Affirm (AFRM) 10-Q 12 May 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Mar. 31, 2022	May 10, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	Q3
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		226,270,872
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		60,159,497

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Assets
Cash and cash equivalents	$ 2,261,937	$ 1,466,558
Restricted cash	413,628	226,074
Securities available for sale at fair value	617,023	16,170
Loans held for sale	3,618	13,030
Loans held for investment	2,502,860	2,022,320
Allowance for credit losses	(159,475)	(117,760)
Loans held for investment, net	2,343,385	1,904,560
Accounts receivable, net	124,614	91,575
Property, equipment and software, net	141,658	62,499
Goodwill	547,393	516,515
Intangible assets	60,890	67,930
Commercial agreement assets	287,129	227,377
Other assets	230,451	274,679
Total Assets	7,031,726	4,866,967
Liabilities:
Accounts payable	48,985	57,758
Payable to third-party loan owners	35,962	50,079
Accrued interest payable	2,992	2,751
Accrued expenses and other liabilities	313,307	323,577
Convertible senior notes, net	1,705,624	0
Notes issued by securitization trusts	1,447,568	1,176,673
Funding debt	901,233	680,602
Total liabilities	4,455,671	2,291,440
Commitments and contingencies (Note 8)
Stockholders’ equity:
Additional paid in capital	3,987,881	3,467,236
Accumulated deficit	(1,419,506)	(898,485)
Accumulated other comprehensive gain (loss)	7,677	6,773
Total stockholders’ equity	2,576,055	2,575,527
Total Liabilities and Stockholders’ Equity	7,031,726	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	Mar. 31, 2022	Jun. 30, 2021
Assets of consolidated VIEs, included in total assets above
Restricted cash	$ 413,628	$ 226,074
Loans held for investment	2,502,860	2,022,320
Allowance for credit losses	(159,475)	(117,760)
Loans held for investment, net	2,343,385	1,904,560
Accounts receivable, net	124,614	91,575
Other assets	230,451	274,679
Total Assets	7,031,726	4,866,967
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	48,985	57,758
Accrued interest payable	2,992	2,751
Accrued expenses and other liabilities	313,307	323,577
Notes issued by securitization trusts	1,447,568	1,176,673
Funding debt	901,233	680,602
Total liabilities	4,455,671	2,291,440
Consolidated Variable Interest Entities
Assets of consolidated VIEs, included in total assets above
Restricted cash	290,661	142,385
Loans held for investment	2,214,932	1,743,810
Allowance for credit losses	(125,115)	(94,463)
Loans held for investment, net	2,089,817	1,649,347
Accounts receivable, net	8,195	8,209
Other assets	12,398	3,683
Total Assets	2,401,071	1,803,624
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	2,960	2,927
Accrued interest payable	2,941	2,613
Accrued expenses and other liabilities	12,433	3,820
Notes issued by securitization trusts	1,447,568	1,176,673
Funding debt	734,430	607,394
Total liabilities	2,200,332	1,793,427
Total net assets	$ 200,739	$ 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)	225,617,857	181,131,728
Common stock, outstanding (in shares)	225,617,857	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)	60,160,468	88,226,376
Common stock, outstanding (in shares)	60,160,468	88,226,376

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Revenue
Revenue	$ 144,223	$ 111,808	$ 409,507	$ 321,481
Interest income	134,599	94,530	390,256	222,624
Gain on sales of loans	52,484	16,350	141,153	47,344
Servicing income	23,456	7,977	44,242	17,235
Total Revenue, net	354,762	230,665	985,158	608,684
Operating Expenses
Loss on loan purchase commitment	46,853	62,054	163,796	195,690
Provision for credit losses	66,294	(1,063)	182,581	40,389
Funding costs	15,824	14,665	50,277	37,077
Processing and servicing	43,371	21,368	110,421	51,668
Technology and data analytics	110,291	104,806	283,293	180,208
Sales and marketing	156,214	58,184	363,650	119,878
General and administrative	142,466	179,999	419,962	253,188
Total Operating Expenses	581,313	440,013	1,573,980	878,098
Operating Loss	(226,551)	(209,348)	(588,822)	(269,414)
Other (expense) income, net	172,139	(77,773)	68,507	(48,088)
Loss Before Income Taxes	(54,412)	(287,121)	(520,315)	(317,502)
Income tax expense (benefit)	259	(70)	706	105
Net Loss	(54,671)	(287,051)	(521,021)	(317,607)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	5,406	2,829	3,945	5,048
Unrealized gain (loss) on securities available for sale, net	(2,105)	0	(3,041)	0
Net Other Comprehensive Income (Loss)	3,301	2,829	904	5,048
Comprehensive Loss	$ (51,370)	$ (284,222)	$ (520,117)	$ (312,559)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ (0.19)	$ (1.23)	$ (1.86)	$ (2.60)
Diluted (in USD per share)	$ (0.19)	$ (1.23)	$ (1.86)	$ (2.80)
Weighted average common shares outstanding
Basic (in shares)	285,641,820	233,309,590	279,570,015	122,161,508
Diluted (in shares)	285,641,820	233,309,590	279,570,015	123,329,359
Merchant network revenue
Revenue
Revenue	$ 121,054	$ 97,999	$ 340,385	$ 290,894
Virtual card network revenue
Revenue
Revenue	$ 23,169	$ 13,809	$ 69,122	$ 30,587

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (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 upon exercise of stock option (in shares)				388,246
Issuance of common stock upon exercise of stock option	1,741				1,741
Repurchases of common stock (in shares)				(115,625)
Repurchases of common stock	(584)				(584)
Stock-based compensation	7,175				7,175
Foreign currency translation adjustments	405							405
Net Loss	(3,946)					(3,946)
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
Conversion of convertible debt	(42,124)				(42,124)
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, 2020			122,115,971
Beginning balance, Redeemable Convertible Preferred Stock at Jun. 30, 2020			$ 804,170
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Mar. 31, 2021			0
Ending balance, Redeemable Convertible Preferred Stock at Mar. 31, 2021			$ 0
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]
Foreign currency translation adjustments	5,048
Net Loss	(317,607)
Ending balance, Common Stock (in shares) at Mar. 31, 2021				264,658,118
Ending balance at Mar. 31, 2021	2,405,698			$ 3	3,175,714	(774,765)		4,746
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Sep. 30, 2020			148,384,433
Beginning balance, Redeemable Convertible Preferred Stock at Sep. 30, 2020			$ 1,327,163
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)			12,546
Issuance of redeemable convertible preferred stock, net of issuance costs			$ 108
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2020			148,396,979
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2020			$ 1,327,271
Beginning balance, Common Stock (in shares) at Sep. 30, 2020				53,031,446
Beginning balance at Sep. 30, 2020	(346,764)			$ 0	114,226	(461,093)		103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)				6,220,024
Issuance of common stock upon exercise of stock option	21,676				21,676
Repurchases of common stock (in shares)				(12,100)
Repurchases of common stock	(199)				(199)
Stock-based compensation	6,774				6,774
Foreign currency translation adjustments	1,814							1,814
Net Loss	(26,610)					(26,610)
Ending balance, Common Stock (in shares) at Dec. 31, 2020				59,239,370
Ending balance at Dec. 31, 2020	(343,309)			$ 0	142,477	(487,703)		1,917
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible debt (in shares)			(148,396,979)
Conversion of convertible debt			$ (1,327,271)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Mar. 31, 2021			0
Ending balance, Redeemable Convertible Preferred Stock at Mar. 31, 2021			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)				4,721,033
Issuance of common stock upon exercise of stock option	19,819				19,819
Issuance of common stock for acquisition (in shares)				6,209,806
Issuance of common stock in acquisition	117,023				117,023
Vesting of restricted stock units (in shares)				2,225,411
Repurchases of common stock (in shares)				(1,666)
Repurchases of common stock	(3)				(3)
Stock-based compensation	187,883				187,883
Tax withholding on stock-based compensation	(127,566)				(127,566)
Foreign currency translation adjustments	2,829							2,829
Net Loss	(287,051)					(287,051)
Vesting and exercise of warrants for common stock (in shares)				15,577,185
Vesting and exercise of warrants for common stock	203,511				203,511
Issuance of common stock (in shares)				28,290,000
Issuance of common stock	1,305,302			$ 1	1,305,301
Conversion of redeemable convertible preferred stock (in shares)				148,396,979
Conversion of redeemable convertible preferred stock	1,327,260			$ 2	1,327,269	(11)
Ending balance, Common Stock (in shares) at Mar. 31, 2021				264,658,118
Ending balance at Mar. 31, 2021	2,405,698			$ 3	3,175,714	(774,765)		4,746
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 upon exercise of stock option (in shares)				7,403,503
Issuance of common stock upon exercise of stock option	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	(4)				(4)
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	2,377,359			$ 3	3,579,764	(1,205,100)		2,692
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 upon exercise of stock option (in shares)	12,986,539
Foreign currency translation adjustments	$ 3,945
Net Loss	(521,021)
Ending balance, Common Stock (in shares) at Mar. 31, 2022				285,778,325
Ending balance at Mar. 31, 2022	2,576,055			$ 3	3,987,881	(1,419,506)		7,677
Beginning balance, Common Stock (in shares) at Sep. 30, 2021				277,717,172
Beginning balance at Sep. 30, 2021	2,377,359			$ 3	3,579,764	(1,205,100)		2,692
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)				4,689,973
Issuance of common stock upon exercise of stock option	21,674				21,674
Vesting of restricted stock units (in shares)				803,263
Stock-based compensation	101,920				101,920
Tax withholding on stock-based compensation	(72,963)				(72,963)
Foreign currency translation adjustments	2,341							2,341
Unrealized gain (loss) on securities available for sale	(657)							(657)
Net Loss	(159,735)					(159,735)
Vesting of warrants for common stock	198,383				198,383
Ending balance, Common Stock (in shares) at Dec. 31, 2021				283,210,408
Ending balance at Dec. 31, 2021	2,468,322			$ 3	3,828,778	(1,364,835)		4,376
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)				1,258,865
Issuance of common stock upon exercise of stock option	8,171				8,171
Vesting of restricted stock units (in shares)				1,318,524
Repurchases of common stock (in shares)				(9,472)
Repurchases of common stock	(80)				(80)
Stock-based compensation	113,005				113,005
Tax withholding on stock-based compensation	(54,162)				(54,162)
Foreign currency translation adjustments	5,406							5,406
Unrealized gain (loss) on securities available for sale	(2,105)							(2,105)
Net Loss	(54,671)					(54,671)
Vesting of warrants for common stock	92,169				92,169
Ending balance, Common Stock (in shares) at Mar. 31, 2022				285,778,325
Ending balance at Mar. 31, 2022	$ 2,576,055			$ 3	$ 3,987,881	$ (1,419,506)		$ 7,677

CONDENSED CONSOLIDATED STATEM_3

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

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities
Net Loss	$ (521,021)	$ (317,607)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	182,581	40,389
Amortization of premiums and discounts on loans, net	(129,714)	(60,705)
Gain on sales of loans	(141,153)	(47,344)
Changes in fair value of assets and liabilities	(38,821)	45,310
Amortization of commercial agreement assets	72,804	50,097
Amortization of debt issuance costs	13,215	3,675
Amortization of discount on securities available for sale	968	0
Commercial agreement warrant expense	157,023	0
Stock-based compensation	280,113	192,363
Depreciation and amortization	35,607	12,092
Other	(5,725)	18,163
Purchases of loans held for sale	(3,869,327)	(1,640,672)
Proceeds from the sale of loans held for sale	3,868,919	1,599,554
Change in operating assets and liabilities:
Accounts receivable, net	(42,467)	(6,461)
Other assets	28,018	(208,798)
Accounts payable	(8,773)	4,064
Payable to third-party loan owners	(14,117)	11,526
Accrued interest payable	240	2,535
Accrued expenses and other liabilities	28,545	128,602
Net Cash Used in Operating Activities	(103,085)	(173,217)
Cash Flows from Investing Activities
Purchases and origination of loans held for investment	(7,529,324)	(4,313,834)
Proceeds from the sale of loans held for investment	1,330,341	348,195
Principal repayments and other loan servicing activity	5,867,583	3,002,351
Acquisition, net of cash and restricted cash acquired	(5,999)	(104,776)
Acquisition of commercial agreement assets	0	(25,900)
Additions to property, equipment and software	(59,254)	(12,414)
Purchases of securities available for sale	(770,047)	0
Proceeds from maturities and repayments of securities available for sale	191,854	0
Other investing cash inflows (outflows)	(10,775)	0
Net Cash Used in Investing Activities	(985,621)	(1,106,378)
Cash Flows from Financing Activities
Proceeds from issuance of convertible debt, net	1,704,300	0
Proceeds from funding debt	2,776,245	2,413,905
Payment of debt issuance costs	(8,154)	(11,266)
Principal repayments of funding debt	(2,572,876)	(2,555,699)
Proceeds from issuance of notes and residual trust certificates by securitization trusts	499,494	1,396,229
Principal repayments of notes issued by securitization trusts	(233,723)	(144,503)
Proceeds from issuance of redeemable convertible preferred stock, net	0	434,542
Conversion of redeemable convertible preferred stock	0	(13)
Proceeds from initial public offering, net	0	1,305,301
Proceeds from exercise of common stock options and warrants and contributions to ESPP	67,740	43,815
Repurchases of common stock	(84)	(786)
Payments of tax withholding for stock-based compensation	(166,942)	(127,566)
Net Cash Provided by Financing Activities	2,066,000	2,753,959
Effect of exchange rate changes on cash, cash equivalents and restricted cash	5,639	4,510
Net Increase in Cash, Cash Equivalents and Restricted Cash	982,933	1,478,874
Cash, Cash equivalents and Restricted cash, Beginning of period	1,692,632	328,128
Cash, Cash Equivalents and Restricted Cash, End of Period	2,675,565	1,807,002
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	2,261,937	1,623,672
Restricted cash	413,628	183,330
Total Cash, Cash Equivalents and Restricted Cash	2,675,565	1,807,002
Supplemental Disclosures of Cash Flow Information
Cash payments for interest expense	34,325	28,575
Cash paid for operating leases	11,989	9,726
Cash paid for income taxes	99	81
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Stock-based compensation included in capitalized internal-use software	39,691	7,792
Issuance of common stock in connection with acquisition	10,000	117,023
Securities retained under unconsolidated securitization transactions	22,067	0
Right of use assets obtained in exchange for operating lease liabilities	3,421	78,421
Additions to property and equipment included in accrued expenses	107	24
Issuance of warrants in exchange for commercial agreement	0	270,579
Conversion of convertible debt	$ 0	$ 88,559

Business Description

Business Description	9 Months Ended
	Mar. 31, 2022
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, partnerships with originating banks, and capital markets partners, 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 solutions. Consumers get the flexibility to buy now and make simple regular payments for their purchases and merchants see increased average order value, repeat purchase rates, 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	9 Months Ended
	Mar. 31, 2022
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. 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 variable consideration for revenue, the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, 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 securitization trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation, including the fair value of warrants issued to nonemployees. 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 as previously reported. 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 as previously reported. Accordingly, we have corrected 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 We also determined that stock based compensation previously recorded during the three and nine months ended March 31, 2021 was understated by $25.0 million, as the estimated fair value of RSUs granted during the three months ended December 31, 2020 did not reflect an increase in share value due to the anticipated IPO. Such matter was corrected and properly reported in our consolidated financial statements as of and for the year ended June 30, 2021, and is prospectively corrected in the accompanying unaudited interim financial statements for the three and nine months ended March 31, 2021. As a result, the accompanying unaudited interim financial information for the three and nine months ended March 31, 2021 has been corrected to reflect the total combined increase in stock based compensation expense of $40.0 million from amounts previously reported. We determined, based on consideration of quantitative and qualitative factors, that the errors had an immaterial impact, individually and in aggregate, on our previously issued financial statements. The following tables show the affected line items (in thousands) for the periods ended March 31, 2021. Three Months Ended March 31, 2021 As Previously Reported Adjustments As Corrected Consolidated Statement of Operations and Comprehensive Loss Processing and servicing 21,335 33 21,368 Technology and data analytics 98,728 6,078 104,806 Sales and marketing 57,549 635 58,184 General and administrative 146,853 33,146 179,999 Total Operating Expenses 400,121 39,892 440,013 Loss Before Income Taxes (247,229) (39,892) (287,121) Net Loss Attributable to Common Stockholders (247,159) (39,892) (287,051) Net loss per share attributable to common stockholders for Class A and Class B: Basic $ (1.06) $ (0.17) $ (1.23) Diluted $ (1.06) $ (0.17) $ (1.23) Nine Months Ended March 31, 2021 As Previously Reported Adjustments As Corrected Consolidated Statement of Operations and Comprehensive Loss Processing and servicing 51,635 33 51,668 Technology and data analytics 174,130 6,078 180,208 Sales and marketing 119,243 635 119,878 General and administrative 220,042 33,146 253,188 Total Operating Expenses 838,206 39,892 878,098 Loss Before Income Taxes (277,610) (39,892) (317,502) Net Loss Attributable to Common Stockholders (277,715) (39,892) (317,607) Net loss per share attributable to common stockholders for Class A and Class B: Basic $ (2.27) $ (0.33) $ (2.60) Diluted $ (2.48) $ (0.32) $ (2.80) Three Months Ended March 31, 2021 As Previously Reported Adjustments As Corrected Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) Stock-based compensation - Additional Paid-In Capital 146,314 41,569 187,883 Net Loss - Accumulated Deficit (247,159) (39,892) (287,051) Balance as of March 31, 2021 - Total Stockholders' Equity 2,404,021 1,677 2,405,698 Nine Months Ended March 31, 2021 As Previously Reported Adjustments As Corrected Consolidated Statement of Cash Flows Cash Flows from Operating Activities Net Loss (277,715) (39,892) (317,607) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 152,471 39,892 192,363 Net Cash Used in Operating Activities (173,217) — (173,217) Significant Accounting Policies Except for the addition of policies described below for securities available for sale, 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. Securities Available for Sale We hold certain investments in marketable debt securities and retained interests in our unconsolidated securitization trusts 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. With respect to retained interests in our securitization trusts, we apply the guidance in ASC Topic 325, “Investments - Other” (“ASC 325”) relating to beneficial interests. Accordingly, we recognize interest income each period based on the effective interest rate calculated using expected cash flows. Changes in the timing of expected cash flows are accounted for prospectively through an adjustment to interest income. When fair value is below amortized cost, we record an allowance for credit losses measured based on the difference between amortized cost and projected cash flows discounted at the effective interest rate. The allowance for credit losses is capped at the difference between amortized cost and fair value. Refer to Note 12. Investments for additional information. Sales and Marketing Costs Sales and marketing costs include the expense related to warrants and other share-based payments granted to our enterprise partners. See Note 6. Balance Sheet Components for more information on these arrangements. Sales and marketing costs also include salaries and personnel-related costs, as well as costs of general marketing and promotional activities, promotional event programs, sponsorships, and allocated overhead. A portion of these costs related to general marketing and promotional activities are considered advertising costs within the meaning of ASC Topic 720, “Other Expenses” (“ASC 720”), and are expensed as incurred. Advertising costs totaled $12.2 million and $55.6 million for the three and nine months ended March 31, 2022, respectively, and $9.1 million and $24.4 million for the three and nine months ended March 31, 2021, respectively. Recently Adopted Accounting Standards 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 impact on our financial statements as of the adoption date. As further discussed in Note 10. Debt , the Company issued certain convertible senior notes in November 2021, and the accounting for these instruments was based on the guidance in ASU 2020-06. Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected phase out of the London Interbank Offered Rate (“LIBOR”). This ASU is effective for all entities upon issuance as of March 12, 2020 through December 31, 2022. In January 2021, the FASB also issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which provides additional optional expedients and exceptions applicable to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This ASU is effective for all entities upon issuance as of January 7, 2021 through December 31, 2022. We have reviewed all our financial agreements that utilize LIBOR as the reference rate and determined there is no material impact to our interim condensed consolidated financial statements as of March 31, 2022. Throughout the remaining effective period for ASU 2020-04 and ASU 2021-01, we will continue to evaluate the available relief measures within each of these amendments and will determine any impact on our consolidated financial statements and disclosures, as applicable. Business Combinations In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Topic 606 (Revenue from Contracts with Customers). ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted, including for interim periods, and is applicable to all business combinations for which the acquisition date occurs within the beginning of the fiscal year of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Financial Instruments - Credit Losses In March 2022, the FASB issued ASU 2022-02, “Financial Instruments— Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosure” which addresses areas identified by the FASB as part of its post-implementation review of the current expected credit losses model or “CECL” previously issued in ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)”. The amendments in this ASU eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases in the vintage disclosures. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. Amendments in this ASU should be applied prospectively except for the transition method related to the accounting for troubled debt restructurings in which an entity has the option to apply a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Interest Income

Interest Income	9 Months Ended
	Mar. 31, 2022
Banking and Thrift, Interest [Abstract]
Interest Income	Interest Income Interest income consisted of the following components (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 Interest income on unpaid principal balance $ 95,253 $ 65,921 $ 266,868 162,666 Amortization of discount on loans 45,443 31,625 138,853 68,843 Amortization of premiums on loans (3,407) (2,373) (9,139) (6,449) Interest receivable charged-off, net of recoveries (2,690) (643) (6,326) (2,436) Total interest income $ 134,599 $ 94,530 $ 390,256 $ 222,624

Loans Held for Investment and A

Loans Held for Investment and Allowance for Credit Losses	9 Months Ended
	Mar. 31, 2022
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): March 31, 2022 June 30, 2021 Unpaid principal balance $ 2,528,197 $ 2,058,863 Accrued interest receivable 20,390 15,466 Premiums on loans held for investment 8,580 7,071 Less: Discount due to loss on loan purchase commitment (1) (29,196) (53,177) Less: Discount due to loss on self-originated loans (1) (20,305) — Less: Fair value adjustment on loans acquired through business combination (4,806) (5,903) Total loans held for investment $ 2,502,860 $ 2,022,320 (1) As of June 30, 2021, discount due to loss on self-originated loans, in the amount of $6.2 million, was included with discount due to loss on loan purchase commitment. 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 $3,013.8 million and $8,631.2 million for the three and nine months ended March 31, 2022, respectively, and $2,031.2 million and $5,620.8 million for the three and nine months ended March 31, 2021, 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 for our self-originated loans and originating bank partner loans, 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 and loans held for sale (in thousands) as of March 31, 2022: Amortized Costs Basis by Fiscal Year of Origination 2022 2021 2020 2019 2018 Prior Total 96+ $ 1,162,905 $ 201,085 $ 44,799 $ 598 $ 1 $ — $ 1,409,388 94 – 96 549,083 33,978 1,192 35 2 — 584,290 90 – 94 219,475 12,631 77 4 — — 232,187 <90 59,324 426 3 — — — 59,753 No score (1) 165,593 29,002 5,115 626 127 7 200,470 Total loan receivables $ 2,156,380 $ 277,122 $ 51,186 $ 1,263 $ 130 $ 7 $ 2,486,088 (1) This balance represents loan receivables in new markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada and Australia. Net Charge-offs by Fiscal Year of Origination 2022 2021 2020 2019 2018 Prior Total Current period charge-offs (50,207) (16,790) (250) (32) (1) — (67,280) Current period recoveries 2,080 2,479 777 669 250 190 6,445 Current period net charge-offs $ (48,127) $ (14,311) $ 527 $ 637 $ 249 $ 190 $ (60,835) Loan receivables are defined as past due if either the principal or interest have not been received within four March 31, 2022 June 30, 2021 Non-delinquent loans $ 2,330,666 $ 1,939,976 4 – 29 calendar days past due 63,010 43,838 30 – 59 calendar days past due 33,471 17,267 60 – 89 calendar days past due 30,231 12,044 90 – 119 calendar days past due 28,710 6,759 Total amortized cost basis $ 2,486,088 $ 2,019,884 We maintain an allowance for credit losses at a level sufficient to absorb expected credit losses based on evaluating known and inherent risks in our loan portfolio. The allowance for credit losses is determined based on our current estimate of expected credit losses over the remaining contractual term, historical credit losses, consumer payment trends, estimates of recoveries, and future expectations as of each balance sheet date. Adjustments to the allowance each period for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our interim condensed consolidated statements of operations and comprehensive loss. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit losses. Loans are charged-off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses. The following table details activity in the allowance for credit losses (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 158,289 $ 124,992 117,760 95,137 Adjustment due to adoption of new accounting standard — — — 10,083 Provision for credit losses 62,021 (993) 172,720 39,190 Charge-offs (67,280) (14,537) (145,307) (40,377) Recoveries of charged-off receivables 6,445 4,292 14,302 9,721 Balance at end of period $ 159,475 $ 113,754 159,475 113,754

Business Combination

Business Combination	9 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combinations 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 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 $0.2 million for the nine months ended March 31, 2022, which are included in general and administrative expense within the interim condensed consolidated statements of operations and comprehensive loss. There were no transaction costs associated with the acquisition for the three months ended March 31, 2022. 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 consolidated statements of operations and comprehensive loss for the three and nine months ended March 31, 2021. Kite On June 1, 2021, Affirm completed the acquisition of technology and intellectual property from Manhattan Engineering, Inc. and entered into employment arrangements with certain of its employees (“the Kite acquisition”). The purchase price was comprised of $26.0 million in cash, including $9.0 million held in escrow and subject to forfeiture if certain employees terminate within a stipulated time period. The acquisition date fair value of the consideration transferred was approximately $24.8 million which consisted of the following (in thousands): Cash $ 26,000 Less: Fair value of contingent consideration asset $ (1,241) Total acquisition date fair value of consideration transferred $ 24,759 The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with 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 the value of 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 $24.8 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Intangible assets $ 6,975 Net assets acquired 6,975 Goodwill $ 17,784 Total purchase price $ 24,759 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 Developed technology $ 6,900 3.0 Trademarks 75 1.0 Total intangible assets $ 6,975 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 represent Level 3 measurements. During the year ended June 30, 2021, we incurred transaction costs associated with the acquisition in the amount of approximately $0.2 million which are included in general and administrative expense in the 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, 2019. Such adjustments would not be material to the consolidated statements of operations and comprehensive loss for the three and nine months ended March 31, 2021. Returnly On May 1, 2021, Affirm completed a merger transaction with Returnly Technologies, Inc. (“Returnly”), a leading provider of online return experiences for direct-to-consumer brands. Prior to the merger transaction, Affirm owned approximately 1% of the outstanding shares of Returnly. By effect of the merger transaction, Affirm acquired all of the remaining outstanding shares, increasing its equity interest from approximately 1% to 100%. We have included the financial results of Returnly in our interim condensed consolidated financial statements from the date of acquisition. The purchase price for the remaining interest was comprised of (i) approximately $71.5 million in cash and (ii) 2,989,697 shares of our common stock issued to the shareholders of Returnly at closing. We also issued 304,364 shares of our common stock, which are held in escrow and subject to forfeiture upon the termination of certain employees or if certain revenue milestones are not met. Because the future payment of the escrowed shares is contingent on continued employment, the arrangement represents stock-based compensation in the post combination period. Refer to Note 15. Equity Incentive Plans for additional information on the escrowed share arrangement. The acquisition date fair value of the consideration transferred for Returnly was approximately $286.0 million, which consisted of the following (in thousands): Cash $ 71,484 Fair value of common stock transferred 214,475 Total acquisition date fair value of consideration transferred $ 285,959 The acquisition date fair value of the equity interest in Returnly held by Affirm immediately before the acquisition date was $2.1 million, resulting in the recognition of a $1.6 million gain included in other (expense) income, net in the interim condensed consolidated statements of operations and comprehensive loss. The acquisition of Returnly was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC 805. The acquired Returnly assets, including identifiable intangible assets and liabilities assumed, 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, new customer acquisitions, and the value of assembled workforce. Goodwill is not expected to be deductible for income tax purposes. The following table summarizes the allocation of the fair value of the consideration paid and the previously held equity interest of approximately $288.1 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash and cash equivalents $ 3,788 Accounts receivable, net 9,585 Property, equipment and software 127 Intangible assets 45,900 Other assets 1,830 Total assets acquired $ 61,230 Accounts payable 594 Accrued expenses and other liabilities 6,205 Total liabilities assumed $ 6,799 Net assets acquired $ 54,431 Goodwill 233,623 Total fair value of consideration transferred and previously held investment $ 288,054 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 Developed technology $ 16,200 3.0 Merchant relationships 29,200 5.0 Trade name 500 1.0 Total intangible assets $ 45,900 The fair value of the merchant relationship intangible asset was estimated by applying the income approach, which is based upon the discounted projected future cash flows attributable to the existing merchant relationships. The fair value of the developed technology intangible asset was determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represent Level 3 measurements. During the year ended June 30, 2021, we incurred transaction costs associated with the acquisition costs in the amount of approximately $1.8 million which are included in general and administrative expense in the consolidated statements of operations and comprehensive loss. Unaudited Pro Forma Information The following table reflects the pro forma consolidated total revenue and net loss for the periods presented as if the acquisition of Returnly had occurred on July 1, 2019 and combines the historical results of Affirm and Returnly. This supplemental unaudited pro forma information is based upon accounting estimates and judgments that we believe are reasonable and includes certain adjustments to conform accounting standards to U.S. GAAP. This supplemental unaudited pro forma financial information has been prepared for illustrative purposes only and is not necessarily indicative of what actual results would have occurred, or of results that may occur in the future. Three Months Ended Nine Months Ended 2021 2021 Revenue $ 234,271 $ 618,356 Net loss $ (291,597) $ (329,540) PayBright On January 1, 2021, Affirm Canada Holdings Ltd. (“Affirm Canada”), a subsidiary of Affirm, and Affirm acquired all outstanding stock of PayBright, Inc., one of Canada’s leading buy now, pay later providers, for approximately $288.8 million. We have included the financial results of PayBright in our interim condensed consolidated financial statements from the date of acquisition. The purchase price was comprised of (i) approximately $114.5 million in cash, (ii) 3,622,445 shares of our common stock issued to the shareholders of PayBright at closing and (iii) 2,587,362 shares of our common stock held in escrow and subject to forfeiture if certain revenue milestones are not met. On January 12, 2021, these shares were reclassified into an aggregate of 1,811,222 shares of our Class A common stock and 1,811,222 shares of our Class B common stock issued to the shareholders of PayBright at closing and an aggregate of 1,293,681 shares of our Class A common stock and 1,293,681 shares of our Class B common stock held in escrow. The acquisition date fair value of the consideration transferred for PayBright was approximately $288.8 million, which consisted of the following (in thousands): Cash $ 114,490 Fair value of common stock transferred 116,989 Fair value of contingent consideration 57,275 Total purchase price $ 288,754 For further details on our fair value methodology with respect to the contingent consideration, see Note 13. Fair Value of Financial Assets and Liabilities. The acquisition of PayBright was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC 805. The acquired PayBright assets, including identifiable intangible assets and liabilities assumed, 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, new customer acquisitions, and the value of assembled workforce in Canada. Goodwill is not expected to be deductible for income tax purposes. The following table summarizes the allocation of the consideration paid of approximately $288.8 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash and cash equivalents $ 8,219 Restricted cash 1,469 Loans held for investment 89,570 Accounts receivable, net 1,537 Property, equipment and software, net 586 Intangible assets 16,653 Other assets 5,651 Total assets acquired $ 123,685 Accounts payable 6,579 Accrued interest payable 23 Accrued expenses and other liabilities 193 Funding debt 85,310 Total liabilities assumed $ 92,105 Net assets acquired $ 31,580 Goodwill 257,174 Total purchase price $ 288,754 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 Developed technology $ 6,127 3.0 Merchant relationships 9,505 4.0 Trade name 1,021 5.0 Total intangible assets $ 16,653 During the year ended June 30, 2021, we incurred transaction costs associated with the acquisition costs in the amount of approximately $2.4 million, which are included in general and administrative expense in the consolidated statements of operations and comprehensive loss. Unaudited Pro Forma Information The following table reflects the pro forma consolidated total revenue and net loss for the periods presented as if the acquisition of PayBright had occurred on July 1, 2019 and combines the historical results of Affirm and PayBright. This supplemental unaudited pro forma information is based upon accounting estimates and judgments that we believe are reasonable and includes certain adjustments to conform accounting standards to U.S. GAAP. This supplemental unaudited pro forma financial information has been prepared for illustrative purposes only and is not necessarily indicative of what actual results would have occurred, or of results that may occur in the future. Nine Months Ended 2021 Revenue $ 617,340 Net loss $ (347,511)

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Mar. 31, 2022
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 $12.0 million and $4.1 million as of March 31, 2022 and June 30, 2021, respectively. Goodwill and Intangible Assets The changes in the carrying amount of goodwill during the nine months ended March 31, 2022 were as follows (in thousands): Balance as of June 30, 2021 $ 516,515 Additions 33,410 Effect of foreign currency translation (2,532) Balance as of March 31, 2022 $ 547,393 Refer to Note 5. Business Combinations for a description of additions to goodwill during the nine months ended March 31, 2022. No impairment losses related to goodwill were recorded during the nine months ended March 31, 2022 and 2021. Intangible assets consisted of the following (in thousands): March 31, 2022 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 38,657 $ (8,335) $ 30,322 3.8 Developed technology 39,967 (12,715) 27,252 2.2 Trademarks and domains, definite 1,538 (718) 820 2.8 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 82,658 $ (21,768) $ 60,890 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 (1) 3,769 (194) 3,575 3.3 Other intangibles 350 — 350 Indefinite Total intangible assets $ 73,246 $ (5,316) $ 67,930 (1) As of June 30, 2021, trademarks and domains included both definite and indefinite intangible assets. Amortization expense for intangible assets was $5.5 million and $16.4 million for the three and nine months ended March 31, 2022, respectively, and $1.2 million for both the three and nine months ended March 31, 2021. No impairment losses related to intangible assets were recorded during the three and nine months ended March 31, 2022 and 2021. The expected future amortization expense of these intangible assets as of March 31, 2022 is as follows (in thousands): 2022 (remaining three months) $ 5,406 2023 21,416 2024 19,287 2025 7,274 2026 and thereafter 5,011 Total amortization expense $ 58,394 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 March 31, 2022. During the three and nine months ended March 31, 2022, we recorded amortization expense related to the commercial agreement asset of $16.7 million and $50.7 million, respectively, and $16.7 million and $48.0 million for the three and nine months ended March 31, 2021, 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 and nine months ended March 31, 2022, we recorded amortization expense related to the asset of $2.0 million and $6.0 million respectively, and $2.1 million for the three and nine months ended March 31, 2021, respectively, in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. In November 2021, we entered into a commercial agreement with Amazon.com Services LLC and Amazon Payments, Inc. ("Amazon") and granted warrants in exchange for certain exclusivity and performance provisions and the benefit of acquiring new users. In connection with the agreements, we recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon execution of the agreement. The asset was valued based on the fair value of the warrants on the grant date and represents the probable future economic benefit to be realized over the approximately 3.2 year remaining initial term of the commercial agreement. For the three and nine months ended March 31, 2022, we recognized amortization expense of $10.2 million and $16.0 million respectively, in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Refer to Note 14. Redeemable Convertible Preferred Stock and Stockholders’ Equity for further discussion of the warrants. Other Assets Other assets consisted of the following (in thousands): March 31, 2022 June 30, 2021 Operating lease right-of-use assets $ 52,391 $ 57,828 Derivative instruments 43,437 2,880 Prepaid payroll taxes for stock-based compensation 35,172 111,278 Equity securities, at cost 33,172 11,278 Prepaid expenses 23,271 21,069 Processing reserves 21,240 14,042 Other receivables 15,055 26,423 Other assets 6,713 29,881 Total other assets $ 230,451 $ 274,679 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands) March 31, 2022 June 30, 2021 Contingent consideration liability $ 119,008 $ 153,447 Operating lease liability 67,905 74,952 Collateral held for derivative instruments 44,859 2,780 Accrued expenses 44,493 47,674 Commercial agreement liability — 25,357 Other liabilities 37,042 19,367 Total accrued expenses and other liabilities $ 313,307 $ 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 March 31, 2022, the fair value of the contingent consideration liability was $119.0 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	9 Months Ended
	Mar. 31, 2022
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 March 31, 2022, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to nine years. We have elected the practical expedient allowing the combination of lease and non-lease components by class of underlying asset. We have also elected the short-term lease exception and will not recognize right-of-use assets or lease liabilities for qualifying leases with a term of less than 12 months from lease commencement. 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 March 31, 2022 and June 30, 2021, respectively. 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. The impairment expense related to leases during the three and nine months ended March 31, 2022 was not material to our interim condensed consolidated statements of operations. For the three and nine months ended March 31, 2021, we recognized impairment expense of $11.1 million for several of our operating lease right-of-use assets, included in general and administrative expense on our interim condensed consolidated statements of operations and comprehensive loss. Total lease expense incurred for all locations totaled $3.9 million and $11.4 million for the three and nine months ended March 31, 2022, respectively, and $4.1 million and $12.0 million for the three and nine months ended March 31, 2021, respectively. Total lease expense incurred for short term leases with a term 12 months or less totaled $0.1 million and $0.3 million for the three and nine months ended March 31, 2022, respectively, and $0.2 million and $1.1 million for the three and nine months ended March 31, 2021, respectively. We have subleased a portion of our leased facilities. Sublease income totaled $0.9 million and $2.3 million during the three and nine months ended March 31, 2022, respectively. There was no sublease income during the three and nine months ended March 31, 2021. Lease term and discount rate information are summarized as follows: March 31, 2022 Weighted average remaining lease term (in years) 5.2 Weighted average discount rate 4.6% Maturities of lease liabilities as of March 31, 2022 are as follows (in thousands) for the years ended: 2022 (remaining three months) $ 4,075 2023 15,832 2024 15,812 2025 16,119 2026 and thereafter 25,638 Total lease payments 77,476 Less imputed interest (9,571) Present value of lease liabilities $ 67,905

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Mar. 31, 2022
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, or in cases where a loan was serviced or originated in violation of Affirm’s guidelines. 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 $4,036.4 million and $2,453.9 million as of March 31, 2022 and June 30, 2021, respectively, of which we have recorded a repurchase liability of $2.3 million and $2.1 million as of March 31, 2022 and June 30, 2021, respectively, 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. Toole v. Affirm Holdings, Inc. On February 28, 2022, plaintiff Jeffrey Toole filed a putative class action against Affirm and Max Levchin in the U.S. District Court for the Northern District of California (the “Toole action”). The Toole complaint alleges that Affirm violated Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder by issuing and then subsequently deleting a tweet from its official Twitter account on February 10, 2022, which omitted full details of Affirm’s second quarter fiscal 2022 financial results. Toole seeks class certification, unspecified compensatory and punitive damages, and costs and expenses. Vallieres v Levchin, et al. On April 25, 2022, plaintiff Michael Vallieres filed a derivative lawsuit in the U.S. District Court for the Northern District of California against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Toole action. The Vallieres complaint purports to assert claims on Affirm's behalf for breach of fiduciary duty, gross mismanagement, abuse of control, unjust enrichment, and contribution under the federal securities laws, and seeks corporate reforms, unspecified damages and restitution, and fees and costs. Concentrations of Credit Risk We have substantial credit risk primarily in our consumer loans held for investment and in our cash and cash equivalents. We maintain our cash and cash equivalents in accounts at regulated domestic financial institutions in amounts that may exceed FDIC insured amounts. We believe we are not exposed to any significant credit risk in these accounts. 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. Loans receivables are diversified geographically. As of March 31, 2022 and June 30, 2021, approximately 12% 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	9 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the outstanding balance and interest earned on such accounts is immaterial.

Debt

Debt	9 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Debt encompasses funding debt, convertible senior notes and our revolving credit facility. Funding Debt Funding debt and its aggregate future maturities consists of the following (in thousands): March 31, 2022 June 30, 2021 2022 $ 208,468 $ 104,159 2023 — 460,289 2024 393,480 22,705 2025 — — 2026 and thereafter 308,858 102,203 Total $ 910,806 $ 689,356 Deferred debt issuance costs (9,573) (8,754) Total funding debt, net of deferred debt issuance costs $ 901,233 $ 680,602 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 79% 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 fiscal years 2024 and 2029, and subject to covenant compliance, generally permit borrowings up to 12 months prior to the final maturity date of each respective facility. As of March 31, 2022, the aggregate commitment amount of these facilities was $1,975.0 million on a revolving basis, of which $702.0 million was drawn, with $1,272.7 million remaining available. Some of the loans originated by us or purchased from the originating bank partners are pledged as collateral for borrowings in our facilities. The unpaid principal balance of these loans totaled $803.7 million and $664.1 million as of March 31, 2022 and June 30, 2021, respectively. Borrowings under these warehouse credit facilities bear interest at an annual benchmark rate of LIBOR or 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 0.00% 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 minimum liquidity, maximum leverage, and minimum tangible net worth. As of March 31, 2022, 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 benchmark rate plus a spread ranging from 1.25% to 4.25%. As of March 31, 2022, the aggregate commitment amount of these facilities was $419.0 million on a revolving basis, of which $172.3 million was drawn, with $246.8 million remaining available. The unpaid principal balance of loans pledged to these facilities totaled $199.5 million as of March 31, 2022. These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth at the PayBright subsidiary level or the Affirm Holdings level. As of March 31, 2022, we were in compliance with all applicable covenants in the agreements. Repurchase Agreements We entered into certain sale and repurchase agreements pursuant to our retained interests in our off-balance sheet securitizations where we have sold these securities to a counterparty with an obligation to repurchase at a future date and price. The repurchase agreements each have an initial term of three months and subject to mutual agreement by Affirm and the counterparty, we may enter into a repurchase date extension for an additional three month term at market interest rates on such extension date. As of March 31, 2022, the interest rates were 1.58% for 2022-X1 and 1.79% for 2021-Z1 and 2021-Z2 on the senior pledged securities and 3.23% for 2022-X1and 3.44% for 2021-Z1 and 2021-Z2 on the residual certificate pledged securities. We had $36.2 million and $13.9 million in debt outstanding under our repurchase agreements disclosed within funding debt on the interim condensed consolidated balance sheets as of March 31, 2022 and June 30, 2021, respectively. The debt will be amortized through regular principal and interest payments on the pledged securities. The outstanding debt relates to $42.7 million and $16.2 million in pledged securities disclosed within securities available for sale at fair value on the interim condensed consolidated balance sheets as of March 31, 2022 and June 30, 2021, respectively. Convertible Senior Notes On November 23, 2021, we issued $1,725 million in aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The total net proceeds from this offering, after deducting debt issuance costs, were approximately $1,704 million. The 2026 Notes represent senior unsecured obligations of the Company. The 2026 Notes do not bear interest except in special circumstances described below, and the principal amount of the 2026 Notes does not accrete. The 2026 Notes mature on November 15, 2026. Each $1,000 of principal of the 2026 Notes will initially be convertible into 4.6371 shares of our common stock, which is equivalent to an initial conversion price of approximately $215.65 per share, subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2026 Notes (the “Indenture”). Holders of the 2026 Notes may convert their 2026 Notes at their option at any time on or after August 15, 2026 until close of business on the second scheduled trading day immediately preceding the maturity date of November 15, 2026. Further, holders of the 2026 Notes may convert all or any portion of their 2026 Notes at their option prior to the close of business on the business day immediately preceding August 15, 2026, only under the following circumstances: 1) during any calendar quarter commencing after March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; 2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2026 Notes) per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day; 3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or 4) upon the occurrence of certain specified corporate events. Upon conversion of the 2026 Notes, the Company will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as set forth in the Indenture) calculated on a proportionate basis for each trading day in a 40 trading day observation period. No sinking fund is provided for the 2026 Notes. We may not redeem the notes prior to November 20, 2024. We may redeem for cash all or part of the notes on or after November 20, 2024 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any. If a fundamental change (as defined in the Indenture) occurs prior to the maturity date, holders of the 2026 Notes may require us to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount of the 2026 Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. In addition, if specific corporate events occur prior to the maturity date of the 2026 Notes, we will be required to increase the conversion rate for holders who elect to convert their 2026 Notes in connection with such corporate events. The convertible senior notes outstanding as of March 31, 2022 consisted of the following (in thousands): Principal Amount Unamortized Discount and Issuance Cost Net Carrying Amount Convertible Senior Notes $ 1,725,000 $ (19,376) $ 1,705,624 The 2026 Notes do not bear interest. In the three and nine months ended March 31, 2022, we recognized $1.0 million and $1.4 million, respectively, of interest expense related to the amortization of debt discount and issuance costs in the interim condensed consolidated statement of operations and comprehensive loss within other (expense) income, net. As of March 31, 2022, the remaining life of the 2026 Notes is approximately 56 months. 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. We executed our right to terminate the revolving credit agreement effective December 15, 2021and no early termination penalties were incurred. We had not drawn on the facility and there was no outstanding balance to be repaid. Upon termination, we accelerated $1.2 million of issuance costs which were recorded in other (expense) income, net. On February 4, 2022, we entered into a revolving credit agreement with a syndicate of commercial banks for a $165.0 million unsecured revolving credit facility. This facility bears interest at a rate equal to, at our option, either (a) a Secured Overnight Financing Rate (“SOFR”) rate determined by reference to the forward-looking term SOFR rate for the interest period, plus an applicable margin of 1.85% 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 forward-looking term SOFR rate plus 1.0% per annum, in each case, plus an applicable margin of 0.85% per annum. The revolving credit agreement has a final maturity date of February 4, 2025. The facility contains certain covenants and restrictions, including certain financial maintenance covenants, and requires payment of a monthly unused commitment fee of 0.20% per annum on the undrawn balance available. There are no borrowings outstanding under the facility as of March 31, 2022.

Securitization and Variable Int

Securitization and Variable Interest Entities	9 Months Ended
	Mar. 31, 2022
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 and funding self-originated loans. 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 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. As of March 31, 2022, 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 2021-B (“2021-B”). Each securitization trust issued interest-bearing 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 $2,024.3 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 excess cash on the loans each collection period after all fees and required distributions have been made to the note holders on the related payment date. For 2020-Z1, 2020-A, 2021-A and 2021-B, all notes were sold to third-party investors and we retained 100% of the residual certificates issued by the securitization trusts. For 2020-Z2, all notes were sold to third-party investors and 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. The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs. March 31, 2022 Assets Liabilities Net Assets Warehouse credit facilities $ 839,670 $ 751,419 $ 88,251 Securitizations 1,561,401 1,448,913 112,488 Total consolidated VIEs $ 2,401,071 $ 2,200,332 $ 200,739 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 As of March 31, 2022, Affirm Asset Securitization Trust 2021-Z1 (“2021-Z1”), Affirm Asset Securitization Trust 2021-Z2 (“2021-Z2”) and Affirm Asset Securitization Trust 2022-X (“2022-X1”) were unconsolidated VIEs. We did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of March 31, 2022. 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 deconsolidating 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. 2021-Z2 On November 10, 2021, the notes under 2021-Z2 securitization were issued as a single class: Class A in the amount of $260.0 million (the “2021-Z2 notes”). The 2021-Z2 notes bear interest at a fixed rate of 1.17% and have a maturity date of November 16, 2026. Principal and interest payments began in January 2022 and are payable monthly. The 2021-Z2 securitization is secured by a static pool of loans which were contributed at the closing date to the 2021-Z2 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 $287.5 million. Of the loans sold to the 2021-Z2 trust, we purchased $192.5 million of loan receivables from one of our third-party loan buyers, which were contributed to the trust at closing. At closing, we retained only a 5% vertical interest in the 2021-Z2 trust via our ownership of 5% par amount of the 2021-Z2 notes and 5% par amount of the residual interests. We were required to retain these interests for compliance with U.S. risk retention rules. The third-party loan contributor received 95% of the residual certificates at closing. On the closing date of the 2021-Z2 trust, we recognized a gain on sales of loans sold to the trust of $6.1 million, w hich is included within gain on sales of loans in our interim condensed consolidated statements of operations and comprehensive loss . 2022-X1 On February 9, 2022, the notes under 2022-X1 securitization were issued as a single class: Class A in the amount of $366.5 million (the “2022-X1 notes”). The 2022-X1 notes bear interest at a fixed rate of 1.75% and have a maturity date of February 16, 2027. Principal and interest payments began in April 2022 and are payable monthly. The 2022-X1 securitization is secured by a static pool of loans which were contributed at the closing date to the 2022-X1 trust. The loans contributed at closing were facilitated through our technology platform and originated by us or purchased from our originating bank partners, with an aggregate outstanding principal balance of $406.2 million. Of the loans sold to the 2022-X1 trust, we purchased $258.3 million of loan receivables from one of our third-party loan buyers, which were contributed to the trust at closing. At closing, we retained only a 5% vertical interest in the 2022-X1 trust via our ownership of 5% par amount of the 2022-X1 notes and 5% par amount of the residual interests. We were required to retain these interests for compliance with U.S. risk retention rules. The third-party loan contributor received 95% of the residual certificates at closing. On the closing date of the 2022-X1 trust, we recognized gain on sales of loans sold to the trust of $13.1 million, which is included within gain on sales of loans in our interim condensed consolidated statements of operations and comprehensive loss. 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: March 31, 2022 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 817,633 $ 766,651 $ 50,982 $ 44,092 Total unconsolidated VIEs $ 817,633 $ 766,651 $ 50,982 $ 44,092 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, 2021-Z2, and 2022-X1 trust and cash held in the collection and reserve accounts established for the trust. Liabilities include the outstanding principal balance of the 2021-Z1, 2021-Z2, and 2022-X1 n otes. Maximum exposure to losses represents our exposure through our continuing involvement as servicer and through our retained interests. For 2021-Z1, 2021-Z2 and 2022-X1, this includes $42.7 million in retained notes and residual certificates disclosed within securities available for sale at fair value in our interim condensed consolidated balance sheets and $1.4 million related to our 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, 2021-Z2 and 2022-X1, this amount was not material as of March 31, 2022. 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, 2021-Z2 and 2022-X1 as “available for sale” and as such they are disclosed at fair value in our interim condensed 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 March 31, 2022 , we have pledged the 2021-Z1, 2021-Z2, a nd 2022-X1 ret ained beneficial interests as collateral in connection with a repurchase agreement as described in Note 10. Debt .

Investments

Investments	9 Months Ended
	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Investments	Investments Marketable Securities Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands): March 31, 2022 June 30, 2021 Cash and cash equivalents: Money market funds $ 1,461,956 $ 143,241 Corporate bonds 854 — Commercial paper 73,689 — Securities, available for sale: Certificates of deposit 54,048 — Corporate bonds 185,432 — Commercial paper 133,437 — Government bonds Non-US 35,775 — US 165,624 — Securitization notes receivable and certificates (1) 42,707 16,170 Total marketable securities: $ 2,153,522 $ 159,411 (1) These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt. Securities Available for Sale, at Fair Value The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of March 31, 2022 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit (1) $ 54,168 $ 27 $ (147) $ — $ 54,048 Corporate bonds (1) 187,580 5 (1,299) — 186,286 Commercial paper (1) 207,302 11 (187) — 207,126 Government bonds Non-US (1) 36,008 — (233) — 35,775 US 166,285 — (661) — 165,624 Securitization notes receivable and certificates (2) 43,394 — (557) (130) 42,707 Total securities available for sale $ 694,737 $ 43 $ (3,084) $ (130) $ 691,566 (1) Certificates of deposit, corporate bonds, non-US government bonds and commercial paper include $74.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt 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 March 31, 2022 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 March 31, 2022 , is as follows: Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 29,846 $ (147) $ — $ — $ 29,846 $ (147) Corporate bonds 177,798 (1,299) — — 177,798 (1,299) Commercial paper 126,289 (187) — — 126,289 (187) Government bonds Non-US 35,775 (233) — — 35,775 (233) US 165,624 (661) — — 165,624 (661) Securitization notes receivable and certificates 42,707 (557) — — 42,707 (557) Total securities available for sale (1) $ 578,039 $ (3,084) $ — $ — $ 578,039 $ (3,084) (1) The number of positions with unrealized losses as of March 31, 2022 totaled 113. 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 to contractual maturities of securities available for sale as of March 31, 2022 , were as follows: Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit $ 54,168 $ 54,048 $ — $ — $ 54,168 $ 54,048 Corporate bonds 153,996 153,310 33,584 32,976 187,580 186,286 Commercial paper 207,302 207,126 — — 207,302 207,126 Government bonds Non-US 31,762 31,656 4,246 4,119 36,008 35,775 US 166,285 165,624 — — 166,285 165,624 Securitization notes receivable and certificates (1) 32,067 31,510 11,327 11,197 43,394 42,707 Total securities available for sale $ 645,580 $ 643,274 $ 49,157 $ 48,292 $ 694,737 $ 691,566 (1) Based on weighted average life of expected cash flows as of March 31, 2022. Gross proceeds from matured or redeemed securities for the three and nine months ended March 31, 2022 were $949.3 million and $1,584.8 million, respectively. There were no portfolio sales or associated realized gains or losses for available for sale securities for the three and nine months ended March 31, 2022 . Non-marketable Equity Securities Non-marketable equity securities which do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “measurement alternative”). Unrealized and realized gains and losses on the investment due to impairment or observable price changes in orderly transaction for an identical or similar investment of the same issuer, if any, are recognized in other (expense) income, net on our interim condensed consolidated statements of operations and comprehensive loss and a new carrying value is established for the investment upon such recognition. Equity investments without a readily determinable fair value held at cost were $33.2 million and $11.3 million as of March 31, 2022 and June 30, 2021, respectively, and are included in other assets within the interim condensed consolidated balance sheets. There have been no unrealized or realized gains and losses due to observable changes in orderly transactions and we did not record any impairment for the three and nine months ended March 31, 2022 or March 31, 2021 .

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	9 Months Ended
	Mar. 31, 2022
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 March 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 1,461,956 $ — $ — $ 1,461,956 Corporate bonds — 852 — 852 Commercial paper — 73,689 — 73,689 Restricted cash: Securities available for sale: Certificate of deposit — 54,048 — 54,048 Corporate bonds — 185,434 — 185,434 Commercial paper — 133,437 — 133,437 Government bonds: Non-U.S. — 35,775 — 35,775 U.S. — 165,624 — 165,624 Securitization notes receivable and residual trust certificates — — 42,707 42,707 Total securities available for sale — 574,318 42,707 617,025 Servicing assets — — 4,620 4,620 Derivative instruments — 43,437 — 43,437 Total assets $ 1,461,956 $ 692,296 $ 47,327 $ 2,201,579 Liabilities: Servicing liabilities $ — $ — $ 5,606 $ 5,606 Performance fee liability — — 1,584 1,584 Residual trust certificates, held by third-parties — — 489 489 Contingent consideration — — 119,008 119,008 Profit share liability — — 1,878 1,878 Total liabilities $ — $ — $ 128,565 $ 128,565 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: Cash and cash equivalents: Money market funds $ 143,241 $ — $ — $ 143,241 Restricted cash: Securitization notes receivable and residual trust certificates — — 16,170 16,170 Servicing assets — — 2,349 2,349 Derivative instruments — 2,880 — 2,880 Total assets $ 143,241 $ 2,880 $ 18,519 $ 164,640 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 — — 153,447 153,447 Profit share liability — — 2,464 2,464 Total liabilities $ — $ — $ 162,076 $ 162,076 There were no transfers between levels during the periods ended March 31, 2022 and June 30, 2021. Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2) Securities Available for Sale As of March 31, 2022, 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 Our primary objective in holding derivatives is to reduce the volatility in cash flows associated with our funding activities, arising from changes in interest rates. We do not employ derivatives for trading or speculative purposes. As of March 31, 2022, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risk associated with variable interest rates. Neither the interest rate caps or the interest rate swaps have been designated as hedging instruments. As of March 31, 2022 and June 30, 2021, the interest rate caps and interest rate swaps are in a net asset position, and classified as Level 2 within the fair value hierarchy, based on prices quoted for similar financial instruments in markets that are not active. The fair values are presented gross within other assets and offsetting collateral received by the counterparty is presented as a liability within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. Any changes in the fair value of these 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, securitization notes and 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 $2,042.5 million and $5,647.5 million for the three and nine months ended March 31, 2022, respectively, and $756.7 million and $2,013.2 million for the three and nine months ended March 31, 2021, respectively, for which we retained servicing rights. As of March 31, 2022 and June 30, 2021, we serviced loans which we sold with a remaining unpaid principal balance of $4,036.4 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 $23.5 million and $44.2 million of servicing income for the three and nine months ended March 31, 2022, respectively, and $8.0 million and $17.2 million for the three and nine months ended March 31, 2021, respectively. As of March 31, 2022 and June 30, 2021, the aggregate fair value of the servicing assets was measured at $4.6 million and $2.3 million, respectively, and presented within other assets on the interim condensed consolidated balance sheets. As of March 31, 2022 and June 30, 2021, the aggregate fair value of the servicing liabilities was measured at $5.6 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 Three Months Ended March 31, Nine Months Ended 2022 2021 2022 2021 Fair value at beginning of period $ 2,178 $ 1,923 $ 2,349 $ 2,132 Initial transfers of financial assets 1,991 202 3,105 1,732 Subsequent changes in fair value 451 (5) (834) (1,744) Fair value at end of period $ 4,620 $ 2,120 $ 4,620 $ 2,120 The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Servicing Liabilities Three Months Ended March 31, Nine Months Ended 2022 2021 2022 2021 Fair value at beginning of period $ 8,626 $ 2,826 $ 3,961 $ 1,540 Initial transfers of financial assets 2,940 1,972 13,826 5,185 Subsequent changes in fair value (5,960) (2,550) (12,181) (4,477) Fair value at end of period $ 5,606 $ 2,248 $ 5,606 $ 2,248 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 March 31, 2022: Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.84 % 1.65 % 1.29 % Net default rate 0.87 % 9.25 % 4.56 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.12 % 4.26 % 3.13 % Net default rate 1.50 % 29.18 % 13.76 % (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): March 31, 2022 June 30, 2021 Servicing assets Net default rate assumption: Net default rate increase of 25% $ (41) $ (7) Net default rate increase of 50% $ (75) $ (15) Adequate compensation assumption: Adequate compensation increase of 25% $ (4,587) $ (2,006) Adequate compensation increase of 50% $ (9,173) $ (4,011) Discount rate assumption: Discount rate increase of 25% $ (64) $ (4) Discount rate increase of 50% $ (129) $ (1) Servicing liabilities Net default rate assumption: Net default rate increase of 25% $ (26) $ (40) Net default rate increase of 50% $ (49) $ (61) Adequate compensation assumption: Adequate compensation increase of 25% $ 4,370 $ 3,060 Adequate compensation increase of 50% $ 8,739 $ 6,119 Discount rate assumption: Discount rate increase of 25% $ (512) $ (137) Discount rate increase of 50% $ (663) $ (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 Three Months Ended March 31, Nine Months Ended 2022 2021 2022 2021 Fair value at beginning of period $ 1,530 $ 1,205 $ 1,290 $ 875 Purchases of loans 432 349 1,265 1,070 Settlements Paid (418) — (418) — Subsequent changes in fair value 40 (312) (553) (703) Fair value at end of period $ 1,584 $ 1,242 $ 1,584 $ 1,242 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 March 31, 2022: 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% 2.98% 2.30% 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% 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 Nine Months Ended Fair value at beginning of period $ 619 $ 914 Repayments (146) (549) Subsequent changes in fair value 16 124 Fair value at end of period $ 489 $ 489 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 March 31, 2022: 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): March 31, 2022 Discount rate assumption: Discount rate increase of 25% $ (8) Discount rate increase of 50% $ (16) Loss rate assumption: Loss rate increase of 25% $ (12) Loss rate increase of 50% $ (23) Prepayment rate assumption: Prepayment rate decrease of 25% $ (3) Prepayment rate decrease of 50% $ (6) Retained Beneficial Interests in Unconsolidated VIEs As of March 31, 2022, the Company held notes receivable and residual trust certificates with an aggregate fair value of $42.7 million in connection with th e 2021-Z1, 2021-Z2 and 2022-X1 securitizations, which are unconsolidated securitizations. 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, 2021-Z2 and 2022-X1securitization trusts. 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 allowance, 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 during the three and nine months ended March 31, 2022 (in thousands): Three Months Ended March 31, 2022 Nine Months Ended March 31, 2022 Fair value at beginning of period $ 25,319 $ 16,170 Additions 22,067 35,762 Cash received (due to payments or sales) (4,414) (8,798) Change in unrealized loss (402) (586) Accrued interest 215 285 Reversal of (impairment on) securities available for sale (78) (126) Fair value at end of period $ 42,707 $ 42,707 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 March 31, 2022: Unobservable Input Minimum Maximum Weighted Average Discount rate 2.13% 20.25% 3.81% Loss rate 0.61% 10.95% 4.15% Prepayment rate 5.25% 35.00% 23.45% 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): March 31, 2022 Discount rate assumption: Discount rate increase of 25% $ (319) Discount rate increase of 50% $ (628) Loss rate assumption: Loss rate increase of 25% $ (298) Loss rate increase of 50% $ (588) Prepayment rate assumption: Prepayment rate decrease of 25% $ 53 Prepayment rate decrease of 50% $ 117 Contingent Consideration 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. The acquisition date fair value of the contingent consideration liability was estimated using a Monte Carlo simulation in which the fair value is equal to the estimated number of shares to be released from escrow, which are determined based on simulated revenue, multiplied by the simulated share price, discounted at the risk-free rate. The liability is remeasured to its fair value at each reporting date, utilizing a Monte Carlo simulation for periods in which actual revenues are unknown, until the contingency is resolved. 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 and nine months ended March 31, 2022 (in thousands): Three Months Ended Nine Months Ended Fair value at beginning of period $ 253,750 $ 153,447 Subsequent changes in fair value (136,248) (28,682) Effect of foreign currency translation 1,506 (5,757) Fair value at end of period $ 119,008 $ 119,008 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 March 31, 2022: Unobservable Input Minimum Maximum Weighted Average Discount rate 13.00% 13.00% 13.00% Equity volatility 19.00% 103.00% 86.00% Revenue volatility 11.00% 134.00% 33.00% 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 is 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 consolidated statements of operations and comprehensive loss for the respective period. During the three months ended March 31, 2022, the contingency was resolved and the fair value of the contingent consideration asset was reduced to zero. For the three and nine months ended March 31, 2022, the change in fair value of the contingent consideration asset 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 and nine months ended March 31, 2022 (in thousands): Three Months Ended March 31, 2022 Nine Months Ended March 31, 2022 Fair value at beginning of period $ 2,053 $ 2,465 Facilitation of loans 1,098 4,672 Actual performance (2,918) (3,929) Subsequent changes in fair value 1,645 (1,330) Fair value at end of period $ 1,878 $ 1,878 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 March 31, 2022: Unobservable Input Minimum Maximum Weighted Average Discount rate 30.00% 30.00% 30.00% Program profitability 1.25% 3.54% 1.26% 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 March 31, 2022 (in thousands): Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale $ 3,618 $ — $ 3,618 $ — $ 3,618 Loans held for investment, net 2,343,385 — — 2,410,903 2,410,903 Other assets 11,807 — 11,807 — 11,807 Total assets $ 2,358,810 $ — $ 15,425 $ 2,410,903 $ 2,426,328 Liabilities: Convertible senior notes, net (1) $ 1,705,624 $ — $ 1,213,020 $ — $ 1,213,020 Notes issued by securitization trusts 1,447,568 — — 1,406,390 1,406,390 Funding debt 910,806 — — 910,847 910,847 Total liabilities $ 4,063,998 $ — $ 1,213,020 $ 2,317,237 $ 3,530,257 (1) The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period. 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: 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 $ 2,180,415 $ — $ 275,855 $ 1,883,364 $ 2,159,219 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	9 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Redeemable Convertible Preferred Stock and Stockholders’ Deficit	Redeemable Convertible Preferred Stock and Stockholders’ Equity Redeemable Convertible Preferred Stock In September 2020, we issued 21,836,687 shares of Series G redeemable convertible preferred stock at $19.93 per share for an aggregate purchase amount of $434.9 million. These shares had a liquidation preference of $435.1 million. As part of this equity financing round, the convertible notes 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 IPO, 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 $1,327.3 million 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 March 31, 2022 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: March 31, 2022 June 30, 2021 Available outstanding under stock option plan 46,442,672 58,417,514 Available for future grant under stock option plan 39,309,914 29,793,755 Total 85,752,586 88,211,269 The common stock is not redeemable. We have two classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right to one vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time into one share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors. Common Stock Warrants Common stock warrants are included as a component of additional paid in capital within the consolidated balance sheets. In November 2021, we granted warrants to purchase 22,000,000 shares of common stock in connection with a commercial agreement with Amazon. 7,000,000 of the warrant shares have an exercise price of $0.01 per share and a term of 3.5 years, while the remaining 15,000,000 warrant shares have an exercise price of $100 per share and a term of 7.5 years. We valued the warrants at the grant date using the Black-Scholes-Merton option pricing model with the following assumptions: a dividend yield of zero; years to maturity of 3.5 and 7.5 years, respectively; volatility of 45%; and a risk-free rate of 0.93% and 1.47%, respectively. In connection with the portion of these warrants that were fully vested upon execution, we recognized a commercial agreement asset of $133.5 million as of December 31, 2021. Refer to Note 6. Balance Sheet Components for more information on the asset and related amortization during the period. The remaining grant-date fair value of the warrants will be recognized within our condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense as the warrants vest, based upon Amazon’s satisfaction of the vesting conditions. During the three and nine months ended March 31, 2022, a total of $102.4 million and $173.0 million, respectively, was recognized within

Equity Incentive Plans

Equity Incentive Plans	9 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the maximum number of shares of common stock which may be issued under the Plan is 118,374,202 Class A shares. As of March 31, 2022 and June 30, 2021, there were 39,309,914 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 nine months ended March 31, 2022: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance as of June 30, 2021 31,662,750 $ 10.42 6.30 Granted 164,748 58.01 Exercised (12,986,539) 5.14 Forfeited, expired or cancelled (1,193,026) 23.59 Balance as of March 31, 2022 17,647,933 13.84 6.78 Vested and exercisable, March 31, 2022 11,118,698 $ 6.81 6.10 $ 442,482 Vested and exercisable, and expected to vest thereafter (1) March 31, 2022 17,195,165 $ 12.92 6.73 $ 586,036 (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 March 31, 2022 and June 30, 2021, the balance of equity exercise taxes payable was $19.9 million and $23.7 million, respectively, which is included in accounts payable on the interim condensed consolidated balance sheets. Stock Options with Early Exercise Rights In accordance with the Plan, for certain stock options issued prior to the IPO, we allow for early exercise of the options while retaining the right to repurchase any unvested options upon termination of employment at the original exercise price. The proceeds received from early exercise of stock options have been recorded within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. As of March 31, 2022, the early exercise liability totaled $0.5 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 based on the grant date fair value 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 and nine months ended March 31, 2022, we incurred stock-based compensation expense of $29.0 million and $113.5 million, respectively, 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. For both the three and nine months ending March 31, 2021, we incurred stock-based compensation expense of $38.5 million. As of March 31, 2022, unrecognized compensation expense related to the Value Creation Award was approximately $120.5 million. The period over which such compensation expense will be recognized is approximately 3.8 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. The performance-based condition was met upon the IPO. We record stock-based compensation expense for those RSUs on an accelerated attribution method over the requisite service period, which is generally four years. 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 one During the nine months ended March 31, 2022, we awarded 8,530,480 RSUs to certain employees under the Plan. The following table summarizes our RSU activity during the nine months ended March 31, 2022: Number of Shares Weighted Average Grant Date Fair Value Non-vested as of June 30, 2021 14,242,111 $ 37.93 Granted 8,530,480 58.29 Vested (4,780,097) 37.69 Forfeited, expired or cancelled (1,640,873) 33.57 Non-vested as of March 31, 2022 16,351,621 $ 45.23 As of March 31, 2022, unrecognized compensation expense related to unvested RSUs was approximately $632.9 million. The weighted-average period over which such compensation expense will be recognized is approximately 2.2 years. 2020 Employee Stock Purchase Plan On November 18, 2020, our Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan (“ESPP”). A total of 9.1 million shares of Class A common stock were reserved and available for issuance under the ESPP as of March 31, 2022. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year. The first offering period began on December 1, 2021. At the end of each offering period, shares of our Class A common stock are purchased on behalf of each ESPP participant at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on first day of the offering period (the grant date) or (2) the fair market value of the Class A common stock on the on the last day of the offering period (the purchase date). We use the Black-Scholes-Merton option pricing model to measure the fair value of the purchase rights issued under the ESPP. We record stock-based compensation expense on a straight-line basis over each six-month offering period, the requisite service period of the award. Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 General and administrative $ 58,100 $ 115,566 $ 187,789 $ 121,867 Technology and data analytics 33,639 52,058 75,133 56,827 Sales and marketing 5,998 10,568 15,655 11,909 Processing and servicing 650 1,447 1,536 1,760 Total stock-based compensation in operating expenses 98,387 179,639 280,113 192,363 Capitalized into property, equipment and software, net 14,618 6,567 39,691 7,792 Total stock-based compensation expense $ 113,005 $ 186,206 $ 319,804 $ 200,155 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	9 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor the three and nine months ended March 31, 2022, we recorded income tax expense (benefit) of $0.3 million and $0.7 million, respectively, which was primarily attributable to various U.S state and foreign income taxes and the tax amortization of certain intangibles. For three and nine months ended March 31, 2021, we recorded income tax expense (benefit) of $(0.1) million and $0.1 million, respectively, which was primarily attributable to the effects of foreign income taxes and various U.S. state income taxes. As of March 31, 2022, 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	9 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders On January 12, 2021, we amended and restated our certificate of incorporation to effect a reclassification of each share of our outstanding common stock into ½ share of Class A common stock and ½ share of Class B common stock, with cash paid for fractional shares. 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 tables present 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 March 31, 2022 Nine Months Ended March 31, 2022 Class A Class B Class A Class B Numerator: Basic and Diluted Net Loss $ (43,061) $ (11,610) $ (389,424) $ (131,597) Net Loss Attributable to Common Stockholders $ (43,061) $ (11,610) $ (389,424) $ (131,597) Denominator: Basic Weighted average shares outstanding, basic 224,980,598 60,661,222 208,957,734 70,612,281 Total-basic 224,980,598 60,661,222 208,957,734 70,612,281 Diluted Weighted average common shares outstanding, diluted 224,980,598 60,661,222 208,957,734 70,612,281 Total-diluted 224,980,598 60,661,222 208,957,734 70,612,281 Net loss per share attributable to common stockholders: Basic $ (0.19) $ (0.19) $ (1.86) $ (1.86) Diluted $ (0.19) $ (0.19) $ (1.86) $ (1.86) Three Months Ended March 31, 2021 Nine Months Ended March 31, 2021 Class A Class B Class A Class B Numerator: Basic Net Loss $ (150,953) $ (136,098) $ (152,148) $ (165,459) Net Loss Attributable to Common Stockholders $ (150,953) $ (136,098) $ (152,148) $ (165,459) Diluted Net Loss $ (150,953) $ (136,098) $ (152,148) $ (165,459) Excess return to preferred stockholders on repurchase — — (14,428) (15,677) Gain on conversion of convertible debt — — 191 207 Interest on convertible debt prior to conversion — — 859 933 Net Loss Attributable to Common Stockholders $ (150,953) $ (136,098) $ (165,526) $ (179,996) Denominator: Basic Weighted average shares outstanding, basic 122,691,770 110,617,820 58,520,980 63,640,528 Total-basic 122,691,770 110,617,820 58,520,980 63,640,528 Diluted Weighted average common shares outstanding, diluted 122,691,770 110,617,820 58,520,980 63,640,528 Weighted average common shares attributable to convertible debt prior to conversion — — 583,925 583,925 Total-diluted 122,691,770 110,617,820 59,104,905 64,224,453 Net loss per share attributable to common stockholders: Basic $ (1.23) $ (1.23) $ (2.60) $ (2.60) Diluted $ (1.23) $ (1.23) $ (2.80) $ (2.80) 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 March 31, 2022 2021 Stock options, including early exercise of options 17,195,165 33,342,527 Restricted stock units 16,351,621 13,975,457 Common stock warrants 5,909,896 350,000 Employee stock purchase plan shares 161,300 — Total 39,617,982 47,667,984

Segments and Geographical Infor

Segments and Geographical Information	9 Months Ended
	Mar. 31, 2022
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 March 31, Nine Months Ended March 31, 2022 2021 2022 2021 United States $ 344,731 $ 224,863 $ 956,789 $ 603,048 Canada 9,975 5,802 28,282 5,636 Other 56 — 87 — Total $ 354,762 $ 230,665 $ 985,158 $ 608,684 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): March 31, 2022 June 30, 2021 United States $ 190,659 $ 118,076 Canada 3,240 2,251 Other $ 150 $ — Total $ 194,049 $ 120,327

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Fast Transaction On April 19, 2022, Affirm completed the closing of the transaction contemplated by a Release and Waiver Agreement entered into with Fast AF, Inc., (“Fast”) relating to the hiring of certain of its employees or service providers and an option to acquire certain of its assets. The purchase price was comprised of (i) $10.0 million in cash and (ii) forgiveness of a $15.0 million senior secured note issued to Fast in April 2022 prior to the closing. Due to the timing of the transaction, the initial accounting for the transaction is incomplete. As a result, the Company is not able to disclose certain information relating to the transaction, including the preliminary fair value of the assets acquired.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2022
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.
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 variable consideration for revenue, the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, 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 securitization trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation, including the fair value of warrants issued to nonemployees. 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.
Securities Available for Sale	We hold certain investments in marketable debt securities and retained interests in our unconsolidated securitization trusts 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. With respect to retained interests in our securitization trusts, we apply the guidance in ASC Topic 325, “Investments - Other” (“ASC 325”) relating to beneficial interests. Accordingly, we recognize interest income each period based on the effective interest rate calculated using expected cash flows. Changes in the timing of expected cash flows are accounted for prospectively through an adjustment to interest income. When fair value is below amortized cost, we record an allowance for credit losses measured based on the difference between amortized cost and projected cash flows discounted at the effective interest rate. The allowance for credit losses is capped at the difference between amortized cost and fair value. Refer to Note 12. Investments for additional information.
Sales and Marketing Costs	Sales and marketing costs include the expense related to warrants and other share-based payments granted to our enterprise partners. See Note 6. Balance Sheet Components for more information on these arrangements. Sales and marketing costs also include salaries and personnel-related costs, as well as costs of general marketing and promotional activities, promotional event programs, sponsorships, and allocated overhead. A portion of these costs related to general marketing and promotional activities are considered advertising costs within the meaning of ASC Topic 720, “Other Expenses” (“ASC 720”), and are expensed as incurred.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	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 impact on our financial statements as of the adoption date. As further discussed in Note 10. Debt , the Company issued certain convertible senior notes in November 2021, and the accounting for these instruments was based on the guidance in ASU 2020-06. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected phase out of the London Interbank Offered Rate (“LIBOR”). This ASU is effective for all entities upon issuance as of March 12, 2020 through December 31, 2022. In January 2021, the FASB also issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which provides additional optional expedients and exceptions applicable to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This ASU is effective for all entities upon issuance as of January 7, 2021 through December 31, 2022. We have reviewed all our financial agreements that utilize LIBOR as the reference rate and determined there is no material impact to our interim condensed consolidated financial statements as of March 31, 2022. Throughout the remaining effective period for ASU 2020-04 and ASU 2021-01, we will continue to evaluate the available relief measures within each of these amendments and will determine any impact on our consolidated financial statements and disclosures, as applicable. Business Combinations In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Topic 606 (Revenue from Contracts with Customers). ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted, including for interim periods, and is applicable to all business combinations for which the acquisition date occurs within the beginning of the fiscal year of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Financial Instruments - Credit Losses In March 2022, the FASB issued ASU 2022-02, “Financial Instruments— Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosure” which addresses areas identified by the FASB as part of its post-implementation review of the current expected credit losses model or “CECL” previously issued in ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)”. The amendments in this ASU eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases in the vintage disclosures. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. Amendments in this ASU should be applied prospectively except for the transition method related to the accounting for troubled debt restructurings in which an entity has the option to apply a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Mar. 31, 2022
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 Three Months Ended March 31, 2021 As Previously Reported Adjustments As Corrected Consolidated Statement of Operations and Comprehensive Loss Processing and servicing 21,335 33 21,368 Technology and data analytics 98,728 6,078 104,806 Sales and marketing 57,549 635 58,184 General and administrative 146,853 33,146 179,999 Total Operating Expenses 400,121 39,892 440,013 Loss Before Income Taxes (247,229) (39,892) (287,121) Net Loss Attributable to Common Stockholders (247,159) (39,892) (287,051) Net loss per share attributable to common stockholders for Class A and Class B: Basic $ (1.06) $ (0.17) $ (1.23) Diluted $ (1.06) $ (0.17) $ (1.23) Nine Months Ended March 31, 2021 As Previously Reported Adjustments As Corrected Consolidated Statement of Operations and Comprehensive Loss Processing and servicing 51,635 33 51,668 Technology and data analytics 174,130 6,078 180,208 Sales and marketing 119,243 635 119,878 General and administrative 220,042 33,146 253,188 Total Operating Expenses 838,206 39,892 878,098 Loss Before Income Taxes (277,610) (39,892) (317,502) Net Loss Attributable to Common Stockholders (277,715) (39,892) (317,607) Net loss per share attributable to common stockholders for Class A and Class B: Basic $ (2.27) $ (0.33) $ (2.60) Diluted $ (2.48) $ (0.32) $ (2.80) Three Months Ended March 31, 2021 As Previously Reported Adjustments As Corrected Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) Stock-based compensation - Additional Paid-In Capital 146,314 41,569 187,883 Net Loss - Accumulated Deficit (247,159) (39,892) (287,051) Balance as of March 31, 2021 - Total Stockholders' Equity 2,404,021 1,677 2,405,698 Nine Months Ended March 31, 2021 As Previously Reported Adjustments As Corrected Consolidated Statement of Cash Flows Cash Flows from Operating Activities Net Loss (277,715) (39,892) (317,607) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 152,471 39,892 192,363 Net Cash Used in Operating Activities (173,217) — (173,217)

Interest Income (Tables)

Interest Income (Tables)	9 Months Ended
	Mar. 31, 2022
Banking and Thrift, Interest [Abstract]
Schedule of Interest Income	Interest income consisted of the following components (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 Interest income on unpaid principal balance $ 95,253 $ 65,921 $ 266,868 162,666 Amortization of discount on loans 45,443 31,625 138,853 68,843 Amortization of premiums on loans (3,407) (2,373) (9,139) (6,449) Interest receivable charged-off, net of recoveries (2,690) (643) (6,326) (2,436) Total interest income $ 134,599 $ 94,530 $ 390,256 $ 222,624

Loans Held for Investment and_2

Loans Held for Investment and Allowance for Credit Losses (Tables)	9 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Loans Held for Investment and Allowance for Credit Loss	Loans held for investment consisted of the following (in thousands): March 31, 2022 June 30, 2021 Unpaid principal balance $ 2,528,197 $ 2,058,863 Accrued interest receivable 20,390 15,466 Premiums on loans held for investment 8,580 7,071 Less: Discount due to loss on loan purchase commitment (1) (29,196) (53,177) Less: Discount due to loss on self-originated loans (1) (20,305) — Less: Fair value adjustment on loans acquired through business combination (4,806) (5,903) Total loans held for investment $ 2,502,860 $ 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 and loans held for sale (in thousands) as of March 31, 2022: Amortized Costs Basis by Fiscal Year of Origination 2022 2021 2020 2019 2018 Prior Total 96+ $ 1,162,905 $ 201,085 $ 44,799 $ 598 $ 1 $ — $ 1,409,388 94 – 96 549,083 33,978 1,192 35 2 — 584,290 90 – 94 219,475 12,631 77 4 — — 232,187 <90 59,324 426 3 — — — 59,753 No score (1) 165,593 29,002 5,115 626 127 7 200,470 Total loan receivables $ 2,156,380 $ 277,122 $ 51,186 $ 1,263 $ 130 $ 7 $ 2,486,088 (1) This balance represents loan receivables in new markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada and Australia. Net Charge-offs by Fiscal Year of Origination 2022 2021 2020 2019 2018 Prior Total Current period charge-offs (50,207) (16,790) (250) (32) (1) — (67,280) Current period recoveries 2,080 2,479 777 669 250 190 6,445 Current period net charge-offs $ (48,127) $ (14,311) $ 527 $ 637 $ 249 $ 190 $ (60,835)
Schedule of Delinquent Financing Receivables	The following table presents an aging analysis of the amortized cost basis of loans held for investment and loans held for sale by delinquency status (in thousands): March 31, 2022 June 30, 2021 Non-delinquent loans $ 2,330,666 $ 1,939,976 4 – 29 calendar days past due 63,010 43,838 30 – 59 calendar days past due 33,471 17,267 60 – 89 calendar days past due 30,231 12,044 90 – 119 calendar days past due 28,710 6,759 Total amortized cost basis $ 2,486,088 $ 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 Nine Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 158,289 $ 124,992 117,760 95,137 Adjustment due to adoption of new accounting standard — — — 10,083 Provision for credit losses 62,021 (993) 172,720 39,190 Charge-offs (67,280) (14,537) (145,307) (40,377) Recoveries of charged-off receivables 6,445 4,292 14,302 9,721 Balance at end of period $ 159,475 $ 113,754 159,475 113,754

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [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 The acquisition date fair value of the consideration transferred was approximately $24.8 million which consisted of the following (in thousands): Cash $ 26,000 Less: Fair value of contingent consideration asset $ (1,241) Total acquisition date fair value of consideration transferred $ 24,759 The acquisition date fair value of the consideration transferred for Returnly was approximately $286.0 million, which consisted of the following (in thousands): Cash $ 71,484 Fair value of common stock transferred 214,475 Total acquisition date fair value of consideration transferred $ 285,959 The acquisition date fair value of the consideration transferred for PayBright was approximately $288.8 million, which consisted of the following (in thousands): Cash $ 114,490 Fair value of common stock transferred 116,989 Fair value of contingent consideration 57,275 Total purchase price $ 288,754
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 The following table summarizes the allocation of the consideration paid of approximately $24.8 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Intangible assets $ 6,975 Net assets acquired 6,975 Goodwill $ 17,784 Total purchase price $ 24,759 The following table summarizes the allocation of the fair value of the consideration paid and the previously held equity interest of approximately $288.1 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash and cash equivalents $ 3,788 Accounts receivable, net 9,585 Property, equipment and software 127 Intangible assets 45,900 Other assets 1,830 Total assets acquired $ 61,230 Accounts payable 594 Accrued expenses and other liabilities 6,205 Total liabilities assumed $ 6,799 Net assets acquired $ 54,431 Goodwill 233,623 Total fair value of consideration transferred and previously held investment $ 288,054 The following table summarizes the allocation of the consideration paid of approximately $288.8 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash and cash equivalents $ 8,219 Restricted cash 1,469 Loans held for investment 89,570 Accounts receivable, net 1,537 Property, equipment and software, net 586 Intangible assets 16,653 Other assets 5,651 Total assets acquired $ 123,685 Accounts payable 6,579 Accrued interest payable 23 Accrued expenses and other liabilities 193 Funding debt 85,310 Total liabilities assumed $ 92,105 Net assets acquired $ 31,580 Goodwill 257,174 Total purchase price $ 288,754
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 Developed technology $ 9,488 3.0 Fair Value Useful Life Developed technology $ 6,900 3.0 Trademarks 75 1.0 Total intangible assets $ 6,975 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 Developed technology $ 16,200 3.0 Merchant relationships 29,200 5.0 Trade name 500 1.0 Total intangible assets $ 45,900 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 Developed technology $ 6,127 3.0 Merchant relationships 9,505 4.0 Trade name 1,021 5.0 Total intangible assets $ 16,653
Schedule of Pro Forma Consolidated Total Revenues and Net Loss	The following table reflects the pro forma consolidated total revenue and net loss for the periods presented as if the acquisition of Returnly had occurred on July 1, 2019 and combines the historical results of Affirm and Returnly. This supplemental unaudited pro forma information is based upon accounting estimates and judgments that we believe are reasonable and includes certain adjustments to conform accounting standards to U.S. GAAP. This supplemental unaudited pro forma financial information has been prepared for illustrative purposes only and is not necessarily indicative of what actual results would have occurred, or of results that may occur in the future. Three Months Ended Nine Months Ended 2021 2021 Revenue $ 234,271 $ 618,356 Net loss $ (291,597) $ (329,540) The following table reflects the pro forma consolidated total revenue and net loss for the periods presented as if the acquisition of PayBright had occurred on July 1, 2019 and combines the historical results of Affirm and PayBright. This supplemental unaudited pro forma information is based upon accounting estimates and judgments that we believe are reasonable and includes certain adjustments to conform accounting standards to U.S. GAAP. This supplemental unaudited pro forma financial information has been prepared for illustrative purposes only and is not necessarily indicative of what actual results would have occurred, or of results that may occur in the future. Nine Months Ended 2021 Revenue $ 617,340 Net loss $ (347,511)

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill during the nine months ended March 31, 2022 were as follows (in thousands): Balance as of June 30, 2021 $ 516,515 Additions 33,410 Effect of foreign currency translation (2,532) Balance as of March 31, 2022 $ 547,393
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands): March 31, 2022 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 38,657 $ (8,335) $ 30,322 3.8 Developed technology 39,967 (12,715) 27,252 2.2 Trademarks and domains, definite 1,538 (718) 820 2.8 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 82,658 $ (21,768) $ 60,890 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 (1) 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): March 31, 2022 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 38,657 $ (8,335) $ 30,322 3.8 Developed technology 39,967 (12,715) 27,252 2.2 Trademarks and domains, definite 1,538 (718) 820 2.8 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 82,658 $ (21,768) $ 60,890 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 (1) 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 March 31, 2022 is as follows (in thousands): 2022 (remaining three months) $ 5,406 2023 21,416 2024 19,287 2025 7,274 2026 and thereafter 5,011 Total amortization expense $ 58,394
Schedule of Other Assets	Other assets consisted of the following (in thousands): March 31, 2022 June 30, 2021 Operating lease right-of-use assets $ 52,391 $ 57,828 Derivative instruments 43,437 2,880 Prepaid payroll taxes for stock-based compensation 35,172 111,278 Equity securities, at cost 33,172 11,278 Prepaid expenses 23,271 21,069 Processing reserves 21,240 14,042 Other receivables 15,055 26,423 Other assets 6,713 29,881 Total other assets $ 230,451 $ 274,679
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands) March 31, 2022 June 30, 2021 Contingent consideration liability $ 119,008 $ 153,447 Operating lease liability 67,905 74,952 Collateral held for derivative instruments 44,859 2,780 Accrued expenses 44,493 47,674 Commercial agreement liability — 25,357 Other liabilities 37,042 19,367 Total accrued expenses and other liabilities $ 313,307 $ 323,577

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Lease Term and Discount Rate	Lease term and discount rate information are summarized as follows: March 31, 2022 Weighted average remaining lease term (in years) 5.2 Weighted average discount rate 4.6%
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of March 31, 2022 are as follows (in thousands) for the years ended: 2022 (remaining three months) $ 4,075 2023 15,832 2024 15,812 2025 16,119 2026 and thereafter 25,638 Total lease payments 77,476 Less imputed interest (9,571) Present value of lease liabilities $ 67,905

Debt (Tables)

Debt (Tables)	9 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Funding Debt and Aggregate Future Maturities	Funding debt and its aggregate future maturities consists of the following (in thousands): March 31, 2022 June 30, 2021 2022 $ 208,468 $ 104,159 2023 — 460,289 2024 393,480 22,705 2025 — — 2026 and thereafter 308,858 102,203 Total $ 910,806 $ 689,356 Deferred debt issuance costs (9,573) (8,754) Total funding debt, net of deferred debt issuance costs $ 901,233 $ 680,602
Schedule of Long-term Debt Instruments	The convertible senior notes outstanding as of March 31, 2022 consisted of the following (in thousands): Principal Amount Unamortized Discount and Issuance Cost Net Carrying Amount Convertible Senior Notes $ 1,725,000 $ (19,376) $ 1,705,624

Securitization and Variable I_2

Securitization and Variable Interest Entities (Tables)	9 Months Ended
	Mar. 31, 2022
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. March 31, 2022 Assets Liabilities Net Assets Warehouse credit facilities $ 839,670 $ 751,419 $ 88,251 Securitizations 1,561,401 1,448,913 112,488 Total consolidated VIEs $ 2,401,071 $ 2,200,332 $ 200,739 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: March 31, 2022 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 817,633 $ 766,651 $ 50,982 $ 44,092 Total unconsolidated VIEs $ 817,633 $ 766,651 $ 50,982 $ 44,092 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)	9 Months Ended
	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Marketable Securities	Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands): March 31, 2022 June 30, 2021 Cash and cash equivalents: Money market funds $ 1,461,956 $ 143,241 Corporate bonds 854 — Commercial paper 73,689 — Securities, available for sale: Certificates of deposit 54,048 — Corporate bonds 185,432 — Commercial paper 133,437 — Government bonds Non-US 35,775 — US 165,624 — Securitization notes receivable and certificates (1) 42,707 16,170 Total marketable securities: $ 2,153,522 $ 159,411 (1) These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt.
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 March 31, 2022 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit (1) $ 54,168 $ 27 $ (147) $ — $ 54,048 Corporate bonds (1) 187,580 5 (1,299) — 186,286 Commercial paper (1) 207,302 11 (187) — 207,126 Government bonds Non-US (1) 36,008 — (233) — 35,775 US 166,285 — (661) — 165,624 Securitization notes receivable and certificates (2) 43,394 — (557) (130) 42,707 Total securities available for sale $ 694,737 $ 43 $ (3,084) $ (130) $ 691,566 (1) Certificates of deposit, corporate bonds, non-US government bonds and commercial paper include $74.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt 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 March 31, 2022 , is as follows: Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 29,846 $ (147) $ — $ — $ 29,846 $ (147) Corporate bonds 177,798 (1,299) — — 177,798 (1,299) Commercial paper 126,289 (187) — — 126,289 (187) Government bonds Non-US 35,775 (233) — — 35,775 (233) US 165,624 (661) — — 165,624 (661) Securitization notes receivable and certificates 42,707 (557) — — 42,707 (557) Total securities available for sale (1) $ 578,039 $ (3,084) $ — $ — $ 578,039 $ (3,084) (1) The number of positions with unrealized losses as of March 31, 2022 totaled 113.
Schedule of Length of Contractual Maturities of Securities Available for Sale	The length of time to contractual maturities of securities available for sale as of March 31, 2022 , were as follows: Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit $ 54,168 $ 54,048 $ — $ — $ 54,168 $ 54,048 Corporate bonds 153,996 153,310 33,584 32,976 187,580 186,286 Commercial paper 207,302 207,126 — — 207,302 207,126 Government bonds Non-US 31,762 31,656 4,246 4,119 36,008 35,775 US 166,285 165,624 — — 166,285 165,624 Securitization notes receivable and certificates (1) 32,067 31,510 11,327 11,197 43,394 42,707 Total securities available for sale $ 645,580 $ 643,274 $ 49,157 $ 48,292 $ 694,737 $ 691,566 (1) Based on weighted average life of expected cash flows as of March 31, 2022.

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	9 Months Ended
	Mar. 31, 2022
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 March 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 1,461,956 $ — $ — $ 1,461,956 Corporate bonds — 852 — 852 Commercial paper — 73,689 — 73,689 Restricted cash: Securities available for sale: Certificate of deposit — 54,048 — 54,048 Corporate bonds — 185,434 — 185,434 Commercial paper — 133,437 — 133,437 Government bonds: Non-U.S. — 35,775 — 35,775 U.S. — 165,624 — 165,624 Securitization notes receivable and residual trust certificates — — 42,707 42,707 Total securities available for sale — 574,318 42,707 617,025 Servicing assets — — 4,620 4,620 Derivative instruments — 43,437 — 43,437 Total assets $ 1,461,956 $ 692,296 $ 47,327 $ 2,201,579 Liabilities: Servicing liabilities $ — $ — $ 5,606 $ 5,606 Performance fee liability — — 1,584 1,584 Residual trust certificates, held by third-parties — — 489 489 Contingent consideration — — 119,008 119,008 Profit share liability — — 1,878 1,878 Total liabilities $ — $ — $ 128,565 $ 128,565 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: Cash and cash equivalents: Money market funds $ 143,241 $ — $ — $ 143,241 Restricted cash: Securitization notes receivable and residual trust certificates — — 16,170 16,170 Servicing assets — — 2,349 2,349 Derivative instruments — 2,880 — 2,880 Total assets $ 143,241 $ 2,880 $ 18,519 $ 164,640 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 — — 153,447 153,447 Profit share liability — — 2,464 2,464 Total liabilities $ — $ — $ 162,076 $ 162,076
Schedule of Servicing Assets at Fair Value	The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): Servicing Assets Three Months Ended March 31, Nine Months Ended 2022 2021 2022 2021 Fair value at beginning of period $ 2,178 $ 1,923 $ 2,349 $ 2,132 Initial transfers of financial assets 1,991 202 3,105 1,732 Subsequent changes in fair value 451 (5) (834) (1,744) Fair value at end of period $ 4,620 $ 2,120 $ 4,620 $ 2,120
Schedule of Servicing Liabilities at Fair Value	The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Servicing Liabilities Three Months Ended March 31, Nine Months Ended 2022 2021 2022 2021 Fair value at beginning of period $ 8,626 $ 2,826 $ 3,961 $ 1,540 Initial transfers of financial assets 2,940 1,972 13,826 5,185 Subsequent changes in fair value (5,960) (2,550) (12,181) (4,477) Fair value at end of period $ 5,606 $ 2,248 $ 5,606 $ 2,248
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 March 31, 2022: Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.84 % 1.65 % 1.29 % Net default rate 0.87 % 9.25 % 4.56 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.12 % 4.26 % 3.13 % Net default rate 1.50 % 29.18 % 13.76 % (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 March 31, 2022: 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% 2.98% 2.30% 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 March 31, 2022: 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 March 31, 2022: Unobservable Input Minimum Maximum Weighted Average Discount rate 2.13% 20.25% 3.81% Loss rate 0.61% 10.95% 4.15% Prepayment rate 5.25% 35.00% 23.45% 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 March 31, 2022: Unobservable Input Minimum Maximum Weighted Average Discount rate 13.00% 13.00% 13.00% Equity volatility 19.00% 103.00% 86.00% Revenue volatility 11.00% 134.00% 33.00% 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 March 31, 2022: Unobservable Input Minimum Maximum Weighted Average Discount rate 30.00% 30.00% 30.00% Program profitability 1.25% 3.54% 1.26%
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): March 31, 2022 June 30, 2021 Servicing assets Net default rate assumption: Net default rate increase of 25% $ (41) $ (7) Net default rate increase of 50% $ (75) $ (15) Adequate compensation assumption: Adequate compensation increase of 25% $ (4,587) $ (2,006) Adequate compensation increase of 50% $ (9,173) $ (4,011) Discount rate assumption: Discount rate increase of 25% $ (64) $ (4) Discount rate increase of 50% $ (129) $ (1) Servicing liabilities Net default rate assumption: Net default rate increase of 25% $ (26) $ (40) Net default rate increase of 50% $ (49) $ (61) Adequate compensation assumption: Adequate compensation increase of 25% $ 4,370 $ 3,060 Adequate compensation increase of 50% $ 8,739 $ 6,119 Discount rate assumption: Discount rate increase of 25% $ (512) $ (137) Discount rate increase of 50% $ (663) $ (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 Three Months Ended March 31, Nine Months Ended 2022 2021 2022 2021 Fair value at beginning of period $ 1,530 $ 1,205 $ 1,290 $ 875 Purchases of loans 432 349 1,265 1,070 Settlements Paid (418) — (418) — Subsequent changes in fair value 40 (312) (553) (703) Fair value at end of period $ 1,584 $ 1,242 $ 1,584 $ 1,242 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 Nine Months Ended Fair value at beginning of period $ 619 $ 914 Repayments (146) (549) Subsequent changes in fair value 16 124 Fair value at end of period $ 489 $ 489 The following table summarizes the activity related to the fair value of the residual trust certificates during the three and nine months ended March 31, 2022 (in thousands): Three Months Ended March 31, 2022 Nine Months Ended March 31, 2022 Fair value at beginning of period $ 25,319 $ 16,170 Additions 22,067 35,762 Cash received (due to payments or sales) (4,414) (8,798) Change in unrealized loss (402) (586) Accrued interest 215 285 Reversal of (impairment on) securities available for sale (78) (126) Fair value at end of period $ 42,707 $ 42,707 The following table summarizes the activity related to the fair value of the PayBright contingent consideration during the three and nine months ended March 31, 2022 (in thousands): Three Months Ended Nine Months Ended Fair value at beginning of period $ 253,750 $ 153,447 Subsequent changes in fair value (136,248) (28,682) Effect of foreign currency translation 1,506 (5,757) Fair value at end of period $ 119,008 $ 119,008 The following table summarizes the activity related to the fair value of the profit share liability during the three and nine months ended March 31, 2022 (in thousands): Three Months Ended March 31, 2022 Nine Months Ended March 31, 2022 Fair value at beginning of period $ 2,053 $ 2,465 Facilitation of loans 1,098 4,672 Actual performance (2,918) (3,929) Subsequent changes in fair value 1,645 (1,330) Fair value at end of period $ 1,878 $ 1,878
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): March 31, 2022 Discount rate assumption: Discount rate increase of 25% $ (8) Discount rate increase of 50% $ (16) Loss rate assumption: Loss rate increase of 25% $ (12) Loss rate increase of 50% $ (23) Prepayment rate assumption: Prepayment rate decrease of 25% $ (3) Prepayment rate decrease of 50% $ (6) 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): March 31, 2022 Discount rate assumption: Discount rate increase of 25% $ (319) Discount rate increase of 50% $ (628) Loss rate assumption: Loss rate increase of 25% $ (298) Loss rate increase of 50% $ (588) Prepayment rate assumption: Prepayment rate decrease of 25% $ 53 Prepayment rate decrease of 50% $ 117
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 March 31, 2022 (in thousands): Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale $ 3,618 $ — $ 3,618 $ — $ 3,618 Loans held for investment, net 2,343,385 — — 2,410,903 2,410,903 Other assets 11,807 — 11,807 — 11,807 Total assets $ 2,358,810 $ — $ 15,425 $ 2,410,903 $ 2,426,328 Liabilities: Convertible senior notes, net (1) $ 1,705,624 $ — $ 1,213,020 $ — $ 1,213,020 Notes issued by securitization trusts 1,447,568 — — 1,406,390 1,406,390 Funding debt 910,806 — — 910,847 910,847 Total liabilities $ 4,063,998 $ — $ 1,213,020 $ 2,317,237 $ 3,530,257 (1) The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period. 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: 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 $ 2,180,415 $ — $ 275,855 $ 1,883,364 $ 2,159,219 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)	9 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Common Stock, Reserved for Future Issuance	The Company had shares of common stock reserved for issuance as follows: March 31, 2022 June 30, 2021 Available outstanding under stock option plan 46,442,672 58,417,514 Available for future grant under stock option plan 39,309,914 29,793,755 Total 85,752,586 88,211,269

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes our stock option activity for the nine months ended March 31, 2022: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance as of June 30, 2021 31,662,750 $ 10.42 6.30 Granted 164,748 58.01 Exercised (12,986,539) 5.14 Forfeited, expired or cancelled (1,193,026) 23.59 Balance as of March 31, 2022 17,647,933 13.84 6.78 Vested and exercisable, March 31, 2022 11,118,698 $ 6.81 6.10 $ 442,482 Vested and exercisable, and expected to vest thereafter (1) March 31, 2022 17,195,165 $ 12.92 6.73 $ 586,036 (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 nine months ended March 31, 2022: Number of Shares Weighted Average Grant Date Fair Value Non-vested as of June 30, 2021 14,242,111 $ 37.93 Granted 8,530,480 58.29 Vested (4,780,097) 37.69 Forfeited, expired or cancelled (1,640,873) 33.57 Non-vested as of March 31, 2022 16,351,621 $ 45.23
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 March 31, Nine Months Ended March 31, 2022 2021 2022 2021 General and administrative $ 58,100 $ 115,566 $ 187,789 $ 121,867 Technology and data analytics 33,639 52,058 75,133 56,827 Sales and marketing 5,998 10,568 15,655 11,909 Processing and servicing 650 1,447 1,536 1,760 Total stock-based compensation in operating expenses 98,387 179,639 280,113 192,363 Capitalized into property, equipment and software, net 14,618 6,567 39,691 7,792 Total stock-based compensation expense $ 113,005 $ 186,206 $ 319,804 $ 200,155

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following tables present 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 March 31, 2022 Nine Months Ended March 31, 2022 Class A Class B Class A Class B Numerator: Basic and Diluted Net Loss $ (43,061) $ (11,610) $ (389,424) $ (131,597) Net Loss Attributable to Common Stockholders $ (43,061) $ (11,610) $ (389,424) $ (131,597) Denominator: Basic Weighted average shares outstanding, basic 224,980,598 60,661,222 208,957,734 70,612,281 Total-basic 224,980,598 60,661,222 208,957,734 70,612,281 Diluted Weighted average common shares outstanding, diluted 224,980,598 60,661,222 208,957,734 70,612,281 Total-diluted 224,980,598 60,661,222 208,957,734 70,612,281 Net loss per share attributable to common stockholders: Basic $ (0.19) $ (0.19) $ (1.86) $ (1.86) Diluted $ (0.19) $ (0.19) $ (1.86) $ (1.86) Three Months Ended March 31, 2021 Nine Months Ended March 31, 2021 Class A Class B Class A Class B Numerator: Basic Net Loss $ (150,953) $ (136,098) $ (152,148) $ (165,459) Net Loss Attributable to Common Stockholders $ (150,953) $ (136,098) $ (152,148) $ (165,459) Diluted Net Loss $ (150,953) $ (136,098) $ (152,148) $ (165,459) Excess return to preferred stockholders on repurchase — — (14,428) (15,677) Gain on conversion of convertible debt — — 191 207 Interest on convertible debt prior to conversion — — 859 933 Net Loss Attributable to Common Stockholders $ (150,953) $ (136,098) $ (165,526) $ (179,996) Denominator: Basic Weighted average shares outstanding, basic 122,691,770 110,617,820 58,520,980 63,640,528 Total-basic 122,691,770 110,617,820 58,520,980 63,640,528 Diluted Weighted average common shares outstanding, diluted 122,691,770 110,617,820 58,520,980 63,640,528 Weighted average common shares attributable to convertible debt prior to conversion — — 583,925 583,925 Total-diluted 122,691,770 110,617,820 59,104,905 64,224,453 Net loss per share attributable to common stockholders: Basic $ (1.23) $ (1.23) $ (2.60) $ (2.60) Diluted $ (1.23) $ (1.23) $ (2.80) $ (2.80)
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 March 31, 2022 2021 Stock options, including early exercise of options 17,195,165 33,342,527 Restricted stock units 16,351,621 13,975,457 Common stock warrants 5,909,896 350,000 Employee stock purchase plan shares 161,300 — Total 39,617,982 47,667,984

Segments and Geographical Inf_2

Segments and Geographical Information (Tables)	9 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Revenue by Geographical Area	The following table sets forth revenue by geographic area (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 United States $ 344,731 $ 224,863 $ 956,789 $ 603,048 Canada 9,975 5,802 28,282 5,636 Other 56 — 87 — Total $ 354,762 $ 230,665 $ 985,158 $ 608,684
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): March 31, 2022 June 30, 2021 United States $ 190,659 $ 118,076 Canada 3,240 2,251 Other $ 150 $ — Total $ 194,049 $ 120,327

Business Description (Details)

Business Description (Details)	9 Months Ended
	Mar. 31, 2022
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities	$ 313,307		$ 313,307		$ 323,577
Additional paid in capital	3,987,881		3,987,881		3,467,236
Advertising costs	$ 12,200	$ 9,100	$ 55,600	$ 24,400
Restricted stock units
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated fair value of RSUs grated		40,000		40,000
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities					5,626
Additional paid in capital					$ 4,474
Adjustments | Restricted stock units
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated fair value of RSUs grated		$ 25,000		$ 25,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Immaterial Correction of Prior Period Amounts (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities	$ 313,307			$ 323,577
Total liabilities	4,455,671			2,291,440
Additional paid in capital	3,987,881			3,467,236
Accumulated deficit	(1,419,506)			(898,485)
Accumulated other comprehensive income	7,677			6,773
Total stockholders’ equity	$ 2,576,055	$ 2,468,322	$ 2,377,359	2,575,527	$ 2,405,698	$ (343,309)	$ (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 income				6,769
Total stockholders’ equity				2,581,153	2,404,021
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 income				4
Total stockholders’ equity				$ (5,626)	$ 1,677

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Consolidated Statement of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Operating Expenses
Processing and servicing	$ 43,371			$ 21,368			$ 110,421	$ 51,668
Technology and data analytics	110,291			104,806			283,293	180,208
Sales and marketing	156,214			58,184			363,650	119,878
General and administrative	142,466			179,999			419,962	253,188
Total Operating Expenses	581,313			440,013			1,573,980	878,098
Loss Before Income Taxes	(54,412)			(287,121)			(520,315)	(317,502)
Net Loss	$ (54,671)	$ (159,735)	$ (306,615)	$ (287,051)	$ (26,610)	$ (3,946)	$ (521,021)	$ (317,607)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ (0.19)			$ (1.23)			$ (1.86)	$ (2.60)
Diluted (in USD per share)	$ (0.19)			$ (1.23)			$ (1.86)	$ (2.80)
As Previously Reported
Operating Expenses
Processing and servicing				$ 21,335				$ 51,635
Technology and data analytics				98,728				174,130
Sales and marketing				57,549				119,243
General and administrative				146,853				220,042
Total Operating Expenses				400,121				838,206
Loss Before Income Taxes				(247,229)				(277,610)
Net Loss				$ (247,159)				$ (277,715)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)				$ (1.06)				$ (2.27)
Diluted (in USD per share)				$ (1.06)				$ (2.48)
Adjustments
Operating Expenses
Processing and servicing				$ 33				$ 33
Technology and data analytics				6,078				6,078
Sales and marketing				635				635
General and administrative				33,146				33,146
Total Operating Expenses				39,892				39,892
Loss Before Income Taxes				(39,892)				(39,892)
Net Loss				$ (39,892)				$ (39,892)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)				$ (0.17)				$ (0.33)
Diluted (in USD per share)				$ (0.17)				$ (0.32)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation - Additional Paid-In Capital	$ 113,005	$ 101,920	$ 104,879	$ 187,883	$ 6,774	$ 7,175
Net Loss - Accumulated Deficit	(54,671)	(159,735)	(306,615)	(287,051)	(26,610)	(3,946)	$ (521,021)	$ (317,607)
Total stockholders’ equity	$ 2,576,055	$ 2,468,322	$ 2,377,359	2,405,698	$ (343,309)	$ (346,764)	$ 2,576,055	2,405,698	$ 2,575,527	$ (367,096)
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation - Additional Paid-In Capital				146,314
Net Loss - Accumulated Deficit				(247,159)				(277,715)
Total stockholders’ equity				2,404,021				2,404,021	2,581,153
Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation - Additional Paid-In Capital				41,569
Net Loss - Accumulated Deficit				(39,892)				(39,892)
Total stockholders’ equity				$ 1,677				$ 1,677	$ (5,626)

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities
Net Loss	$ (54,671)	$ (159,735)	$ (306,615)	$ (287,051)	$ (26,610)	$ (3,946)	$ (521,021)	$ (317,607)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation							280,113	192,363
Net Cash Used in Operating Activities							$ (103,085)	(173,217)
As Previously Reported
Cash Flows from Operating Activities
Net Loss				(247,159)				(277,715)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation								152,471
Net Cash Used in Operating Activities								(173,217)
Adjustments
Cash Flows from Operating Activities
Net Loss				$ (39,892)				(39,892)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation								39,892
Net Cash Used in Operating Activities								$ 0

Interest Income - Schedule of I

Interest Income - Schedule of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Banking and Thrift, Interest [Abstract]
Interest income on unpaid principal balance	$ 95,253	$ 65,921	$ 266,868	$ 162,666
Amortization of discount on loans	45,443	31,625	138,853	68,843
Amortization of premiums on loans	(3,407)	(2,373)	(9,139)	(6,449)
Interest receivable charged-off, net of recoveries	(2,690)	(643)	(6,326)	(2,436)
Interest income	$ 134,599	$ 94,530	$ 390,256	$ 222,624

Interest Income - Additional In

Interest Income - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Banking and Thrift, Interest [Abstract]
Period of suspended accrued interest past due	120 days
Non-accrued loans held for investment	$ 1.5	$ 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	Mar. 31, 2022	Jun. 30, 2021
Receivables [Abstract]
Unpaid principal balance	$ 2,528,197	$ 2,058,863
Accrued interest receivable	20,390	15,466
Premiums on loans held for investment	8,580	7,071
Less: Discount due to loss on loan purchase commitment	(29,196)	(53,177)
Less: Discount due to loss on self-originated loans	20,305	0
Less: Fair value adjustment on loans acquired through business combination	(4,806)	(5,903)
Loans held for investment	$ 2,502,860	2,022,320
Discount due to loss on self-originated loans		$ 6,200

Loans Held for Investment and_4

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 3,013.8	$ 2,031.2	$ 8,631.2	$ 5,620.8
Threshold period for delinquent loans past due	4 days		4 days
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms			1 month
Proprietary credit quality score	0		0
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms			60 months
Proprietary credit quality score	100		100

Loans Held for Investment and_5

Loans Held for Investment and Allowance for Credit Losses - Credit Quality by ITACs Score (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 2,156,380
2021	277,122
2020	51,186
2019	1,263
2018	130
Prior	7
Loans held for investment	2,486,088	$ 2,019,884
2022 Current period charge-offs	(50,207)
2021 Current period charge-offs	(16,790)
2020 Current period charge-offs	(250)
2019 Current period charge-offs	(32)
2018 Current period charge-offs	(1)
Prior current period charge-offs	0
Total current period charge-offs	(67,280)
2022 Current period recoveries	2,080
2021 Current period recoveries	2,479
2020 Current period recoveries	777
2019 Current period recoveries	669
2018 Current period recoveries	250
Prior current period recoveries	190
Total current period recoveries	6,445
2022 Current period net charge-offs	(48,127)
2021 Current period net charge-offs	(14,311)
2020 Current period net charge-offs	527
2019 Current period net charge-offs	637
2018 Current period net charge-offs	249
Prior current period net charge-offs	190
Total current period net charge-offs	(60,835)
96+
Financing Receivable, Credit Quality Indicator [Line Items]
2022	1,162,905
2021	201,085
2020	44,799
2019	598
2018	1
Prior	0
Loans held for investment	1,409,388
94 – 96
Financing Receivable, Credit Quality Indicator [Line Items]
2022	549,083
2021	33,978
2020	1,192
2019	35
2018	2
Prior	0
Loans held for investment	584,290
90 – 94
Financing Receivable, Credit Quality Indicator [Line Items]
2022	219,475
2021	12,631
2020	77
2019	4
2018	0
Prior	0
Loans held for investment	232,187
Less than 90
Financing Receivable, Credit Quality Indicator [Line Items]
2022	59,324
2021	426
2020	3
2019	0
2018	0
Prior	0
Loans held for investment	59,753
No score
Financing Receivable, Credit Quality Indicator [Line Items]
2022	165,593
2021	29,002
2020	5,115
2019	626
2018	127
Prior	7
Loans held for investment	$ 200,470

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	Mar. 31, 2022	Jun. 30, 2021
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 2,502,860	$ 2,022,320
Loans held for investment	2,486,088	2,019,884
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Loans held for investment	2,330,666	1,939,976
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	63,010	43,838
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	33,471	17,267
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	30,231	12,044
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 28,710	$ 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		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 158,289	$ 124,992	$ 117,760	$ 95,137
Provision for credit losses	62,021	(993)	172,720	39,190
Charge-offs	(67,280)	(14,537)	(145,307)	(40,377)
Recoveries of charged-off receivables	6,445	4,292	14,302	9,721
Ending balance	159,475	113,754	159,475	113,754
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0	$ 10,083

Business Combination - Addition

Business Combination - Additional Information (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Jun. 01, 2021	May 01, 2021	Jan. 12, 2021	Jan. 01, 2021	Mar. 31, 2022	Mar. 31, 2022	Jun. 30, 2021
ShopBrain
Business Acquisition [Line Items]
Cash	$ 30,000
Purchase price	40,000
Transaction costs						$ 0	$ 200
Net assets acquired	$ 40,000
ShopBrain | Class A common stock
Business Acquisition [Line Items]
Common stock issued (in shares)	151,745
Kite
Business Acquisition [Line Items]
Cash		$ 26,000
Purchase price		24,759
Transaction costs								$ 200
Escrow deposit		9,000				$ 9,000	$ 9,000
Net assets acquired		$ 24,759
Returnly
Business Acquisition [Line Items]
Cash			$ 71,484
Common stock issued (in shares)			2,989,697
Purchase price			$ 285,959
Transaction costs								1,800
Percentage ownership prior to transaction			1.00%
Percentage ownership after transaction			100.00%
Common stock issued in escrow, subject to forfeiture (in shares)			304,364
Equity interest			$ 2,100
Gain from equity interest			1,600
Net assets acquired			$ 288,054
PayBright
Business Acquisition [Line Items]
Cash					$ 114,490
Common stock issued (in shares)					3,622,445
Purchase price					$ 288,754
Transaction costs								$ 2,400
Common stock issued in escrow, subject to forfeiture (in shares)					2,587,362
Net assets acquired					$ 288,754
PayBright | Class A common stock
Business Acquisition [Line Items]
Common stock issued (in shares)				1,811,222
Common stock issued in escrow, subject to forfeiture (in shares)				1,293,681
PayBright | Class B common stock
Business Acquisition [Line Items]
Common stock issued (in shares)				1,811,222
Common stock issued in escrow, subject to forfeiture (in shares)				1,293,681

Business Combination - Fair Val

Business Combination - Fair Value of Consideration Transferred (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Jun. 01, 2021	May 01, 2021	Jan. 01, 2021
ShopBrain
Business Acquisition [Line Items]
Cash	$ 30,000
Fair value of Class A common stock transferred	10,000
Total purchase price	$ 40,000
Kite
Business Acquisition [Line Items]
Cash		$ 26,000
Less: Fair value of contingent consideration asset		(1,241)
Total purchase price		$ 24,759
Returnly
Business Acquisition [Line Items]
Cash			$ 71,484
Fair value of Class A common stock transferred			214,475
Total purchase price			$ 285,959
PayBright
Business Acquisition [Line Items]
Cash				$ 114,490
Fair value of Class A common stock transferred				116,989
Fair value of contingent consideration				57,275
Total purchase price				$ 288,754

Business Combination - Allocati

Business Combination - Allocation of Consideration Paid to Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jul. 01, 2021	Jun. 30, 2021	Jun. 01, 2021	May 01, 2021	Jan. 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 547,393		$ 516,515
ShopBrain
Business Acquisition [Line Items]
Intangible assets		$ 9,488
Total assets acquired		9,488
Goodwill		30,512
Total purchase price		$ 40,000
Kite
Business Acquisition [Line Items]
Intangible assets				$ 6,975
Total assets acquired				6,975
Goodwill				17,784
Total purchase price				$ 24,759
Returnly
Business Acquisition [Line Items]
Cash and cash equivalents					$ 3,788
Accounts receivable, net					9,585
Property, equipment and software					127
Intangible assets					45,900
Other assets					1,830
Total assets acquired					61,230
Accounts payable					594
Accrued expenses and other liabilities					6,205
Total liabilities assumed					6,799
Net assets acquired					54,431
Goodwill					233,623
Total purchase price					$ 288,054
PayBright
Business Acquisition [Line Items]
Cash and cash equivalents						$ 8,219
Restricted cash						1,469
Loans held for investment						89,570
Accounts receivable, net						1,537
Property, equipment and software						586
Intangible assets						16,653
Other assets						5,651
Total assets acquired						123,685
Accounts payable						6,579
Accrued interest payable						23
Accrued expenses and other liabilities						193
Funding debt						85,310
Total liabilities assumed						92,105
Net assets acquired						31,580
Goodwill						257,174
Total purchase price						$ 288,754

Business Combination - Identifi

Business Combination - Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Jun. 01, 2021	May 01, 2021	Jan. 01, 2021
ShopBrain | Developed technology
Business Acquisition [Line Items]
Fair Value	$ 9,488
Useful Life (in years)	3 years
Kite
Business Acquisition [Line Items]
Fair Value		$ 6,975
Kite | Developed technology
Business Acquisition [Line Items]
Fair Value		$ 6,900
Useful Life (in years)		3 years
Kite | Trademarks
Business Acquisition [Line Items]
Fair Value		$ 75
Useful Life (in years)		1 year
Returnly
Business Acquisition [Line Items]
Fair Value			$ 45,900
Returnly | Developed technology
Business Acquisition [Line Items]
Fair Value			$ 16,200
Useful Life (in years)			3 years
Returnly | Merchant relationships
Business Acquisition [Line Items]
Fair Value			$ 29,200
Useful Life (in years)			5 years
Returnly | Trade name
Business Acquisition [Line Items]
Fair Value			$ 500
Useful Life (in years)			1 year
PayBright
Business Acquisition [Line Items]
Fair Value				$ 16,653
PayBright | Developed technology
Business Acquisition [Line Items]
Fair Value				$ 6,127
Useful Life (in years)				3 years
PayBright | Merchant relationships
Business Acquisition [Line Items]
Fair Value				$ 9,505
Useful Life (in years)				4 years
PayBright | Trade name
Business Acquisition [Line Items]
Fair Value				$ 1,021
Useful Life (in years)				5 years

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2021
Returnly
Business Acquisition [Line Items]
Revenue	$ 234,271	$ 618,356
Net loss	$ (291,597)	(329,540)
PayBright
Business Acquisition [Line Items]
Revenue		617,340
Net loss		$ (347,511)

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Nov. 30, 2021	Jan. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Allowance for accounts receivable			$ 12,000		$ 12,000		$ 4,100
Goodwill impairment loss					0	$ 0
Amortization of intangible assets			5,500	$ 1,200	16,400	1,200
Impairment of intangible assets			0	0	0	0
Amortization of commercial agreement assets					72,804	50,097
Vesting of warrants exercised	$ 133,500
Commercial agreement term	3 years 2 months 12 days
Amortization of sales and marketing expense			10,200		16,000
Contingent consideration			119,008		119,008		153,447
Commercial agreement liability			0		$ 0		$ 25,357
Commercial Agreement Asset, Shopify Inc, Warrants
Finite-Lived Intangible Assets [Line Items]
Asset amortization period					4 years
Commercial agreement asset, gross			270,600		$ 270,600
Amortization of commercial agreement assets			16,700	16,700	50,700	48,000
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			$ 2,000	$ 2,100	$ 6,000	$ 2,100

Balance Sheet Components - Good

Balance Sheet Components - Goodwill and Intangible Assets (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 516,515
Additions	33,410
Effect of foreign currency translation	(2,532)
Ending balance	$ 547,393

Balance Sheet Components - Inta

Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (21,768)	$ (5,316)
Total amortization expense	58,394
Total intangible assets, gross	82,658	73,246
Total intangible assets, net	60,890	67,930
Trademarks and Domains
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	2,146
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross	38,657	38,951
Accumulated Amortization	(8,335)	(2,192)
Total amortization expense	$ 30,322	$ 36,759
Weighted Average Remaining Useful Life (in years)	3 years 9 months 18 days	4 years 6 months
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 39,967	$ 30,176
Accumulated Amortization	(12,715)	(2,930)
Total amortization expense	$ 27,252	$ 27,246
Weighted Average Remaining Useful Life (in years)	2 years 2 months 12 days	2 years 9 months 18 days
Trademarks and Domains
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,538	$ 3,769
Accumulated Amortization	(718)	(194)
Total amortization expense	$ 820	$ 3,575
Weighted Average Remaining Useful Life (in years)	2 years 9 months 18 days	3 years 3 months 18 days

Balance Sheet Components - Expe

Balance Sheet Components - Expected Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2022USD ($)
Balance Sheet Related Disclosures [Abstract]
2022 (remaining three months)	$ 5,406
2023	21,416
2024	19,287
2025	7,274
2026 and thereafter	5,011
Total amortization expense	$ 58,394

Balance Sheet Components - Othe

Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Operating lease right-of-use assets	$ 52,391	$ 57,828
Derivative instruments	43,437	2,880
Prepaid payroll taxes for stock-based compensation	35,172	111,278
Equity securities, at cost	33,172	11,278
Prepaid expenses	23,271	21,069
Processing reserves	21,240	14,042
Other receivables	15,055	26,423
Other assets	6,713	29,881
Total other assets	$ 230,451	$ 274,679

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Offsetting [Abstract]
Contingent consideration liability	$ 119,008	$ 153,447
Operating lease liability	67,905	74,952
Collateral held for derivative instruments	44,859	2,780
Accrued expenses	44,493	47,674
Commercial agreement liability	0	25,357
Other liabilities	37,042	19,367
Total accrued expenses and other liabilities	$ 313,307	$ 323,577

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Restricted cash	$ 413,628	$ 183,330	$ 413,628	$ 183,330	$ 226,074
Weighted average remaining lease term	5 years 2 months 12 days		5 years 2 months 12 days
Impairment expense	$ 0	11,100	$ 0	11,100
Rent expense incurred	3,900	4,100	11,400	12,000
Short-term lease expense	100	200	300	1,100
Sublease Income	$ 900	$ 0	$ 2,300	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Lease termination notice period			180 days
Remaining lease term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease termination notice period			1 year
Remaining lease term	9 years		9 years
Cash collateral and deposits for letters of credit
Lessee, Lease, Description [Line Items]
Restricted cash	$ 9,600		$ 9,600		$ 9,900

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term and Discount Rate (Details)	Mar. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	5 years 2 months 12 days
Weighted average discount rate	4.60%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Leases [Abstract]
2022 (remaining three months)	$ 4,075
2023	15,832
2024	15,812
2025	16,119
2026 and thereafter	25,638
Total lease payments	77,476
Less imputed interest	(9,571)
Present value of lease liabilities	$ 67,905	$ 74,952

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Other Commitments [Line Items]
Loans held by third party investors or unconsolidated VIEs		$ 4,036.4		$ 2,453.9
Repurchase liability		$ 2.3		$ 2.1
Customer Concentration Risk | Revenue | Largest merchant partner
Other Commitments [Line Items]
Revenue concentration percent	20.00%		31.00%
CALIFORNIA | Geographic Concentration Risk | Loan receivable
Other Commitments [Line Items]
Revenue concentration percent		12.00%		15.00%

Debt - Aggregate Future Maturit

Debt - Aggregate Future Maturities of Funding Debt (Details) - Funding debt - Revolving facilities - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Line of Credit Facility [Line Items]
Remainder of fiscal year	$ 208,468
Year one	0	$ 104,159
Year two	393,480	460,289
Year three	0	22,705
Year four		0
After year three	308,858
After year four		102,203
Borrowings outstanding	910,806	689,356
Deferred debt issuance costs	(9,573)	(8,754)
Total funding debt, net of deferred debt issuance costs	$ 901,233	$ 680,602

Debt - Additional Information (

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands	Mar. 31, 2022USD ($)	Feb. 04, 2022USD ($)	Dec. 15, 2021USD ($)	Nov. 23, 2021USD ($)dsegment$ / shares	Jan. 19, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Remaining life	56 months
Amortization of debt issuance costs							$ 13,215	$ 3,675
Borrowings outstanding	$ 901,233					$ 901,233	$ 901,233		$ 680,602
2022-X1 | Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate	1.58%					1.58%	1.58%
2022-X1 | Residual Certificate Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate	3.23%					3.23%	3.23%
2021-Z1 and 2021-Z2 | Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate	1.79%					1.79%	1.79%
2021-Z1 and 2021-Z2 | Residual Certificate Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate	3.44%					3.44%	3.44%
Convertible Senior Notes
Line of Credit Facility [Line Items]
Conversion ratio				0.0046371
Interest expense						$ 1,000	$ 1,400
Convertible Senior Notes | Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days | d				20
Threshold consecutive trading days | segment				30
Threshold percentage of stock price trigger				130.00%
Convertible Senior Notes | Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days | d				5
Minimum percentage of common stock price trigger				98.00%
Funding debt | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unpaid principal balance of loans pledged as collateral	$ 803,700					803,700	803,700		664,100
Funding debt | PayBright Funding Facilities
Line of Credit Facility [Line Items]
Unpaid principal balance of loans pledged as collateral	199,500					199,500	199,500
Repurchase Agreement
Line of Credit Facility [Line Items]
Liability component of debt outstanding	36,200					36,200	36,200		13,900
Repurchase Agreement | 2021-Z1 and 2021-Z2 | Other Receivables
Line of Credit Facility [Line Items]
Pledged securities	42,700					42,700	42,700		16,200
Convertible Debt | Convertible Senior Notes
Line of Credit Facility [Line Items]
Liability component of debt outstanding	1,705,624					1,705,624	1,705,624
Securitization issued	1,725,000			$ 1,725,000		1,725,000	1,725,000
Proceeds from debt				$ 1,704,000
Conversion price of redeemable convertible preferred stock (in USD per share) | $ / shares				$ 215.65
Revolving facilities
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility		$ 165,000			$ 185,000
Unused commitment fee percentage		0.20%			0.35%
Amortization of debt issuance costs			$ 1,200
Borrowings outstanding	0					0	0
Revolving facilities | Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread		0.50%			0.50%
Revolving facilities | One Month London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.00%			1.00%
Revolving facilities | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.85%			1.50%
Revolving facilities | LIBOR
Line of Credit Facility [Line Items]
Basis spread		1.85%			2.50%
Revolving facilities | Funding debt
Line of Credit Facility [Line Items]
Funding debt	910,806					910,806	910,806		689,356
Liability component of debt outstanding	901,233					901,233	$ 901,233		$ 680,602
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					1,975,000	$ 1,975,000
Funding debt	702,000					702,000	702,000
Remaining amount available of credit facility	1,272,700					1,272,700	1,272,700
Revolving facilities | Funding debt | PayBright Funding Facilities
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility	419,000					419,000	419,000
Funding debt	172,300					172,300	172,300
Remaining amount available of credit facility	$ 246,800					$ 246,800	$ 246,800
Minimum | Revolving facilities | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage							0.00%
Minimum | Revolving facilities | Funding debt | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Advance rate percentage							79.00%
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%

Debt - Convertible Notes Outsta

Debt - Convertible Notes Outstanding (Details) - Convertible Senior Notes - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2022	Nov. 23, 2021
Line of Credit Facility [Line Items]
Principal Amount	$ 1,725,000	$ 1,725,000
Unamortized Discount and Issuance Cost	(19,376)
Total funding debt, net of deferred debt issuance costs	$ 1,705,624

Securitization and Variable I_3

Securitization and Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Feb. 09, 2022	Nov. 10, 2021	Jun. 30, 2021	May 18, 2021	May 17, 2021	May 05, 2021
Debt Instrument [Line Items]
Securitized loans outstanding	$ 2,024.3
2020-Z2
Debt Instrument [Line Items]
Securitized loans outstanding	$ 27.9
Percentage of residual certificates retained	93.30%
2020-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2021-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2020-Z1
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2021-B
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2021-Z1 and 2021-Z2 | Repurchase Agreement | Other Receivables
Debt Instrument [Line Items]
Pledged securities	$ 42.7			$ 16.2
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 | Funding debt | Other Assets
Debt Instrument [Line Items]
Pledged securities	$ 1.4
2021-Z1 Residual Certificates
Debt Instrument [Line Items]
Percentage of residual certificates retained							86.90%
Percentage of certificates owned					5.00%
2021-Z2
Debt Instrument [Line Items]
Securitized loans outstanding			$ 192.5
Percentage of certificates owned			5.00%
Gain on sale of loans			$ 6.1
2021-Z2 | Secured debt
Debt Instrument [Line Items]
Securitization issued			$ 260
Fixed interest rate			1.17%
Loans pledged as collateral at amortized cost			$ 287.5
2022-X1
Debt Instrument [Line Items]
Securitized loans outstanding		$ 258.3
Percentage of certificates owned		5.00%
Gain on sale of loans		$ 13.1
2022-X1 | Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 366.5
Fixed interest rate		1.75%
Loans pledged as collateral at amortized cost		$ 406.2
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%
Third party loan buyer | 2021-Z2 Residual Certificates
Debt Instrument [Line Items]
Percentage of residual certificates sold			95.00%
Third party loan buyer | 2022-X1 Residual Certificates
Debt Instrument [Line Items]
Percentage of residual certificates sold		95.00%

Securitizations and Variable In

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Consolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Assets	$ 7,031,726	$ 4,866,967
Liabilities	4,455,671	2,291,440
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	2,401,071	1,803,624
Liabilities	2,200,332	1,793,427
Net Assets	200,739	10,197
Consolidated Variable Interest Entities | Warehouse credit facilities
Debt Instrument [Line Items]
Assets	839,670	688,197
Liabilities	751,419	614,882
Net Assets	88,251	73,315
Consolidated Variable Interest Entities | Securitizations
Debt Instrument [Line Items]
Assets	1,561,401	1,115,427
Liabilities	1,448,913	1,178,545
Net Assets	$ 112,488	$ (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	Mar. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Assets	$ 7,031,726	$ 4,866,967
Liabilities	4,455,671	2,291,440
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Assets	817,633	305,414
Liabilities	766,651	304,567
Net Assets	50,982	847
Maximum Exposure to Losses	44,092	16,850
Variable Interest Entity, Not Primary Beneficiary | Securitizations
Debt Instrument [Line Items]
Assets	817,633	305,414
Liabilities	766,651	304,567
Net Assets	50,982	847
Maximum Exposure to Losses	$ 44,092	$ 16,850

Investments - Marketable Securi

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Marketable Securities [Line Items]
Marketable Securities	$ 2,153,522	$ 159,411
Money market funds | Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	1,461,956	143,241
Corporate bonds
Marketable Securities [Line Items]
Marketable Securities	185,432	0
Corporate bonds | Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	854	0
Commercial paper
Marketable Securities [Line Items]
Marketable Securities	133,437	0
Commercial paper | Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	73,689	0
Certificates of deposit
Marketable Securities [Line Items]
Marketable Securities	54,048	0
Government bonds, Non-US
Marketable Securities [Line Items]
Marketable Securities	35,775	0
Government bonds, US
Marketable Securities [Line Items]
Marketable Securities	165,624	0
Securitization notes receivable and certificates
Marketable Securities [Line Items]
Marketable Securities	$ 42,707	$ 16,170

Investments - Securities Availa

Investments - Securities Available for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 694,737	$ 16,144
Gross Unrealized Gains	43	29
Gross Unrealized Losses	(3,084)	0
Allowance for Credit Losses	(130)	(3)
Fair Value	691,566	16,170
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	74,500
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	54,168
Gross Unrealized Gains	27
Gross Unrealized Losses	(147)
Allowance for Credit Losses	0
Fair Value	54,048
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	187,580
Gross Unrealized Gains	5
Gross Unrealized Losses	(1,299)
Allowance for Credit Losses	0
Fair Value	186,286
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	207,302
Gross Unrealized Gains	11
Gross Unrealized Losses	(187)
Allowance for Credit Losses	0
Fair Value	207,126
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	36,008
Gross Unrealized Gains	0
Gross Unrealized Losses	(233)
Allowance for Credit Losses	0
Fair Value	35,775
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	166,285
Gross Unrealized Gains	0
Gross Unrealized Losses	(661)
Allowance for Credit Losses	0
Fair Value	165,624
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	43,394	16,144
Gross Unrealized Gains	0	29
Gross Unrealized Losses	(557)	0
Allowance for Credit Losses	(130)	(3)
Fair Value	$ 42,707	$ 16,170

Investments - Available for Sal

Investments - Available for Sale Securities with Unrealized Losses (Details) $ in Thousands	Mar. 31, 2022USD ($)position
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 578,039
Less than or equal to 1 year, unrealized losses	(3,084)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	578,039
Total, unrealized losses	$ (3,084)
Number of positions with unrealized losses | position	113,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 29,846
Less than or equal to 1 year, unrealized losses	(147)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	29,846
Total, unrealized losses	(147)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	177,798
Less than or equal to 1 year, unrealized losses	(1,299)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	177,798
Total, unrealized losses	(1,299)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	126,289
Less than or equal to 1 year, unrealized losses	(187)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	126,289
Total, unrealized losses	(187)
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	35,775
Less than or equal to 1 year, unrealized losses	(233)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	35,775
Total, unrealized losses	(233)
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	165,624
Less than or equal to 1 year, unrealized losses	(661)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	165,624
Total, unrealized losses	(661)
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	42,707
Less than or equal to 1 year, unrealized losses	(557)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	42,707
Total, unrealized losses	$ (557)

Investments - Length of Contrac

Investments - Length of Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	$ 645,580
Within 1 year, fair value	643,274
Greater than 1 year, less than or equal to 5 years, amortized cost	49,157
Greater than 1 year, less than or equal to 5 years, fair value	48,292
Amortized Cost	694,737	$ 16,144
Total, amortized cost	694,737
Total, fair value	691,566	16,170
Recurring
Debt Securities, Available-for-sale [Line Items]
Fair Value	42,707	16,170
Level 3 | Recurring
Debt Securities, Available-for-sale [Line Items]
Fair Value	42,707	16,170
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	54,168
Within 1 year, fair value	54,048
Greater than 1 year, less than or equal to 5 years, amortized cost	0
Greater than 1 year, less than or equal to 5 years, fair value	0
Amortized Cost	54,168
Total, fair value	54,048
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	153,996
Within 1 year, fair value	153,310
Greater than 1 year, less than or equal to 5 years, amortized cost	33,584
Greater than 1 year, less than or equal to 5 years, fair value	32,976
Amortized Cost	187,580
Total, fair value	186,286
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	207,302
Within 1 year, fair value	207,126
Greater than 1 year, less than or equal to 5 years, amortized cost	0
Greater than 1 year, less than or equal to 5 years, fair value	0
Amortized Cost	207,302
Total, fair value	207,126
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	31,762
Within 1 year, fair value	31,656
Greater than 1 year, less than or equal to 5 years, amortized cost	4,246
Greater than 1 year, less than or equal to 5 years, fair value	4,119
Amortized Cost	36,008
Total, fair value	35,775
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	166,285
Within 1 year, fair value	165,624
Greater than 1 year, less than or equal to 5 years, amortized cost	0
Greater than 1 year, less than or equal to 5 years, fair value	0
Amortized Cost	166,285
Total, fair value	165,624
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	32,067
Within 1 year, fair value	31,510
Greater than 1 year, less than or equal to 5 years, amortized cost	11,327
Greater than 1 year, less than or equal to 5 years, fair value	11,197
Amortized Cost	43,394	16,144
Total, amortized cost	43,394
Total, fair value	$ 42,707	$ 16,170

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 949,300	$ 1,584,800
Equity securities, at cost	$ 33,172	$ 33,172	$ 11,278

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	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	$ 617,025
Servicing assets	4,600		$ 2,300
Derivative instruments	43,437		2,880
Servicing liabilities	5,606	$ 8,626	3,961	$ 2,248	$ 2,826	$ 1,540
Contingent consideration	119,008		153,447
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,461,956		143,241
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	852
Restricted cash	185,434
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	73,689
Restricted cash	133,437
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	54,048
Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	35,775
Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	165,624
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	42,707		16,170
Servicing assets	4,620		2,349
Derivative instruments	43,437		2,880
Total assets	2,201,579		164,640
Servicing liabilities	5,606		3,961
Performance fee liability	1,584		1,290
Residual trust certificates, held by third-parties	489		914
Contingent consideration	119,008		153,447
Profit share liability	1,878		2,464
Total liabilities	128,565		162,076
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	0		0
Total liabilities	0		0
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,461,956		143,241
Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 1 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 | Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0		0
Servicing assets	0		0
Derivative instruments	0		0
Total assets	1,461,956		143,241
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	574,318
Total assets	15,425		275,855
Total liabilities	1,213,020		269,975
Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	852
Restricted cash	185,434
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	73,689
Restricted cash	133,437
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	54,048
Level 2 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	35,775
Level 2 | Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	165,624
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0		0
Servicing assets	0		0
Derivative instruments	43,437		2,880
Total assets	692,296		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	42,707
Total assets	2,410,903		1,883,364
Total liabilities	2,317,237		1,876,134
Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 3 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 | Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	42,707		16,170
Servicing assets	4,620		2,349
Derivative instruments	0		0
Total assets	47,327		18,519
Servicing liabilities	5,606		3,961
Performance fee liability	1,584		1,290
Residual trust certificates, held by third-parties	489		914
Contingent consideration	119,008		153,447
Profit share liability	1,878		2,464
Total liabilities	$ 128,565		$ 162,076

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jun. 30, 2021	Jun. 01, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid balance on loans sold with retained servicing rights	$ 2,042,500	$ 756,700	$ 5,647,500	$ 2,013,200
Unpaid principal balance on serviced sold loans	4,036,400		4,036,400			$ 2,453,900
Servicing income	23,456	$ 7,977	44,242	$ 17,235
Servicing assets	4,600		4,600			2,300
Servicing liabilities	$ 5,600		$ 5,600			4,000
Economic risk retention	5.00%		5.00%
Senior Notes And Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	$ 42,707		$ 42,707		$ 25,319	$ 16,170
Kite
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Escrow deposit	$ 9,000		$ 9,000				$ 9,000

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		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 2,178	$ 1,923	$ 2,349	$ 2,132
Initial transfers of financial assets	1,991	202	3,105	1,732
Subsequent changes in fair value	451	(5)	(834)	(1,744)
Fair value at end of period	$ 4,620	$ 2,120	$ 4,620	$ 2,120

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		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 8,626	$ 2,826	$ 3,961	$ 1,540
Initial transfers of financial assets	2,940	1,972	13,826	5,185
Subsequent changes in fair value	(5,960)	(2,550)	(12,181)	(4,477)
Fair value at end of period	$ 5,606	$ 2,248	$ 5,606	$ 2,248

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)	Mar. 31, 2022	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	0.0084	0.0070
Servicing liability, measurement input	0.0212	0.0129
Adequate compensation | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0165	0.0084
Servicing liability, measurement input	0.0426	0.0370
Adequate compensation | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0129	0.0081
Servicing liability, measurement input	0.0313	0.0271
Net default rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0087	0.0053
Servicing liability, measurement input	0.0150	0.0080
Net default rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0925	0.0095
Servicing liability, measurement input	0.2918	0.0842
Net default rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0456	0.0064
Servicing liability, measurement input	0.1376	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	Mar. 31, 2022	Jun. 30, 2021
Net default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ (41)	$ (7)
Servicing asset, effect of 50% increase in measurement input	(75)	(15)
Servicing liability, effect of 25% increase in measurement input	(26)	(40)
Servicing liability, effect of 50% increase in measurement input	(49)	(61)
Adequate compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(4,587)	(2,006)
Servicing asset, effect of 50% increase in measurement input	(9,173)	(4,011)
Servicing liability, effect of 25% increase in measurement input	4,370	3,060
Servicing liability, effect of 50% increase in measurement input	8,739	6,119
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(64)	(4)
Servicing asset, effect of 50% increase in measurement input	(129)	(1)
Servicing liability, effect of 25% increase in measurement input	(512)	(137)
Servicing liability, effect of 50% increase in measurement input	$ (663)	$ (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		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,530	$ 1,205	$ 1,290	$ 875
Purchases of loans	432	349	1,265	1,070
Settlements Paid	(418)	0	(418)	0
Subsequent changes in fair value	40	(312)	(553)	(703)
Fair value at end of period	$ 1,584	$ 1,242	$ 1,584	$ 1,242

Fair Value of Financial Asse_10

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Performance Fee Liability (Details)	Mar. 31, 2022	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	0.0298	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	0.0230	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 - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 619	$ 914
Repayments	(146)	(549)
Subsequent changes in fair value	16	124
Fair value at end of period	$ 489	$ 489

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	Mar. 31, 2022
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	Mar. 31, 2022USD ($)
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	$ (8)
Residual trust certificates, effect of 50% increase in measurement input	(16)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	(12)
Residual trust certificates, effect of 50% increase in measurement input	(23)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	(3)
Residual trust certificates, effect of 50% increase in measurement input	$ (6)

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 - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 25,319	$ 16,170
Additions	22,067	35,762
Cash received (due to payments or sales)	(4,414)	(8,798)
Change in unrealized loss	(402)	(586)
Accrued interest	215	285
Reversal of (impairment on) securities available for sale	(78)	(126)
Fair value at end of period	$ 42,707	$ 42,707

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	Mar. 31, 2022
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0213
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	0.2025
Maximum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1095
Maximum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.3500
Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0381
Weighted Average | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0415
Weighted Average | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2345

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	Mar. 31, 2022USD ($)
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	$ (319)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(628)
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	(298)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(588)
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	53
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	$ 117

Fair Value of Financial Asse_17

Fair Value of Financial Assets and Liabilities - Fair Value of Contingent Consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 253,750	$ 153,447
Subsequent changes in fair value	(136,248)	(28,682)
Effect of foreign currency translation	1,506	(5,757)
Fair value at end of period	$ 119,008	$ 119,008

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	Mar. 31, 2022
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1300
Minimum | Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1900
Minimum | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1100
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1300
Maximum | Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	1.0300
Maximum | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	1.3400
Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1300
Weighted Average | Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.8600
Weighted Average | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.3300

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 - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 2,053	$ 2,465
Facilitation of loans	1,098	4,672
Actual performance	(2,918)	(3,929)
Subsequent changes in fair value	1,645	(1,330)
Fair value at end of period	$ 1,878	$ 1,878

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	Mar. 31, 2022
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	0.0125
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	0.0354
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	0.0126

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	Mar. 31, 2022	Jun. 30, 2021
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	$ 0	$ 0
Loans held for investment, net	0	0
Other assets	0	0
Accounts receivable, net		0
Total assets	0	0
Convertible senior notes, net	0
Notes issued by securitization trusts	0	0
Funding debt	0	0
Accounts payable		0
Payable to third-party loan owners		0
Accrued interest payable		0
Accrued expenses and other liabilities		0
Total liabilities	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	3,618	13,030
Loans held for investment, net	0	0
Other assets	11,807	171,250
Accounts receivable, net		91,575
Total assets	15,425	275,855
Convertible senior notes, net	1,213,020
Notes issued by securitization trusts	0	0
Funding debt	0	0
Accounts payable		57,758
Payable to third-party loan owners		50,079
Accrued interest payable		2,751
Accrued expenses and other liabilities		159,387
Total liabilities	1,213,020	269,975
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	2,410,903	1,883,364
Other assets	0	0
Accounts receivable, net		0
Total assets	2,410,903	1,883,364
Convertible senior notes, net	0
Notes issued by securitization trusts	1,406,390	1,184,663
Funding debt	910,847	689,356
Accounts payable		0
Payable to third-party loan owners		0
Accrued interest payable		0
Accrued expenses and other liabilities		2,115
Total liabilities	2,317,237	1,876,134
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	3,618	13,030
Loans held for investment, net	2,343,385	1,904,560
Other assets	11,807	171,250
Accounts receivable, net		91,575
Total assets	2,358,810	2,180,415
Convertible senior notes, net	1,705,624
Notes issued by securitization trusts	1,447,568	1,176,673
Funding debt	910,806	689,356
Accounts payable		57,758
Payable to third-party loan owners		50,079
Accrued interest payable		2,751
Accrued expenses and other liabilities		161,502
Total liabilities	4,063,998	2,138,119
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	3,618	13,030
Loans held for investment, net	2,410,903	1,883,364
Other assets	11,807	171,250
Accounts receivable, net		91,575
Total assets	2,426,328	2,159,219
Convertible senior notes, net	1,213,020
Notes issued by securitization trusts	1,406,390	1,184,663
Funding debt	910,847	689,356
Accounts payable		57,758
Payable to third-party loan owners		50,079
Accrued interest payable		2,751
Accrued expenses and other liabilities		161,502
Total liabilities	$ 3,530,257	$ 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 ($)	Nov. 30, 2021USD ($)$ / sharesshares	Mar. 31, 2022USD ($)voteshares	Mar. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)$ / sharesshares	Mar. 31, 2022USD ($)voteshares	Jun. 30, 2021shares	Jun. 30, 2020USD ($)
Temporary Equity [Line Items]
Total common stock reserved for future issuance (in shares) | shares			85,752,586				85,752,586	88,211,269
Warrants granted for purchase (in shares) | shares		22,000,000
Dividend yield		0.00%
Volatility		45.00%
Vesting of warrants exercised		$ 133,500
Sale of warrants recognized			$ 102,400				$ 173,000
Amortization expense of warrants sold			10,200				16,000
Expenses on sale of warrants			$ 92,200				$ 157,000
Minimum
Temporary Equity [Line Items]
Warrants exercise term		3 years 6 months
Risk free rate		0.93%
Maximum
Temporary Equity [Line Items]
Warrants exercise term		7 years 6 months
Risk free rate		1.47%
Series G Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock issued (in shares) | shares						21,836,687
Redeemable convertible preferred stock per share (in USD per shares) | $ / 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) | shares						4,444,321
Redeemable convertible preferred stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, aggregate purchase amount					$ 108	$ 434,434
Conversion of convertible debt (in shares) | shares				(148,396,979)		4,444,321
Carrying value reclassified	$ 1,327,300			$ 0	$ 1,327,271	$ 1,327,163			$ 804,170
Total common stock reserved for future issuance (in shares) | shares			0				0	0
Class A common stock
Temporary Equity [Line Items]
Common stock, stock split	0.5
Number of votes per share | vote			1				1
Exercise price of warrants (in USD per share) | $ / shares		$ 100
Class A common stock | First Warrant Shares
Temporary Equity [Line Items]
Shares purchased by warrants (in shares) | shares		7,000,000
Exercise price of warrants (in USD per share) | $ / shares		$ 0.01
Warrants exercise term		7 years 6 months
Class A common stock | Second Warrant Shares
Temporary Equity [Line Items]
Shares purchased by warrants (in shares) | shares		15,000,000
Class B common stock
Temporary Equity [Line Items]
Common stock, stock split	0.5
Number of votes per share | vote			15				15

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Common Stock Reserved for Issuance (Details) - shares	Mar. 31, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	85,752,586	88,211,269
Available outstanding under stock option plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	46,442,672	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)	39,309,914	29,793,755

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Details) $ in Thousands	May 01, 2021shares	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)	May 30, 2022	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)shares	Jan. 14, 2021segment	Nov. 18, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		85,752,586			85,752,586		88,211,269
Early exercise rights liability | $		$ 500			$ 500
Right to purchase shares (in shares)					164,748
Stock-based compensation expense | $		$ 98,387	$ 179,639		$ 280,113	$ 192,363
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)		39,309,914			39,309,914		29,793,755
Returnly
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in escrow, subject to forfeiture (in shares)	304,364
Service period	2 years
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)		46,442,672			46,442,672		58,417,514
Vesting period					4 years
Equity exercise taxes payable | $		$ 19,900			$ 19,900		$ 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 | $		29,000	$ 38,500		$ 113,500	$ 38,500
Non-vested stock options, unrecognized compensation cost | $		120,500			$ 120,500
Weighted-average compensation expense recognition period					3 years 9 months 18 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average compensation expense recognition period					2 years 2 months 12 days
Number of vesting conditions | segment								2
RSUs awarded (in shares)					8,530,480
Non-vested RSUs, unrecognized compensation cost | $		$ 632,900			$ 632,900
Restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
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			118,374,202
2020 Employee Stock Purchase Plan | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase price discount percent				85.00%
2020 Employee Stock Purchase Plan | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)									9,100,000

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares	Jun. 30, 2021$ / sharesshares
Number of Options
Beginning balance (in shares) | shares	31,662,750
Granted (in shares) | shares	164,748
Exercised (in shares) | shares	(12,986,539)
Forfeited, expired or cancelled (in shares) | shares	(1,193,026)
Ending balance (in shares) | shares	17,647,933	31,662,750
Vested and exercisable (in shares) | shares	11,118,698
Vested and exercisable, and expected to vest thereafter (in shares) | shares	17,195,165
Weighted Average Exercise Price
Beginning balance (in USD per share) | $ / shares	$ 10.42
Granted (in USD per share) | $ / shares	58.01
Exercised (in USD per share) | $ / shares	5.14
Forfeited, expired or cancelled (in USD per share) | $ / shares	23.59
Ending balance (in USD per share) | $ / shares	13.84	$ 10.42
Vested and exercisable (in USD per share) | $ / shares	6.81
Vested and exercisable, and expected to vest thereafter (in USD per share) | $ / shares	$ 12.92
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term	6 years 9 months 10 days	6 years 3 months 18 days
Weighted Average Remaining Contractual Term, Vested and exercisable	6 years 1 month 6 days
Weighted Average Remaining Contractual Term, Vested and exercisable, and expected to vest	6 years 8 months 23 days
Aggregate Intrinsic Value, Vested and exercisable | $	$ 442,482
Aggregate Intrinsic Value, Vested and exercisable, and expected to vest | $	$ 586,036

Equity Incentive Plans - RSU Ac

Equity Incentive Plans - RSU Activity (Details) - Restricted stock units	9 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Shares
Beginning balance, Non-vested (in shares) | shares	14,242,111
Granted (in shares) | shares	8,530,480
Vested (in shares) | shares	(4,780,097)
Forfeited, expired or cancelled (in shares) | shares	(1,640,873)
Ending balance, Non-vested (in shares) | shares	16,351,621
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) | $ / shares	$ 37.93
Granted (in USD per share) | $ / shares	58.29
Vested (in USD per share) | $ / shares	37.69
Forfeited, expired or cancelled (in USD per share) | $ / shares	33.57
Ending balance, Non-vested (in USD per share) | $ / shares	$ 45.23

Equity Incentive Plans - Compon

Equity Incentive Plans - Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 98,387	$ 179,639	$ 280,113	$ 192,363
Capitalized into property, equipment and software, net	14,618	6,567	39,691	7,792
Total stock-based compensation expense	113,005	186,206	319,804	200,155
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	58,100	115,566	187,789	121,867
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	33,639	52,058	75,133	56,827
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	5,998	10,568	15,655	11,909
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 650	$ 1,447	$ 1,536	$ 1,760

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 259	$ (70)	$ 706	$ 105

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						9 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Numerator, Basic
Net Loss	$ (54,671)	$ (159,735)	$ (306,615)	$ (287,051)	$ (26,610)	$ (3,946)	$ (521,021)	$ (317,607)
Denominator, Basic
Basic weighted average common shares outstanding (in shares)	285,641,820			233,309,590			279,570,015	122,161,508
Denominator, Diluted
Total-diluted (in shares)	285,641,820			233,309,590			279,570,015	123,329,359
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (0.19)			$ (1.23)			$ (1.86)	$ (2.60)
Diluted (in USD per share)	$ (0.19)			$ (1.23)			$ (1.86)	$ (2.80)
Class A common stock
Numerator, Basic
Net Loss	$ (43,061)			$ (150,953)			$ (389,424)	$ (152,148)
Net Loss Attributable to Common Stockholders	$ (43,061)			(150,953)			$ (389,424)	(152,148)
Numerator, Diluted
Excess return to preferred stockholders on repurchase				0				(14,428)
Gain on conversion of convertible debt				0				191
Interest on convertible debt prior to conversion				0				859
Net Loss Attributable to Common Stockholders				$ (150,953)				$ (165,526)
Denominator, Basic
Basic weighted average common shares outstanding (in shares)	224,980,598			122,691,770			208,957,734	58,520,980
Denominator, Diluted
Weighted average common shares attributable to convertible debt prior to conversion (in shares)				0				583,925
Total-diluted (in shares)	224,980,598			122,691,770			208,957,734	59,104,905
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (0.19)			$ (1.23)			$ (1.86)	$ (2.60)
Diluted (in USD per share)	$ (0.19)			$ (1.23)			$ (1.86)	$ (2.80)
Class B common stock
Numerator, Basic
Net Loss	$ (11,610)			$ (136,098)			$ (131,597)	$ (165,459)
Net Loss Attributable to Common Stockholders	$ (11,610)			(136,098)			$ (131,597)	(165,459)
Numerator, Diluted
Excess return to preferred stockholders on repurchase				0				(15,677)
Gain on conversion of convertible debt				0				207
Interest on convertible debt prior to conversion				0				933
Net Loss Attributable to Common Stockholders				$ (136,098)				$ (179,996)
Denominator, Basic
Basic weighted average common shares outstanding (in shares)	60,661,222			110,617,820			70,612,281	63,640,528
Denominator, Diluted
Weighted average common shares attributable to convertible debt prior to conversion (in shares)				0				583,925
Total-diluted (in shares)	60,661,222			110,617,820			70,612,281	64,224,453
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (0.19)			$ (1.23)			$ (1.86)	$ (2.60)
Diluted (in USD per share)	$ (0.19)			$ (1.23)			$ (1.86)	$ (2.80)

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	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	39,617,982	47,667,984
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)	17,195,165	33,342,527
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)	16,351,621	13,975,457
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)	5,909,896	350,000
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	161,300	0

Segments and Geographical Inf_3

Segments and Geographical Information - Additional Information (Details)	9 Months Ended
	Mar. 31, 2022segment
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		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 354,762	$ 230,665	$ 985,158	$ 608,684
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	344,731	224,863	956,789	603,048
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	9,975	$ 5,802	28,282	$ 5,636
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 56		$ 87

Segments and Geographical Inf_5

Segments and Geographical Information - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 194,049	$ 120,327
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	190,659	118,076
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	3,240	2,251
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 150	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Fast AF, Inc $ in Millions	Apr. 19, 2022USD ($)
Subsequent Event [Line Items]
Cash paid for acquisition	$ 10
Senior Notes | Senior Secured Note Issued To Fast AF, Inc
Subsequent Event [Line Items]
Forgiveness of senior secured note	$ 15