate bonds, and commercial paper include $238.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2021 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Securitization notes receivable and certificates $ 16,144 $ 29 $ — $ (3) $ 16,170 Total securities available for sale $ 16,144 $ 29 $ — $ (3) $ 16,170
Schedule of Available-for-sale Securities with Unrealized Losses	A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of September 30, 2021 , is as follows: Less than 12 months Greater than 12 months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 26,702 $ (1) $ — $ — $ 26,702 $ (1) Corporate bonds 192,765 (128) — — 192,765 (128) Commercial paper 203,958 (4) — — 203,958 (4) Government bonds Non-US 50,073 (38) — — 50,073 (38) US 60,617 (9) — — 60,617 (9) Securitization notes receivable and certificates 689 (105) — — 689 (105) Other — — — — — — Total securities available for sale $ 534,804 $ (285) $ — $ — $ 534,804 $ (285)
Schedule of Length of Contractual Maturities of Securities Available for Sale	The length of time contractual maturities of securities available for sale as of September 30, 2021 , were as follows: Less than 1 year 1 year through 5 years Total Net Carrying Value Fair Value Net Carrying Value Fair Value Net Carrying Value Fair Value Certificates of deposit $ 46,714 $ 46,714 $ — $ — $ 46,714 $ 46,714 Corporate bonds 138,172 138,115 64,032 63,970 63,970 202,204 202,085 Commercial paper 316,424 316,422 — — 316,424 316,422 Government bonds Non-US 39,805 39,782 10,306 10,291 50,111 50,073 US 31,292 31,288 32,438 32,433 63,730 63,721 Securitization notes receivable and certificates (1) — — 13,826 13,744 13,826 13,744 Other 2,003 2,003 — — 2,003 2,003 Total securities available for sale $ 574,410 $ 574,324 $ 120,602 $ 120,438 $ 695,012 $ 694,762 (1) Based on weighted average life of expected cash flows as of September 30, 2021.

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
	Sep. 30, 2021
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 September 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total Assets: Servicing assets $ — $ — $ 2,287 $ 2,287 Securities available for sale: Certificate of deposit (1) — 46,714 — 46,714 Corporate bonds (1) — 202,085 — 202,085 Commercial paper (1) — 316,422 — 316,422 Government bonds: Non-U.S. — 50,073 — 50,073 U.S. — 63,721 — 63,721 Securitization notes receivable and residual trust certificates — — 13,744 13,744 Other — — 2,003 2,003 Total securities available for sale — 679,015 15,747 694,762 Interest rate cap agreements — 4,035 — 4,035 Total assets $ — $ 683,050 $ 18,034 $ 701,084 Liabilities: Servicing liabilities $ — $ — $ 3,610 $ 3,610 Performance fee liability — — 1,335 1,335 Residual trust certificates, held by third-parties — — 745 745 Contingent consideration — — 290,719 290,719 Profit share liability — — 1,400 1,400 Total liabilities $ — $ — $ 297,809 $ 297,809 (1) Certificates of deposit, corporate bonds, and commercial paper include $238.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total Assets: Securitization notes receivable $ — $ — $ 15,224 $ 15,224 Residual trust certificates — — 946 946 Servicing assets — — 2,349 2,349 Interest rate cap agreements — 2,880 — 2,880 Total assets $ — $ 2,880 $ 18,519 $ 21,399 Liabilities: Servicing liabilities — — 3,961 3,961 Performance fee liability — — 1,290 1,290 Residual trust certificates, held by third-parties — — 914 914 Contingent consideration — — 147,820 147,820 Profit share liability — — 2,464 2,464 Total liabilities $ — $ — $ 156,449 $ 156,449
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 September 30, 2021 June 30, 2021 Fair value at beginning of period $ 2,349 $ 2,132 Initial transfers of financial assets 469 2,915 Subsequent changes in fair value (531) (2,698) Fair value at end of period $ 2,287 $ 2,349
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 September 30, 2021 June 30, 2021 Fair value at beginning of period $ 3,961 $ 1,540 Initial transfers of financial assets 1,975 8,794 Subsequent changes in fair value (2,326) (6,373) Fair value at end of period $ 3,610 $ 3,961
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 September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.60 % 1.75 % 0.97 % Net default rate 0.70 % 4.43 % 1.59 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 1.55 % 3.48 % 2.75 % Net default rate 1.05 % 13.54 % 10.60 % (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 June 30, 2021: Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.70 % 0.84 % 0.81 % Net default rate 0.53 % 0.95 % 0.64 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 1.29 % 3.70 % 2.71 % Net default rate 0.80 % 8.42 % 7.12 % (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 the performance fee liability as of September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.78% 2.35% 2.00% 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, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.78% 2.83% 1.80% The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties as of September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Loss rate 0.75% 0.75% 0.75% Prepayment rate 8.00% 8.00% 8.00% 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 September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 0.88% 17.19% 1.41% Loss rate 0.61% 0.92% 0.61% Prepayment rate 5.25% 10.50% 10.50% The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the contingent consideration as of September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 12.50% 12.50% 12.50% Equity volatility 22.00% 97.00% 70.00% Revenue volatility 7.00% 102.00% 31.00% The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of September 30, 2021: Unobservable Input Minimum Maximum Weighted Average Discount rate 30.00% 30.00% 30.00% Program profitability 1.78% 3.16% 3.16%
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): September 30, 2021 June 30, 2021 Servicing assets Net default rate assumption: Net default rate increase of 25% $ — $ (7) Net default rate increase of 50% $ 4 $ (15) Adequate compensation assumption: Adequate compensation increase of 25% $ (2,832) $ (2,006) Adequate compensation increase of 50% $ (5,663) $ (4,011) Discount rate assumption: Discount rate increase of 25% $ (29) $ (4) Discount rate increase of 50% $ (61) $ (1) Servicing liabilities Net default rate assumption: Net default rate increase of 25% $ (31) $ (40) Net default rate increase of 50% $ (53) $ (61) Adequate compensation assumption: Adequate compensation increase of 25% $ 2,482 $ 3,060 Adequate compensation increase of 50% $ 4,963 $ 6,119 Discount rate assumption: Discount rate increase of 25% $ (134) $ (137) Discount rate increase of 50% $ (257) $ (263)
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 September 30, 2021 June 30, 2021 Fair value at beginning of period $ 1,290 $ 875 Purchases of loans 330 1,372 Subsequent changes in fair value (285) (957) Fair value at end of period $ 1,335 $ 1,290 The following table summarizes the activity related to the fair value of the residual trust certificates held by third-parties (in thousands): Three Months Ended Fair value at beginning of period $ 914 Repayments (255) Subsequent changes in fair value 86 Fair value at end of period $ 745 The following table summarizes the activity related to the fair value of the residual trust certificates (in thousands): Three Months Ended September 30, 2021 Fair value at beginning of period $ 16,170 Cash received (due to payments or sales) (2,304) Change in unrealized gain (loss) (111) Accrued interest (14) Reversal of (impairment on) securities available for sale 3 Fair value at end of period $ 13,744 The following table summarizes the activity related to the fair value of the PayBright contingent consideration during the three months ended September 30, 2021 (in thousands): Three Months Ended September 30, 2021 Fair value at beginning of period $ 153,447 Subsequent changes in fair value 141,592 Effect of foreign currency translation (4,320) Fair value at end of period $ 290,719 The following table summarizes the activity related to the fair value of the profit share liability during the three months ended September 30, 2021 (in thousands): Three Months Ended September 30, 2021 Fair value at beginning of period $ 2,464 Facilitation of loans 1,040 Actual performance — Subsequent changes in fair value (2,104) Fair value at end of period $ 1,400
Schedule Sensitivity Analysis of Fair Value, Residual Trust Certificates	The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual certificates held by third-party investor(s) given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2021 Discount rate assumption: Discount rate increase of 25% $ (16) Discount rate increase of 50% $ (32) Loss rate assumption: Loss rate increase of 25% $ (22) Loss rate increase of 50% $ (43) Prepayment rate assumption: Prepayment rate decrease of 25% $ (7) Prepayment rate decrease of 50% $ (14) The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2021 Discount rate assumption: Discount rate increase of 25% $ (52) Discount rate increase of 50% $ (103) Loss rate assumption: Loss rate increase of 25% $ (19) Loss rate increase of 50% $ (38) Prepayment rate assumption: Prepayment rate decrease of 25% $ (11) Prepayment rate decrease of 50% $ (22)
Fair Value Hierarchy for Financial Assets and Liabilities Not Recorded at Fair Value	The following table presents the fair value hierarchy for financial assets and liabilities not recorded at fair value as of June 30, 2021 (in thousands): Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Cash and cash equivalents $ 1,466,558 $ 1,466,558 $ — $ — $ 1,466,558 Restricted cash 226,074 226,074 — — 226,074 Loans held for sale 13,030 — 13,030 — 13,030 Loans held for investment, net 1,904,560 — — 1,883,364 1,883,364 Accounts receivable, net 91,575 — 91,575 — 91,575 Other assets 171,250 — 171,250 — 171,250 Total assets $ 3,873,047 $ 1,692,632 $ 275,855 $ 1,883,364 $ 3,851,851 Liabilities: Accounts payable $ 57,758 $ — $ 57,758 $ — $ 57,758 Payable to third-party loan owners 50,079 — 50,079 — 50,079 Accrued interest payable 2,751 — 2,751 — 2,751 Accrued expenses and other liabilities 161,502 — 159,387 2,115 161,502 Notes issued by securitization trusts 1,176,673 — — 1,184,663 1,184,663 Funding debt 689,356 — — 689,356 689,356 Total liabilities $ 2,138,119 $ — $ 269,975 $ 1,876,134 $ 2,146,109

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Tables)	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Common Stock, Reserved for Future Issuance	The Company had shares of common stock reserved for issuance as follows: September 30, 2021 June 30, 2021 Available outstanding under stock option plan 50,358,651 58,417,514 Available for future grant under stock option plan 43,127,440 29,793,755 Total 93,486,091 88,211,269

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes our stock option activity for the three months ended September 30, 2021: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance, June 30, 2021 31,662,750 $ 10.42 6.30 Granted — — Exercised (7,424,538) 5.08 Forfeited, expired or cancelled (383,466) 36.19 Balance, September 30, 2021 23,854,746 11.67 6.59 Vested and exercisable, September 30, 2021 14,234,138 $ 5.30 6.57 $ 1,620,245 Vested and exercisable, and expected to vest thereafter (1) September 30, 2021 23,253,440 $ 10.70 6.59 $ 2,521,414 (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 three months ended September 30, 2021: Number of Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2021 14,242,111 $ 37.93 Granted 1,550,917 67.03 Vested (1,292,316) 22.54 Forfeited, expired or cancelled (496,807) 38.51 Non-vested at September 30, 2021 14,003,905 $ 42.32
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 September 30, 2021 2020 General and administrative $ 67,742 $ 3,204 Technology and data analytics 20,067 2,213 Sales and marketing 5,024 760 Processing and servicing 356 26 Total stock-based compensation in operating expenses 93,189 6,203 Capitalized into property, equipment and software, net 11,690 972 Total stock-based compensation expense $ 104,879 $ 7,175

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Sep. 30, 2021
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 for Class A and Class B common stock (in thousands, except share and per share data): Three Months Ended September 30, 2021 Class A Class B Numerator: Basic Net Loss $ (212,082) $ (94,533) Net Loss Attributable to Common Stockholders $ (212,082) $ (94,533) Diluted Net Loss $ (212,082) $ (94,533) Net Loss Attributable to Common Stockholders $ (212,082) $ (94,533) Denominator: Basic Weighted average shares outstanding, basic 187,916,455 83,761,061 Total-basic 187,916,455 83,761,061 Diluted Weighted average common shares outstanding, diluted 187,916,455 83,761,061 Total-diluted 187,916,455 83,761,061 Net loss per share attributable to common stockholders: Basic $ (1.13) $ (1.13) Diluted $ (1.13) $ (1.13) The following table presents basic and diluted net loss per share attributable to common stockholders for common stock (in thousands, except share and per share data): Three Months Ended September 30, 2020 Numerator: Basic Net Loss $ (3,946) Net Loss Attributable to Common Stockholders $ (3,946) Diluted Net Loss $ (3,946) 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 $ (31,862) Denominator: Basic Weighted average shares outstanding, basic 64,778,024 Total-basic 64,778,024 Diluted Weighted average common shares outstanding, diluted 64,778,024 Weighted average common shares attributable to convertible debt prior to conversion 3,478,165 Total-diluted 68,256,189 Net loss per share attributable to common stockholders: Basic $ (0.06) Diluted $ (0.47)
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 September 30, 2021 2020 Redeemable convertible preferred stock — 148,384,433 Stock options, including early exercise of options 36,354,746 42,213,842 Restricted stock units 14,003,905 7,802,245 Common stock warrants — 15,929,262 Total 50,358,651 214,329,782

Segments and Geographical Inf_2

Segments and Geographical Information (Tables)	3 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Revenue by Geographical Area	The following table sets forth revenue by geographic area (in thousands): Three Months Ended September 30, 2021 2020 United States $ 261,603 $ 172,242 Canada 7,782 1,736 Total $ 269,385 $ 173,978
Long-lived Assets by Geographic Areas	The following table sets forth our long-lived assets, consisting of property, equipment and software, net and operating lease right-of-use assets, by geographic area (in thousands): September 30, 2021 June 30, 2021 United States $ 140,935 $ 118,076 Canada 2,552 2,251 Total $ 143,487 $ 120,327

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities	$ 450,662		$ 323,577
Additional paid in capital	3,579,763		3,467,236
Advertising costs	18,300	$ 1,400
Provision for credit losses	$ (63,647)	(28,931)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities			5,626
Additional paid in capital			$ 4,474
Revision of Prior Period, Accounting Standards Update, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Provision for credit losses		$ 11,300

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Immaterial Correction of Prior Period Amounts (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities	$ 450,662	$ 323,577
Total liabilities	3,024,741	2,291,440
Additional paid in capital	3,579,763	3,467,236
Accumulated deficit	(1,205,100)	(898,485)
Accumulated other comprehensive gain	2,692	6,773
Total stockholders’ equity	$ 2,377,358	2,575,527	$ (346,764)	$ (367,096)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities		317,951
Total liabilities		2,285,814
Additional paid in capital		3,462,762
Accumulated deficit		(888,381)
Accumulated other comprehensive gain		6,769
Total stockholders’ equity		2,581,153
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities		5,626
Total liabilities		5,626
Additional paid in capital		4,474
Accumulated deficit		(10,104)
Accumulated other comprehensive gain		4
Total stockholders’ equity		$ (5,626)

Interest Income - Schedule of I

Interest Income - Schedule of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Banking and Thrift, Interest [Abstract]
Interest income on unpaid principal balance	$ 82,941	$ 42,502
Amortization of discount on loans held for investment	38,445	14,770
Amortization of premiums on loans	(2,737)	(1,958)
Interest receivable charged-off, net of recoveries	(1,347)	(1,077)
Interest income	$ 117,302	$ 54,237

Interest Income - Additional In

Interest Income - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Banking and Thrift, Interest [Abstract]
Non-accrued loans held for investment	$ 0.8	$ 1.1

Loans Held for Investment and_3

Loans Held for Investment and Allowance for Credit Losses - Loans Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Receivables [Abstract]
Unpaid principal balance	$ 2,280,315	$ 2,058,863
Accrued interest receivable	16,817	15,466
Premiums on loans held for investment	7,175	7,071
Less: Discount due to loss on loan purchase commitment	(53,657)	(53,177)
Less: Fair value adjustment on loans acquired through business combination	(5,824)	(5,903)
Loans held for investment	$ 2,244,826	$ 2,022,320

Loans Held for Investment and_4

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 2,244.2	$ 1,524.1
Threshold period for delinquent loans past due	4 days
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Proprietary credit quality score	0
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months
Proprietary credit quality score	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	Sep. 30, 2021	Jun. 30, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 1,080,556
2021	1,047,077
2020	95,851
2019	6,038
2018	277
Prior	18
Loans held for investment	2,229,817	$ 2,019,884
2022 Current period charge-offs	(29,454)
2021 Current period charge-offs	(943)
2020 Current period charge-offs	(56)
2019 Current period charge-offs	(1)
2018 Current period charge-offs	0
Prior current period charge-offs	0
Total current period charge-offs	(30,454)
2022 Current period recoveries	1,200
2021 Current period recoveries	978
2020 Current period recoveries	839
2019 Current period recoveries	385
2018 Current period recoveries	267
Prior current period recoveries	42
Total current period recoveries	3,711
2022 Current period net charge-offs	(28,254)
2021 Current period net charge-offs	35
2020 Current period net charge-offs	783
2019 Current period net charge-offs	384
2018 Current period net charge-offs	267
Prior current period net charge-offs	42
Total current period net charge-offs	(26,743)
96+
Financing Receivable, Credit Quality Indicator [Line Items]
2022	50,032
2021	5,695
2020	11
2019	0
2018	0
Prior	0
Loans held for investment	55,738
94 – 96
Financing Receivable, Credit Quality Indicator [Line Items]
2022	96,076
2021	74,820
2020	819
2019	8
2018	0
Prior	0
Loans held for investment	171,723
90 – 94
Financing Receivable, Credit Quality Indicator [Line Items]
2022	236,342
2021	211,078
2020	4,191
2019	246
2018	2
Prior	0
Loans held for investment	451,859
Less than 90
Financing Receivable, Credit Quality Indicator [Line Items]
2022	619,067
2021	697,268
2020	81,346
2019	4,583
2018	2
Prior	0
Loans held for investment	1,402,266
No score
Financing Receivable, Credit Quality Indicator [Line Items]
2022	79,039
2021	58,216
2020	9,484
2019	1,201
2018	273
Prior	18
Loans held for investment	$ 148,231

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	Sep. 30, 2021	Jun. 30, 2021
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	$ 2,111,756	$ 1,939,976
Loans held for investment	2,229,817	2,019,884
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Delinquent loans	60,191	43,838
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Delinquent loans	26,499	17,267
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Delinquent loans	17,558	12,044
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Delinquent loans	$ 13,813	$ 6,759

Loans Held for Investment and_7

Loans Held for Investment and Allowance for Credit Losses - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 117,760	$ 95,137
Provision for credit losses	61,004	29,121
Charge-offs	(30,454)	(14,074)
Recoveries of charged-off receivables	3,711	2,754
Ending balance	152,021	123,021
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	$ 10,083

Business Combination - Addition

Business Combination - Additional Information (Details) - ShopBrain - USD ($) $ in Thousands	Jul. 01, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Cash	$ 30,000
Purchase price	$ 40,000
Transaction costs		$ 100
Class A common stock
Business Acquisition [Line Items]
Common stock issued (in shares)	151,745

Business Combination - Fair Val

Business Combination - Fair Value of Consideration Transferred (Details) - ShopBrain $ in Thousands	Jul. 01, 2021USD ($)
Business Acquisition [Line Items]
Cash	$ 30,000
Fair value of Class A common stock transferred	10,000
Total purchase price	$ 40,000

Business Combination - Allocati

Business Combination - Allocation of Consideration Paid to Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jul. 01, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Goodwill	$ 540,770		$ 516,515
ShopBrain
Business Acquisition [Line Items]
Intangible assets		$ 9,488
Total assets acquired		9,488
Goodwill		30,512
Total purchase price		$ 40,000

Business Combination - Identifi

Business Combination - Identifiable Intangible Assets Acquired (Details) - ShopBrain - Developed technology $ in Thousands	Jul. 01, 2021USD ($)
Business Acquisition [Line Items]
Fair Value	$ 9,488
Useful Life (Years)	3 years

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Allowance for accounts receivable		$ 7,100		$ 4,100
Goodwill impairment loss		0	$ 0
Amortization of intangible assets		5,500	2,600
Impairment of intangible assets		0	0
Amortization of commercial agreement assets		18,971	14,261
Contingent consideration		290,719		153,446
Commercial agreement liability	$ 25,400	$ 12,627		$ 25,357
Commercial agreement liability, percentage settled after 180 days		50.00%
Commercial agreement liability, percentage settled on first year anniversary		50.00%
Commercial Agreement Asset, Shopify Inc, Warrants
Finite-Lived Intangible Assets [Line Items]
Asset amortization period		4 years
Commercial agreement asset, gross		$ 270,600
Amortization of commercial agreement assets		17,000	$ 14,300
Commercial Agreement Asset, Enterprise Partner, Stock Appreciation Rights
Finite-Lived Intangible Assets [Line Items]
Asset amortization period	3 years
Commercial agreement asset, gross	$ 25,900
Amortization of commercial agreement assets		$ 1,900

Balance Sheet Components - Good

Balance Sheet Components - Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 516,515
Additions	30,792
Effect of foreign currency translation	(6,537)
Ending balance	$ 540,770

Balance Sheet Components - Inta

Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (10,727)	$ (5,316)
Total amortization expense	68,883
Total intangible assets, gross	82,105	73,246
Total intangible assets, net	71,378	67,930
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross	38,510	38,951
Accumulated Amortization	(4,200)	(2,192)
Total amortization expense	$ 34,310	$ 36,759
Weighted Average Remaining Useful Life (in years)	4 years 6 months	4 years 6 months
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 39,577	$ 30,176
Accumulated Amortization	(6,166)	(2,930)
Total amortization expense	$ 33,411	$ 27,246
Weighted Average Remaining Useful Life (in years)	2 years 9 months 18 days	2 years 9 months 18 days
Trademarks and domains
Finite-Lived Intangible Assets [Line Items]
Gross	$ 3,668	$ 3,769
Accumulated Amortization	(361)	(194)
Total amortization expense	$ 3,307	$ 3,575
Weighted Average Remaining Useful Life (in years)	3 years 3 months 18 days	3 years 3 months 18 days

Balance Sheet Components - Expe

Balance Sheet Components - Expected Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2021USD ($)
Balance Sheet Related Disclosures [Abstract]
2022 (remaining nine months)	$ 16,295
2023	21,286
2024	19,173
2025	7,193
2026 and thereafter	4,936
Total amortization expense	$ 68,883

Balance Sheet Components - Othe

Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Operating lease right-of-use assets	$ 58,562	$ 57,828
Prepaid payroll taxes for stock-based compensation	23,291	111,278
Prepaid expenses	17,917	21,069
Equity securities, at cost	11,278	11,278
Processing reserves	25,021	14,042
Other receivables	24,692	26,423
Other assets	9,191	32,761
Total other assets	$ 169,952	$ 274,679

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Jan. 31, 2021
Offsetting [Abstract]
Contingent consideration liability	$ 290,719	$ 153,446
Operating lease liability	74,360	74,952
Accrued expenses	51,247	47,674
Commercial agreement liability	12,627	25,357	$ 25,400
Other liabilities	21,709	22,148
Total accrued expenses and other liabilities	$ 450,662	$ 323,577

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Restricted cash	$ 236,282		$ 226,074
Weighted average remaining lease term	5 years 7 months 6 days
Impairment expense	$ 0	$ 0
Rent expense incurred	3,800	3,800
Short-term lease expense	200	500
Sublease Income	$ 600	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Lease termination notice period	180 days
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease termination notice period	1 year
Remaining lease term	9 years
Cash collateral and deposits for letters of credit
Lessee, Lease, Description [Line Items]
Restricted cash	$ 9,600		$ 9,900

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term and Discount Rate (Details)	Sep. 30, 2021
Leases [Abstract]
Weighted average remaining lease term (in years)	5 years 7 months 6 days
Weighted average discount rate	4.70%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Leases [Abstract]
2022 (remaining nine months)	$ 11,728
2023	16,117
2024	16,029
2025	16,132
2026	15,283
Thereafter	10,419
Total lease payments	85,708
Less imputed interest	(11,348)
Present value of lease liabilities	$ 74,360	$ 74,952

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Other Commitments [Line Items]
Loans held by third party investors or unconsolidated VIEs	$ 2,622.7		$ 2,453.9
Repurchase liability	$ 2.1
Customer Concentration Risk | Revenue | Largest merchant partner
Other Commitments [Line Items]
Revenue concentration percent	10.00%	30.00%
CALIFORNIA | Geographic Concentration Risk | Loan receivable
Other Commitments [Line Items]
Revenue concentration percent	14.00%		15.00%

Debt - Aggregate Future Maturit

Debt - Aggregate Future Maturities of Funding Debt (Details) - Revolving facilities	Sep. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Borrowings outstanding	$ 0
Funding debt
Line of Credit Facility [Line Items]
2022	137,153,000
2023	0
2024	246,647,000
2025	0
2026	0
Thereafter	111,266,000
Borrowings outstanding	495,066,000
Deferred debt issuance costs	(10,245,000)
Total funding debt, net of deferred debt issuance costs	$ 484,821,000

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Jan. 19, 2021	Sep. 30, 2020	Sep. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Apr. 30, 2020
Series G-1 Preferred Stock
Line of Credit Facility [Line Items]
Conversion of convertible debt (in shares)		4,444,321		4,444,321
Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			1.08%
Residual Certificate Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			2.63%
Funding debt | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unpaid principal balance of loans pledged as collateral			$ 425,700,000		$ 664,100,000
Funding debt | PayBright Funding Facilities
Line of Credit Facility [Line Items]
Unpaid principal balance of loans pledged as collateral			72,000,000
Repurchase Agreement
Line of Credit Facility [Line Items]
Liability component of debt outstanding			11,800,000
Repurchase Agreement | Other Receivables
Line of Credit Facility [Line Items]
Pledged securities			13,700,000
Convertible Debt
Line of Credit Facility [Line Items]
Securitization issued						$ 75,000,000
Fixed interest rate						1.00%
Revolving facilities
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility	$ 185,000,000
Funding debt			0
Unused commitment fee percentage	0.35%
Revolving facilities | Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread	0.50%
Revolving facilities | One Month London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread	1.00%
Revolving facilities | Base Rate
Line of Credit Facility [Line Items]
Basis spread	1.50%
Revolving facilities | LIBOR
Line of Credit Facility [Line Items]
Basis spread	2.50%
Revolving facilities | Funding debt
Line of Credit Facility [Line Items]
Funding debt			495,066,000
Liability component of debt outstanding			$ 484,821,000
Revolving facilities | Funding debt | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Covenant, period prior to final maturity date borrowings can occur			12 months
Aggregate commitment amount of credit facility			$ 1,975,000,000
Funding debt			357,900,000
Remaining amount available of credit facility			1,617,100,000
Revolving facilities | Funding debt | PayBright Funding Facilities
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility			267,200,000
Funding debt			125,400,000
Remaining amount available of credit facility			$ 141,900,000
Minimum | Revolving facilities | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage			0.10%
Minimum | Revolving facilities | Funding debt | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Advance rate percentage			75.00%
Minimum | Revolving facilities | Funding debt | LIBOR | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Basis spread			1.65%
Minimum | Revolving facilities | Funding debt | Commercial paper rate | PayBright Funding Facilities
Line of Credit Facility [Line Items]
Basis spread			1.25%
Maximum | Revolving facilities | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage			0.75%
Maximum | Revolving facilities | Funding debt | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Advance rate percentage			88.00%
Maximum | Revolving facilities | Funding debt | LIBOR | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Basis spread			4.00%
Maximum | Revolving facilities | Funding debt | Commercial paper rate | PayBright Funding Facilities
Line of Credit Facility [Line Items]
Basis spread			4.25%

Securitization and Variable I_3

Securitization and Variable Interest Entities - Additional Information (Details) $ in Millions	Sep. 30, 2021USD ($)	Aug. 04, 2021USD ($)class	May 18, 2021	May 17, 2021	May 05, 2021USD ($)
Debt Instrument [Line Items]
Securitized loans outstanding	$ 2,375.3
Repurchase Agreement
Debt Instrument [Line Items]
Total funding debt, net of deferred debt issuance costs	11.8
Repurchase Agreement | Other Receivables
Debt Instrument [Line Items]
Pledged securities	13.7
Funding debt | Other Assets
Debt Instrument [Line Items]
Pledged securities	$ 0.5
2020-Z1
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2020-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2020-Z2
Debt Instrument [Line Items]
Securitized loans outstanding	$ 27.9
Percentage of residual certificates retained	93.30%
2021-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2021-Z1
Debt Instrument [Line Items]
Securitized loans outstanding					$ 41.4
Percentage of residual certificates retained			5.00%		5.00%
Percentage of certificates owned			5.00%
Gain on sale of loans					$ 16.7
2021-Z1 | Secured debt
Debt Instrument [Line Items]
Securitization issued					$ 320
Fixed interest rate					1.07%
Loans pledged as collateral at amortized cost					$ 351
2021-Z1 Residual Certificates
Debt Instrument [Line Items]
Percentage of residual certificates retained					86.90%
Percentage of certificates owned			5.00%
2021-B | Secured debt
Debt Instrument [Line Items]
Debt issuance costs	$ 3
Total funding debt, net of deferred debt issuance costs	500
Loans pledged as collateral at amortized cost	$ 490
Number of classes of securitization trusts | class		5
2021-B Notes, Class A | Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 418.8
Fixed interest rate		103.00%
2021-B Notes, Class B | Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 28
Fixed interest rate		124.00%
2021-B Notes, Class C | Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 19.8
Fixed interest rate		140.00%
2021-B Notes, Class D | Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 22.5
Fixed interest rate		254.00%
2021-B Notes, Class E | Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 11
Fixed interest rate		461.00%
Third party loan buyer | 2020-Z2
Debt Instrument [Line Items]
Percentage of residual certificates retained	6.70%
Third party loan buyer | 2021-Z1 Residual Certificates
Debt Instrument [Line Items]
Percentage of residual certificates retained					13.10%
Percentage of residual certificates sold				81.90%

Securitizations and Variable In

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Consolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Assets	$ 5,402,099	$ 4,866,967
Liabilities	3,024,741	2,291,440
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	2,084,473	1,803,624
Liabilities	2,006,094	1,793,427
Net Assets	78,379	10,197
Consolidated Variable Interest Entities | Warehouse credit facilities
Debt Instrument [Line Items]
Assets	433,661	688,197
Liabilities	381,909	614,882
Net Assets	51,752	73,315
Consolidated Variable Interest Entities | Securitizations
Debt Instrument [Line Items]
Assets	1,650,812	1,115,427
Liabilities	1,624,185	1,178,545
Net Assets	$ 26,627	$ (63,118)

Securitizations and Variable _2

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Assets	$ 5,402,099	$ 4,866,967
Liabilities	3,024,741	2,291,440
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Assets	262,451	305,414
Liabilities	260,644	304,567
Net Assets	1,807	847
Maximum Exposure to Losses	14,179	16,850
Variable Interest Entity, Not Primary Beneficiary | Securitizations
Debt Instrument [Line Items]
Assets	262,451	305,414
Liabilities	260,644	304,567
Net Assets	1,807	847
Maximum Exposure to Losses	$ 14,179	$ 16,850

Investments - Securities Availa

Investments - Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 695,013	$ 16,144
Gross Unrealized Gains	35	29
Gross Unrealized Losses	(285)	0
Allowance for Credit Losses	(1)	(3)
Fair Value	694,762	16,170
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	238,500
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,714
Gross Unrealized Gains	1
Gross Unrealized Losses	(1)
Allowance for Credit Losses	0
Fair Value	46,714
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	202,204
Gross Unrealized Gains	9
Gross Unrealized Losses	(128)
Allowance for Credit Losses	0
Fair Value	202,085
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	316,424
Gross Unrealized Gains	2
Gross Unrealized Losses	(4)
Allowance for Credit Losses	0
Fair Value	316,422
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50,111
Gross Unrealized Gains	0
Gross Unrealized Losses	(38)
Allowance for Credit Losses	0
Fair Value	50,073
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	63,730
Gross Unrealized Gains	0
Gross Unrealized Losses	(9)
Allowance for Credit Losses	0
Fair Value	63,721
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,827	16,144
Gross Unrealized Gains	23	29
Gross Unrealized Losses	(105)	0
Allowance for Credit Losses	(1)	(3)
Fair Value	13,744	$ 16,170
Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,003
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Allowance for Credit Losses	0
Fair Value	$ 2,003

Investments - Available for Sal

Investments - Available for Sale Securities with Unrealized Losses (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 534,804
Less than 12 months, unrealized losses	(285)
Greater than 12 months, fair value	0
Greater than 12 months, unrealized losses	0
Total, fair value	534,804
Total, unrealized losses	(285)
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	26,702
Less than 12 months, unrealized losses	(1)
Greater than 12 months, fair value	0
Greater than 12 months, unrealized losses	0
Total, fair value	26,702
Total, unrealized losses	(1)
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	192,765
Less than 12 months, unrealized losses	(128)
Greater than 12 months, fair value	0
Greater than 12 months, unrealized losses	0
Total, fair value	192,765
Total, unrealized losses	(128)
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	203,958
Less than 12 months, unrealized losses	(4)
Greater than 12 months, fair value	0
Greater than 12 months, unrealized losses	0
Total, fair value	203,958
Total, unrealized losses	(4)
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	50,073
Less than 12 months, unrealized losses	(38)
Greater than 12 months, fair value	0
Greater than 12 months, unrealized losses	0
Total, fair value	50,073
Total, unrealized losses	(38)
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	60,617
Less than 12 months, unrealized losses	(9)
Greater than 12 months, fair value	0
Greater than 12 months, unrealized losses	0
Total, fair value	60,617
Total, unrealized losses	(9)
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	689
Less than 12 months, unrealized losses	(105)
Greater than 12 months, fair value	0
Greater than 12 months, unrealized losses	0
Total, fair value	689
Total, unrealized losses	(105)
Other
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	0
Less than 12 months, unrealized losses	0
Greater than 12 months, fair value	0
Greater than 12 months, unrealized losses	0
Total, fair value	0
Total, unrealized losses	$ 0

Investments - Length of Contrac

Investments - Length of Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Less than 1 year, net carrying value	$ 574,410
Less than 1 year, fair value	574,324
1 year through 5 years, net carrying value	120,602
1 year through 5 years, fair value	120,438
Amortized Cost	695,013	$ 16,144
Total, Net Carrying Value	695,012
Total, fair value	694,762	16,170
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Less than 1 year, net carrying value	46,714
Less than 1 year, fair value	46,714
1 year through 5 years, net carrying value	0
1 year through 5 years, fair value	0
Amortized Cost	46,714
Total, fair value	46,714
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Less than 1 year, net carrying value	138,172
Less than 1 year, fair value	138,115
1 year through 5 years, net carrying value	64,032
1 year through 5 years, fair value	63,970
Amortized Cost	202,204
Total, fair value	202,085
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Less than 1 year, net carrying value	316,424
Less than 1 year, fair value	316,422
1 year through 5 years, net carrying value	0
1 year through 5 years, fair value	0
Amortized Cost	316,424
Total, fair value	316,422
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Less than 1 year, net carrying value	39,805
Less than 1 year, fair value	39,782
1 year through 5 years, net carrying value	10,306
1 year through 5 years, fair value	10,291
Amortized Cost	50,111
Total, fair value	50,073
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Less than 1 year, net carrying value	31,292
Less than 1 year, fair value	31,288
1 year through 5 years, net carrying value	32,438
1 year through 5 years, fair value	32,433
Amortized Cost	63,730
Total, fair value	63,721
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Less than 1 year, net carrying value	0
Less than 1 year, fair value	0
1 year through 5 years, net carrying value	13,826
1 year through 5 years, fair value	13,744
Amortized Cost	13,827	16,144
Total, Net Carrying Value	13,826
Total, fair value	13,744	$ 16,170
Other
Debt Securities, Available-for-sale [Line Items]
Less than 1 year, net carrying value	2,003
Less than 1 year, fair value	2,003
1 year through 5 years, net carrying value	0
1 year through 5 years, fair value	0
Amortized Cost	2,003
Total, fair value	$ 2,003

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 50,700
Equity investments without a readily determinable fair value held at cost	$ 11,300	$ 11,300

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	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	$ 2,300	$ 2,300
Securities available for sale at fair value	694,762	16,170
Servicing liabilities	3,610	3,961	$ 1,540
Contingent consideration	290,719	153,446
Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	46,714
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	202,085
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	316,422
Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	50,073
Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	63,721
Securitization notes receivable and certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	13,744	16,170
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	2,003
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable		15,224
Residual trust certificates		946
Servicing assets	2,287	2,349
Interest rate cap agreements	4,035	2,880
Total assets	701,084	21,399
Servicing liabilities	3,610	3,961
Performance fee liability	1,335	1,290
Residual trust certificates, held by third-parties	745	914
Contingent consideration	290,719	147,820
Profit share liability	1,400	2,464
Total liabilities	297,809	156,449
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Total assets	1,675,813	1,692,632
Total liabilities	0	0
Level 1 | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 1 | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 1 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 1 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 1 | Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 1 | Securitization notes receivable and certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 1 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable		0
Servicing assets	0	0
Interest rate cap agreements	0	0
Total assets	0	0
Servicing liabilities	0	0
Performance fee liability	0	0
Residual trust certificates, held by third-parties	0	0
Contingent consideration	0	0
Profit share liability	0	0
Total liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	679,015
Total assets	192,211	275,855
Total liabilities	618,407	269,975
Level 2 | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	46,714
Level 2 | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	202,085
Level 2 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	316,422
Level 2 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	50,073
Level 2 | Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	63,721
Level 2 | Securitization notes receivable and certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 2 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable		0
Residual trust certificates		0
Servicing assets	0	0
Interest rate cap agreements	4,035	2,880
Total assets	683,050	2,880
Servicing liabilities	0	0
Performance fee liability	0	0
Residual trust certificates, held by third-parties	0	0
Contingent consideration	0	0
Profit share liability	0	0
Total liabilities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	15,747
Total assets	2,034,563	1,883,364
Total liabilities	2,386,876	1,876,134
Level 3 | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 3 | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 3 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 3 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 3 | Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Level 3 | Securitization notes receivable and certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	13,744
Level 3 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	2,003
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable		15,224
Residual trust certificates		946
Servicing assets	2,287	2,349
Interest rate cap agreements	0	0
Total assets	18,034	18,519
Servicing liabilities	3,610	3,961
Performance fee liability	1,335	1,290
Residual trust certificates, held by third-parties	745	914
Contingent consideration	290,719	147,820
Profit share liability	1,400	2,464
Total liabilities	$ 297,809	$ 156,449

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2020shares	Sep. 30, 2021USD ($)derivative_instrument	Sep. 30, 2020USD ($)	Jun. 30, 2020shares	Jun. 30, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivative instruments outstanding | derivative_instrument		2
Unpaid balance on loans sold with retained servicing rights		$ 1,093,100	$ 421,600
Unpaid principal balance on serviced sold loans		2,622,700			$ 2,453,900
Servicing income		9,465	$ 4,084
Servicing assets		2,300			2,300
Servicing liabilities		$ 3,600			4,000
Economic risk retention		5.00%
Senior Notes And Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value		$ 13,744			$ 16,170
Kite
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Escrow deposit		9,000
Fair value at acquisition		$ (1,200)
Series G-1 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Conversion of convertible debt (in shares) | 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	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 2,349	$ 2,132
Initial transfers of financial assets	469	2,915
Subsequent changes in fair value	(531)	(2,698)
Fair value at end of period	$ 2,287	$ 2,349

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	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 3,961	$ 1,540
Initial transfers of financial assets	1,975	8,794
Subsequent changes in fair value	(2,326)	(6,373)
Fair value at end of period	$ 3,610	$ 3,961

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)	Sep. 30, 2021	Jun. 30, 2021
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	0.0060	0.0070
Servicing liability, measurement input	0.0155	0.0129
Adequate compensation | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0175	0.0084
Servicing liability, measurement input	0.0348	0.0370
Adequate compensation | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0097	0.0081
Servicing liability, measurement input	0.0275	0.0271
Net default rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0070	0.0053
Servicing liability, measurement input	0.0105	0.0080
Net default rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0443	0.0095
Servicing liability, measurement input	0.1354	0.0842
Net default rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0159	0.0064
Servicing liability, measurement input	0.1060	0.0712

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	Sep. 30, 2021	Jun. 30, 2021
Net default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ 0	$ (7)
Servicing asset, effect of 50% increase in measurement input	4	(15)
Servicing liability, effect of 25% increase in measurement input	(31)	(40)
Servicing liability, effect of 50% increase in measurement input	(53)	(61)
Adequate compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(2,832)	(2,006)
Servicing asset, effect of 50% increase in measurement input	(5,663)	(4,011)
Servicing liability, effect of 25% increase in measurement input	2,482	3,060
Servicing liability, effect of 50% increase in measurement input	4,963	6,119
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(29)	(4)
Servicing asset, effect of 50% increase in measurement input	(61)	(1)
Servicing liability, effect of 25% increase in measurement input	(134)	(137)
Servicing liability, effect of 50% increase in measurement input	$ (257)	$ (263)

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	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,290	$ 875
Purchases of loans	330	1,372
Subsequent changes in fair value	(285)	(957)
Fair value at end of period	$ 1,335	$ 1,290

Fair Value of Financial Asse_10

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Performance Fee Liability (Details)	Sep. 30, 2021	Jun. 30, 2021
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	0.0178	0.0178
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	0.0235	0.0283
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	0.0200	0.0180

Fair Value of Financial Asse_11

Fair Value of Financial Assets and Liabilities - Fair Value of Residual Trust Certificates (Details) - Residual Trust Certificates Held by Third-Parties in Consolidated VIEs $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 914
Repayments	(255)
Subsequent changes in fair value	86
Fair value at end of period	$ 745

Fair Value of Financial Asse_12

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Residual Trust Certificates (Details) - Residual Trust Certificates Held by Third-Parties in Consolidated VIEs	Sep. 30, 2021
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	0.1000
Maximum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0075
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	0.1000
Weighted Average | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0075
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_13

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Residual Trust Certificates Inputs (Details) $ in Thousands	Sep. 30, 2021USD ($)
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	$ (16)
Residual trust certificates, effect of 50% increase in measurement input	(32)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	(22)
Residual trust certificates, effect of 50% increase in measurement input	(43)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	7
Residual trust certificates, effect of 50% increase in measurement input	$ 14

Fair Value of Financial Asse_14

Fair Value of Financial Assets and Liabilities - Fair Value of Senior Notes and Residual Trust Certificates (Details) - Senior Notes And Residual Trust Certificates $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at beginning of period	$ 16,170
Cash received (due to payments or sales)	(2,304)
Change in unrealized gain (loss)	(111)
Accrued interest	(14)
Reversal of (impairment on) securities available for sale	3
Fair value at end of period	$ 13,744

Fair Value of Financial Asse_15

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Senior Notes and Residual Trust Certificated (Details) - Senior Notes And Residual Trust Certificates	Sep. 30, 2021
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0088
Minimum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0061
Minimum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0525
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1719
Maximum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0092
Maximum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1050
Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0141
Weighted Average | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0061
Weighted Average | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1050

Fair Value of Financial Asse_16

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Securitization Notes and Residual Trust Certificates (Details) $ in Thousands	Sep. 30, 2021USD ($)
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	$ (52)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(103)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(19)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(38)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(11)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	$ (22)

Fair Value of Financial Asse_17

Fair Value of Financial Assets and Liabilities - Fair Value of Contingent Consideration (Details) - Contingent Consideration $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 153,447
Subsequent changes in fair value	141,592
Effect of foreign currency translation	(4,320)
Fair value at end of period	$ 290,719

Fair Value of Financial Asse_18

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Contingent Consideration (Details) - Contingent Consideration	Sep. 30, 2021
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1250
Minimum | Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.2200
Minimum | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.0700
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1250
Maximum | Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.9700
Maximum | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	1.0200
Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1250
Weighted Average | Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.7000
Weighted Average | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.3100

Fair Value of Financial Asse_19

Fair Value of Financial Assets and Liabilities - Fair Value of Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 2,464
Facilitation of loans	1,040
Actual performance	0
Subsequent changes in fair value	(2,104)
Fair value at end of period	$ 1,400

Fair Value of Financial Asse_20

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability	Sep. 30, 2021
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000
Minimum | Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0178
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000
Maximum | Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0316
Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000
Weighted Average | Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0316

Fair Value of Financial Asse_21

Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents	$ 1,439,531	$ 1,466,558
Restricted cash	236,282	226,074
Loans held for sale	0	0
Loans held for investment, net	0	0
Accounts receivable, net	0	0
Other assets	0	0
Total assets	1,675,813	1,692,632
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	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	1,808	13,030
Loans held for investment, net	0	0
Accounts receivable, net	100,951	91,575
Other assets	89,452	171,250
Total assets	192,211	275,855
Accounts payable	425,854	57,758
Payable to third-party loan owners	38,462	50,079
Accrued interest payable	3,304	2,751
Accrued expenses and other liabilities	150,787	159,387
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	618,407	269,975
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	2,034,563	1,883,364
Accounts receivable, net	0	0
Other assets	0	0
Total assets	2,034,563	1,883,364
Accounts payable	0	0
Payable to third-party loan owners	0	0
Accrued interest payable	0	0
Accrued expenses and other liabilities	2,066	2,115
Notes issued by securitization trusts	1,889,744	1,184,663
Funding debt	495,066	689,356
Total liabilities	2,386,876	1,876,134
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents	1,439,531	1,466,558
Restricted cash	236,282	226,074
Loans held for sale	1,808	13,030
Loans held for investment, net	2,092,805	1,904,560
Accounts receivable, net	100,951	91,575
Other assets	89,452	171,250
Total assets	3,960,829	3,873,047
Accounts payable	425,854	57,758
Payable to third-party loan owners	38,462	50,079
Accrued interest payable	3,304	2,751
Accrued expenses and other liabilities	152,853	161,502
Notes issued by securitization trusts	1,621,638	1,176,673
Funding debt	495,066	689,356
Total liabilities	2,737,177	2,138,119
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents	1,439,531	1,466,558
Restricted cash	236,282	226,074
Loans held for sale	1,808	13,030
Loans held for investment, net	2,034,563	1,883,364
Accounts receivable, net	100,951	91,575
Other assets	89,452	171,250
Total assets	3,902,587	3,851,851
Accounts payable	425,854	57,758
Payable to third-party loan owners	38,462	50,079
Accrued interest payable	3,304	2,751
Accrued expenses and other liabilities	152,853	161,502
Notes issued by securitization trusts	1,889,744	1,184,663
Funding debt	495,066	689,356
Total liabilities	$ 3,005,283	$ 2,146,109

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Additional Information (Details) $ / shares in Units, $ in Thousands	Jan. 12, 2021USD ($)	Sep. 30, 2020USD ($)shares	Sep. 30, 2020USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2021USD ($)voteshares	Jun. 30, 2021USD ($)shares
Temporary Equity [Line Items]
Preferred stock, issued (in shares)					0
Preferred stock, outstanding (in shares)					0
Series G Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock issued (in shares)				21,836,687
Redeemable convertible preferred stock per share (in USD per shares) | $ / shares				$ 19.93
Redeemable convertible preferred stock, aggregate purchase amount | $				$ 434,900
Preferred stock, liquidation preference | $				435,100
Series G-1 Preferred Stock
Temporary Equity [Line Items]
Preferred stock, liquidation preference | $				$ 75,300
Conversion of convertible debt (in shares)		4,444,321		4,444,321
Class A common stock
Temporary Equity [Line Items]
Common stock, stock split	0.5
Number of votes per share | vote					1
Class B common stock
Temporary Equity [Line Items]
Common stock, stock split	0.5
Number of votes per share | vote					15
Redeemable convertible preferred stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, aggregate purchase amount | $			$ 434,434
Conversion of convertible debt (in shares)			4,444,321
Carrying value reclassified | $	$ 1,300,000	$ 1,327,163	$ 1,327,163	$ 804,170	$ 0	$ 0
Preferred stock, outstanding (in shares)		148,384,433	148,384,433	122,115,971	0	0

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Common Stock Reserved for Issuance (Details) - shares	Sep. 30, 2021	Jun. 30, 2021
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	93,486,091	88,211,269
Available outstanding under stock option plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	50,358,651	58,417,514
Available for future grant under stock option plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	43,127,440	29,793,755

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Details) $ in Thousands	May 01, 2021shares	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)shares	Jan. 14, 2021segment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		93,486,091		88,211,269
Early exercise rights liability | $		$ 600
Right to purchase shares (in shares)		0
Stock-based compensation expense | $		$ 93,189	$ 6,203
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)		43,127,440		29,793,755
Returnly
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period	2 years
Returnly | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in escrow, subject to forfeiture (in shares)	304,364
Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		50,358,651		58,417,514
Vesting period		4 years
Equity exercise taxes payable | $		$ 395,200		$ 23,700
Stock options, including early exercise of options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		25.00%
Stock options, including early exercise of options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Stock options, including early exercise of options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO		7 years
Expiration period		3 months
Stock options, including early exercise of options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO		10 years
Expiration period		10 years
Performance Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right to purchase shares (in shares)		12,500,000
Stock-based compensation expense | $		$ 42,300
Non-vested stock options, unrecognized compensation cost | $		$ 305,900
Weighted-average compensation expense recognition period		4 years 3 months 18 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Weighted-average compensation expense recognition period		2 years 8 months 23 days
Number of vesting conditions | segment					2
RSUs awarded (in shares)		1,550,917
Non-vested RSUs, unrecognized compensation cost | $		$ 498,300
2012 Stock Plan | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		118,374,202

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Number of Options
Beginning balance (in shares)	31,662,750
Granted (in shares)	0
Exercised (in shares)	(7,424,538)
Forfeited, expired or cancelled (in shares)	(383,466)
Ending balance (in shares)	23,854,746	31,662,750
Vested and exercisable (in shares)	14,234,138
Vested and exercisable, and expected to vest thereafter (in shares)	23,253,440
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 10.42
Granted (in USD per share)	0
Exercised (in USD per share)	5.08
Forfeited, expired or cancelled (in USD per share)	36.19
Ending balance (in USD per share)	11.67	$ 10.42
Vested and exercisable (in USD per share)	5.30
Vested and exercisable, and expected to vest thereafter (in USD per share)	$ 10.70
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term	6 years 7 months 2 days	6 years 3 months 18 days
Weighted Average Remaining Contractual Term, Vested and exercisable	6 years 6 months 25 days
Weighted Average Remaining Contractual Term, Vested and exercisable, and expected to vest	6 years 7 months 2 days
Aggregate Intrinsic Value, Vested and exercisable	$ 1,620,245
Aggregate Intrinsic Value, Vested and exercisable, and expected to vest	$ 2,521,414

Equity Incentive Plans - RSU Ac

Equity Incentive Plans - RSU Activity (Details) - Restricted stock units	3 Months Ended
	Sep. 30, 2021$ / sharesshares
Number of Shares
Beginning balance, Non-vested (in shares) | shares	14,242,111
Granted (in shares) | shares	1,550,917
Vested (in shares) | shares	(1,292,316)
Forfeited, expired or cancelled (in shares) | shares	(496,807)
Ending balance, Non-vested (in shares) | shares	14,003,905
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) | $ / shares	$ 37.93
Granted (in USD per share) | $ / shares	67.03
Vested (in USD per share) | $ / shares	22.54
Forfeited, expired or cancelled (in USD per share) | $ / shares	38.51
Ending balance, Non-vested (in USD per share) | $ / shares	$ 42.32

Equity Incentive Plans - Compon

Equity Incentive Plans - Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 93,189	$ 6,203
Capitalized into property, equipment and software, net	11,690	972
Total stock-based compensation expense	104,879	7,175
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	67,742	3,204
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	20,067	2,213
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	5,024	760
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 356	$ 26

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax Expense	$ 171	$ 97

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Additional Information (Details)	Jan. 12, 2021
Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, stock split	0.5
Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, stock split	0.5

Net Loss per Share Attributab_4

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
	Sep. 30, 2021	Sep. 30, 2020
Numerator, Basic
Net Loss	$ (306,615)	$ (3,946)
Net Loss Attributable to Common Stockholders		(3,946)
Numerator, Diluted
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		$ (31,862)
Denominator, Basic
Basic weighted average common shares outstanding (in shares)	271,677,516	64,778,024
Denominator, Diluted
Weighted average common shares attributable to convertible debt prior to conversion (in shares)		3,478,165
Total-diluted (in shares)	271,677,516	68,256,189
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (1.13)	$ (0.06)
Diluted (in USD per share)	$ (1.13)	$ (0.47)
Class A common stock
Numerator, Basic
Net Loss	$ (212,082)
Net Loss Attributable to Common Stockholders	(212,082)
Numerator, Diluted
Net Loss Attributable to Common Stockholders	$ (212,082)
Denominator, Basic
Basic weighted average common shares outstanding (in shares)	187,916,455
Denominator, Diluted
Total-diluted (in shares)	187,916,455
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (1.13)
Diluted (in USD per share)	$ (1.13)
Class B common stock
Numerator, Basic
Net Loss	$ (94,533)
Net Loss Attributable to Common Stockholders	(94,533)
Numerator, Diluted
Net Loss Attributable to Common Stockholders	$ (94,533)
Denominator, Basic
Basic weighted average common shares outstanding (in shares)	83,761,061
Denominator, Diluted
Total-diluted (in shares)	83,761,061
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (1.13)
Diluted (in USD per share)	$ (1.13)

Net Loss per Share Attributab_5

Net Loss per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	50,358,651	214,329,782
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)	0	148,384,433
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)	36,354,746	42,213,842
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)	14,003,905	7,802,245
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)	0	15,929,262

Segments and Geographical Inf_3

Segments and Geographical Information - Additional Information (Details)	3 Months Ended
	Sep. 30, 2021segment
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
	Sep. 30, 2021	Sep. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 269,385	$ 173,978
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	261,603	172,242
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 7,782	$ 1,736

Segments and Geographical Inf_5

Segments and Geographical Information - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 143,487	$ 120,327
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	140,935	118,076
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 2,552	$ 2,251

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Class A common stock	Nov. 10, 2021$ / sharesshares
Subsequent Event [Line Items]
Exercise price of warrants (in USD per share) | $ / shares	$ 100
First Warrant Shares
Subsequent Event [Line Items]
Shares purchased by warrants (in shares) | shares	7,000,000
Exercise price of warrants (in USD per share) | $ / shares	$ 0.01
Second Warrant Shares
Subsequent Event [Line Items]
Shares purchased by warrants (in shares) | shares	15,000,000