DEF 14A of Affirm Holdings, Inc., Oct 24, 2025

DEF 14A of Affirm Holdings, Inc.

Filed Oct 24, 2025 · FY20250001628280-25-046264

Open on EDGAR

  1. Board of Directors

    Board of Directors

  2. Board of Directors

    | Name | Class | Director since | Audit Committee | Compensation Committee | Nominating and Governance Committee | | Max Levchin | III | 2012 | | | | | Richard Galanti | II | 2025 | | ✓ | | | Brian D. Hughes | III | 2024 | ✓ | ✓ | | | Jeremy Liew | III | 2013 | | ✓* | ✓ | | Libor Michalek | I | 2021 | | | | | Christa S. Quarles (I) | II | 2018 | | ✓ | ✓* | | Jacqueline D. Reses | I | 2021 | | | | | Manolo Sánchez | II | 2023 | ✓ | | ✓ | | Noel Watson | I | 2022 | ✓* | | |

  3. Board of Directors

    * Indicates committee chair. (I) Indicates Lead Independent Director.

  4. BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

    BOARD OF DIRECTORS AND CORPORATE GOVERNANCE Our business is managed under the direction of our Board, which is currently composed of nine members. Six of our nine directors are independent within the meaning of the independent director requirements of the Nasdaq Stock Market LLC (“Nasdaq”). Our Board is divided into three classes with staggered three-year terms. At each Annual Meeting of stockholders, a class of directors will be elected for a three-year term to succeed the same class whose term is then expiring. Upon the recommendation of our Nominating and Governance Committee, we are nominating Richard Galanti, Christa S. Quarles and Manolo Sánchez as Class II directors at the Annual Meeting. Ms. Quarles was most recently elected at our 2022 Annual Meeting of Stockholders, and Messrs. Galanti and Sánchez were appointed as Class II directors of our Board effective in July 2025 and November 2023, respectively. Mr. Galanti was initially identified as a potential director candidate by our CEO, and Mr. Sánchez was initially recommended by a third-party search firm. If elected, Messrs. Galanti and Sánchez and Ms. Quarles will each hold office for a three-year term until the Annual Meeting of stockholders to be held in 2028 and until their successors are elected and qualified or until such director’s earlier death, resignation or removal. The following table sets forth the names, ages as of October 1, 2025 and certain other information for each of the directors with terms expiring at the Annual Meeting and for each of the continuing directors:

  5. BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

    | Name | Class | Age | Director since | Term Expires | Principal Occupation | Our Committee Membership | Other Public Company Boards | | Max Levchin | III | 50 | 2012 | 2026 | Founder, CEO and Chairman of Affirm Holdings, Inc. | — | 1 | | Richard Galanti | II | 69 | 2025 | 2025 | Former Executive Vice President and Chief Financial Officer of Costco Wholesale Corporation | Compensation Committee | 0 | | Brian D. Hughes | III | 58 | 2024 | 2026 | Independent Consultant and Strategic Advisor to the Boston Consulting Group | Audit Committee, Compensation Committee | 0 | | Jeremy Liew | III | 54 | 2013 | 2026 | Partner at Lightspeed Venture Partners | Compensation Committee (chair), Nominating and Governance Committee | 0 | | Libor Michalek | I | 52 | 2021 | 2027 | President of Affirm Holdings, Inc. | — | 0 | | Christa S. Quarles* | II | 51 | 2018 | 2025 | Chief Executive Officer of Alludo | Compensation Committee, Nominating and Governance Committee (chair) | 1 | | Jacqueline D. Reses | I | 55 | 2021 | 2027 | Chief Executive Officer of Lead Bank | — | 1 | | Manolo Sánchez | II | 59 | 2023 | 2025 | Adjunct Professor at Rice University’s Jones Graduate School of Business | Audit Committee, Nominating and Governance Committee | 2 | | Noel Watson | I | 50 | 2022 | 2027 | Chief Financial Officer and Chief Operating Officer of LegalZoom.com, Inc. | Audit Committee (chair) | 0 |

  6. BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

    * Lead Independent Director

  7. Director Nominees - Class II

    Director Nominees - Class II

  8. Director Nominees - Class II

    | Director Since 2025 Age: 69 Board Committees: ▪Compensation Committee | RICHARD GALANTI Former Executive Vice President & Chief Financial Officer, Costco Wholesale Corporation | | | | Skills and Qualifications: –Former CFO –Audit Committee Financial Expert –Business Development/M&A | –Financial Expertise –International, Global –Human Capital | | | Other Public Company Boards –None | Former Public Company Boards (During Past 5 Years) –Costco Wholesale Corporation (1995-2025) | | | Mr. Galanti is the retired Executive Vice President and Chief Financial Officer of Costco Wholesale Corporation (“Costco”), an operator of warehouse club retail stores. Mr. Galanti joined Costco in March 1984 as Vice President, Finance and became Senior Vice President and Chief Financial Officer in January 1985. Subsequent to the merger of The Price Company and Costco in October 1993, Mr. Galanti became Executive Vice President and Chief Financial Officer, a position he held until March 2024. Mr. Galanti remained an Executive Vice President of Costco until his retirement in January 2025. In addition to his management roles at Costco, Mr. Galanti also served as a director from January 1995 until January 2025. Prior to joining Costco, Mr. Galanti worked in investment banking for Donaldson, Lufkin & Jenrette. Mr. Galanti was selected to serve on our Board due to his extensive tenure as Chief Financial Officer of one of the largest global retail companies, his substantial leadership experience and expertise across retail, finance, global operations, and investor relations, as well as his service on a public company’s board of directors. | | | Director Since 2018 Age: 51 Board Committees: ▪Compensation Committee ▪Nominating and Governance Committee | CHRISTA S. QUARLES Chief Executive Officer, Alludo | | | | Skills and Qualifications: –Current/Former CEO –Current/Former CFO –Audit Committee Financial Expert –Financial Expertise –Operational Experience –Business Development/M&A –Venture Capital/Private Equity | –Sales –Marketing, Brand –International, Global –Human Capital –Public Company Audit Committee –Public Company Compensation Committee –Public Company Nominating/Governance Committee | | | Other Public Company Boards –Kimberly-Clark Corporation | Former Public Company Boards (During Past 5 Years) –None | | | Ms. Quarles is the Chief Executive Officer and a Board Director of Alludo, a private software company backed by KKR. Prior to joining Alludo, Ms. Quarles served as Operating Partner of Advent International, a private equity investor, from 2019 to 2020 and the Chief Executive Officer of OpenTable, Inc., an online restaurant reservation service, from 2015 to 2018. Before OpenTable, Ms. Quarles served as the Chief Business Officer of NextDoor, Inc., a social networking company, from 2014 to 2015. Leading up to NextDoor, Ms. Quarles held positions of increasing responsibility with The Walt Disney Company. Ms. Quarles was selected to serve on our Board due to her financial expertise, her experience on a public company audit committee, and her leadership experience as the Chief Executive Officer of an e-commerce marketplace. | |

  9. Director Nominees - Class II

    | Director Since 2023 Age: 59 Board Committees: ▪Audit Committee ▪Nominating and Governance Committee | Manuel (“Manolo”) Sánchez Adjunct Professor, Jones Graduate School of Business at Rice University | | | | Skills and Qualifications: –Payments, Financial Services, FinTech –Current/Former CEO –Audit Committee Financial Expert –Financial Expertise –Operational Experience –Business Development/M&A –Venture Capital/Private Equity –Bank Regulatory | –Legal, Government Relations –International, Global –Risk Management –Human Capital –Academia –Public Company Audit Committee –Public Company Compensation Committee –Public Company Nominating/Governance Committee | | | Other Public Company Boards –Fannie Mae –Stewart Information Services Corporation | Former Public Company Boards (During Past 5 Years) –Elevate Credit, Inc. (2021 - 2023) –OnDeck Capital, Inc. (2018 - 2020) | | | Mr. Sánchez is adjunct professor at Jones Graduate School of Business at Rice University and was president and CEO of Compass Bank, Inc., a U.S. subsidiary of Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA“) from 2008-2017, during which time he served as director of the American Bankers Association, the Institute of International Bankers and the Greater Houston Partnership. Mr. Sánchez joined BBVA in 1990. Mr. Sánchez was selected to serve on our Board due to his experience in the banking industry, including in risk management, real estate, community, corporate and investment banking. His global insight, as well as his in-depth knowledge of banking and finance, provide valued expertise to the Company. | |

  10. Directors Continuing in Office - Class I (Term Ending in 2027)

    Directors Continuing in Office - Class I (Term Ending in 2027)

  11. Directors Continuing in Office - Class I (Term Ending in 2027)

    | Director Since 2021 Age: 52 Board Committees: ▪None | LIBOR MICHALEK President, Affirm Holdings, Inc. | | | | Skills and Qualifications: –Payments, Financial Services, FinTech –Engineering, Technology, Innovation –Operational Experience | –Cybersecurity –Risk Management –Human Capital | | | Other Public Company Boards –None | Former Public Company Boards (During Past 5 Years) –None | | | Mr. Michalek has served as our President since December 2022 and previously served as our President, Technology, Risk and Operations from May 2021 to December 2022 and as our President, Technology from 2018 to May 2021. Mr. Michalek served as the Company’s Chief Technology Officer from 2015 to 2018. Prior to joining the Company, Mr. Michalek served as an Engineering Director at YouTube and Google. Prior to that, Mr. Michalek served as the Chief Technology Officer of Slide, a personal media-sharing service, which was acquired by Google in 2010. Mr. Michalek was selected to serve on our Board due to his deep software, systems, security, machine learning, and engineering experience. | |

  12. Directors Continuing in Office - Class I (Term Ending in 2027)

    | Director Since 2021 Age: 55 Board Committees: ▪None | JACQUELINE D. RESES Chief Executive Officer, Lead Bank | | | | Skills and Qualifications: –Payments, Financial Services, FinTech –Engineering, Technology, Innovation –Current/Former CEO –Current/Former CFO –Audit Committee Financial Expert –Financial Expertise –Operational Experience –Business Development/M&A | –Venture Capital/Private Equity –Bank Regulatory –Legal, Government Relations –Risk Management –Human Capital –Government, Public Service –Public Company Audit Committee –Public Company Compensation Committee –Public Company Nominating/Governance Committee | | | Other Public Company Boards –Nu Holdings Ltd. | Former Public Company Boards (During Past 5 Years) –Context Logic Inc. (2020-2021) –Endeavor Group Holdings, Inc. (2021-2025) –Pershing Square Tontine Holdings, Ltd (2020-2022) –Social Capital Hedosophia Holdings Corp III (2020-2021) –TaskUS, Inc. (2019-2025) | | | Ms. Reses has served as the Chief Executive Officer of Lead Bank since 2021. From October 2015 to October 2020, Ms. Reses served as Square Capital Lead of Block, Inc., a financial services and technology company, and Executive Chairman of its bank, Square Financial Services. From September 2012 to October 2015, Ms. Reses served as Chief Development Officer of Yahoo! Inc. Prior to Yahoo, Ms. Reses served as the head of the U.S. media group at Apax Partners Worldwide LLP, which she joined in 2001. Ms. Reses also spent seven years at Goldman Sachs in mergers and acquisitions and the principal investment area. Ms. Reses was selected to serve on our Board due to her experience as a director of various public companies and her leadership experience at technology companies. | | | Director Since 2022 Age: 50 Board Committees: ▪Audit Committee | NOEL WATSON Chief Financial Officer and Chief Operating Officer, LegalZoom.com, Inc. | | | | Skills and Qualifications: –Current/Former CFO –Audit Committee Financial Expert –Financial Expertise –Operational Experience | –Business Development/M&A –International, Global –Public Company Audit Committee | | | Other Public Company Boards –None | Former Public Company Boards (During Past 5 Years) –Zynga Inc. (2020-2022) | | | Mr. Watson has served as the Chief Financial Officer and Chief Operating Officer of LegalZoom, an online platform for legal and compliance solutions, since November 2020 and August 2024, respectively. Prior to joining LegalZoom, Mr. Watson served as Chief Financial Officer at TrueCar, Inc. from June 2019 to November 2020. From April 2006 to June 2019, Mr. Watson served in roles of increasing responsibility at TripAdvisor, Inc., including as Vice President - Finance and Chief Accounting Officer. Mr. Watson was selected to serve on our Board due to his financial expertise and his experience on a public company audit committee. | |

  13. Directors Continuing in Office - Class III (Term Ending in 2026)

    Directors Continuing in Office - Class III (Term Ending in 2026)

  14. Directors Continuing in Office - Class III (Term Ending in 2026)

    | Director Since 2012 Age: 50 Board Committees: None | MAX LEVCHIN Chairman and Chief Executive Officer of Affirm Holdings, Inc. | | | | Skills and Qualifications: –CEO Experience –Engineering, Technology, Innovation –Payments, Financial Services, FinTech –Government/Public Service | –Bank Regulatory –Venture Capital/Private Equity –Operational Experience –Business Development/M&A | | | Other Public Company Boards –The Coca-Cola Company | Former Public Company Boards (During Past 5 Years) –None | | | Mr. Levchin is our Founder and has served as our Chairman and Chief Executive Officer (“CEO”) since our founding in 2012. Affirm was spun out of 2012 MRL Investments LLC (f/k/a HVF, LLC), an exploration company Mr. Levchin founded in 2011 to create and fund companies that leveraged large data sets in new ways. Mr. Levchin also helped create Yelp Inc., a consumer internet company, and co-founded PayPal, where he served as Chief Technology Officer from its founding until its sale to eBay in 2003. Mr. Levchin was selected to serve on our Board because of the perspective and experience he brings as our Founder and CEO, as well as his experience as a founder of several technology companies. | | | Director Since 2024 Age: 58 Board Committees: ▪Audit Committee ▪Compensation Committee | BRIAN D. HUGHES Independent Consultant and Strategic Advisor to the Boston Consulting Group | | | | Skills and Qualifications: –Payments, Financial Services, FinTech –Current/Former CEO –Financial Expertise –Operational Experience –Business Development/M&A –Venture Capital/Private Equity –Sales | –Marketing, Brand –Bank Regulatory –Legal, Government Relations –Cybersecurity –Risk Management –Public Company Audit Committee –Public Company Compensation Committee | | | Other Public Company Boards –None | Former Public Company Boards (During Past 5 Years) –None | | | Mr. Hughes has over 30 years of experience in financial services and consulting and has been an independent consultant and senior advisor to the Boston Consulting Group, a management consulting firm, since 2022, serving clients in the financial industry on growth strategy, digital transformation and risk management. From 2012 to 2021, Mr. Hughes served in roles of increasing responsibility at Discover Financial Services, a financial services company, including as Chief Risk Officer (2016-2021), SVP and General Manager of Deposits (2015-2016) and SVP of Cardmember Marketing (2012-2015). Prior to joining Discover Financial Services, Mr. Hughes held executive roles, including CEO, for HSBC’s Card and Retail Services business and served as a strategy consultant with Booz Allen Hamilton. Mr. Hughes has served on the CFPB's Consumer Advisory Board (2015-2018) where he advised on regulatory policy and on the Board of the Risk Management Association (2018-2021) where he was a member of the executive committee. Mr. Hughes was selected to serve on our Board because of his experience in the financial services industry, including in risk management, and his financial expertise. | |

  15. Directors Continuing in Office - Class III (Term Ending in 2026)

    | Director Since 2013 Age: 54 Board Committees: ▪Compensation Committee ▪Nominating and Governance Committee | JEREMY LIEW Partner, Lightspeed Venture Partners | | | | Skills and Qualifications: –Payments, Financial Services, FinTech –Financial Expertise –Operational Experience –Business Development/M&A | –Venture Capital/Private Equity –Public Company Compensation Committee –Public Company Nominating/Governance Committee | | | Other Public Company Boards –None | Former Public Company Boards (During Past 5 Years) –The Honest Company (2011-2022) | | | Mr. Liew has been a Partner at Lightspeed Venture Partners, a venture capital firm, since 2006. Prior to joining Lightspeed, Mr. Liew was an executive at Netscape, AOL, Citysearch and IAC. Mr. Liew was selected to serve on our Board because of his substantial experience in overseeing multiple technology investments and his previous experience as a technology executive. | |

  16. Considerations in Evaluating Director Nominees

    Considerations in Evaluating Director Nominees Our Nominating and Governance Committee uses a variety of methods for identifying and evaluating potential director candidates. In its evaluation of director candidates, including the current directors eligible for re-election, our Nominating and Governance Committee will consider the current size and composition of our Board and the needs of our Board and the respective committees of our Board. Some of the qualifications that our Nominating and Governance Committee considers include, without limitation, experience, skills, expertise, personal and professional integrity, character, business judgment, time availability in light of other commitments, dedication, and conflicts of interest. Although our Board does not maintain a specific policy with respect to board diversity, our Board believes that the board should be a diverse body, and the Nominating and Governance Committee considers a broad range of backgrounds, perspectives, viewpoints and experiences. As part of the search process for new directors, the Nominating and Governance Committee endeavors to identify a diverse pool of candidates. Specifically, in any formal search for Board candidates where an initial candidate pool is assembled, the Nominating and Governance Committee will include, and will request that any search firm that it engages for such a search include, qualified candidates with a diversity of opinions, perspectives, viewpoints, professional and personal experiences, and backgrounds, as well as other differentiating characteristics in that initial candidate pool. After completing its review and evaluation of director candidates, our Nominating and Governance Committee recommends to our full Board the director nominees for selection.

  17. Non-Employee Director Compensation

    Non-Employee Director Compensation Our Board maintains a compensation policy for our non-employee directors (the “director compensation policy”) that is designed to attract, retain and reward our non-employee directors. The director compensation policy was originally developed with input from the Compensation Committee’s former independent compensation consultant, Compensia, Inc., taking into account existing practices and compensation levels at peer group companies. In June 2024, our Compensation Committee reviewed the director compensation policy and, with input from the Compensation Committee’s current compensation consultant, Semler Brossy Consulting Group, LLC, and taking into account existing practices and compensation levels at peer group companies, decided not to make any changes for fiscal 2025 at that time. Our directors who are also employees, Messrs. Levchin and Michalek, do not receive any additional compensation for their services as directors. Pursuant to the terms of the director compensation policy, our non-employee directors received the compensation described in the table below for fiscal 2025.

  18. Non-Employee Director Compensation

    | Cash Compensation(1) | | | | Annual retainer(2) | | $45,000 | | Lead Independent Director retainer | | $28,000 | | Additional annual retainers for committee service | Chair | Member | | Audit Committee | $25,000 | $12,500 | | Compensation Committee | $18,000 | $9,000 | | Nominating and Governance Committee | $10,000 | $5,000 | | Equity Compensation(3) | | | | Initial grant of RSUs(4) | | $500,000 | | Annual grant of RSUs(5) | | $200,000 |

  19. Non-Employee Director Compensation

    (1)Paid in quarterly installments in arrears and pro-rated for directors whose service commences or terminates during the year. (2)Prior to the start of the applicable fiscal year, directors may elect to receive the annual cash retainer in the form of RSUs. (3)Amounts represent the approximate grant date fair value of RSUs that upon vesting will be settled in shares of our Class A common stock. All equity awards granted pursuant to the director compensation policy automatically vest, in addition to the service-based vesting schedules below, upon a change in control of the Company. (4)This one-time award vests, subject to the director’s continued service, in equal annual installments on the first three anniversaries of the director’s commencement of service. (5)Award vests, subject to the director’s continued service, in full on the earlier of (i) the date of our next annual meeting of our stockholders (or the date immediately prior to our next annual meeting of our stockholders if the non-employee director’s service as a director ends at such meeting due to the director’s failure to be re-elected or the director not standing for re-election); or (ii) the first anniversary of the date of grant. We reimburse each non-employee director for ordinary, necessary, and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in meetings of our Board and any committee of the Board. The following table sets forth information regarding compensation earned by or paid to our non-employee directors during fiscal 2025.

  20. Fiscal 2025 Director Compensation Table

    Fiscal 2025 Director Compensation Table

  21. Fiscal 2025 Director Compensation Table

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | All Other Compensation ($) | Total ($) | | Brian D. Hughes | 66,500 | 699,936 | — | 766,436 | | Jeremy Liew | 23,000 | 244,939 | — | 267,939 | | Christa S. Quarles | 47,000 | 244,939 | — | 291,939 | | Keith Rabois(2) | — | — | — | — | | Jacqueline D. Reses | 9,000 | 244,938 | — | 253,938 | | Manolo Sánchez | 62,500 | 199,955 | — | 262,455 | | Noel Watson | 70,000 | 199,955 | — | 269,955 |

  22. Fiscal 2025 Director Compensation Table

    (1) Reported amounts represent the aggregate grant date fair value of RSUs granted during fiscal 2025, as computed in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718. See Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for fiscal 2025 for the assumptions used in calculating the grant date fair value. The grant date fair value does not necessarily correspond to the actual economic value that may be realized for these awards. As of June 30, 2025, our non-employee directors serving during fiscal 2025 had the following RSUs outstanding: Mr. Hughes-19,776, Mr. Liew-4,523, Ms. Quarles-4,523, Mr. Rabois-0, Ms. Reses-4,523, Mr. Sánchez-21,943 and Mr. Watson-10,211. (2) Mr. Rabois resigned from the Board effective on June 30, 2025. He waived his right to any non-employee director compensation in fiscal 2025.

  23. PROPOSAL NO. 1: ELECTION OF DIRECTORS

    PROPOSAL NO. 1: ELECTION OF DIRECTORS Our Board is currently composed of nine members. In accordance with our articles of incorporation, our Board is divided into three classes with staggered three-year terms. One class is elected each year at the annual meeting of stockholders for a term of three years. At the Annual Meeting, three Class II directors will be elected for a three-year term to succeed the same class whose term is then expiring. Each director’s term continues until the election and qualification of such director’s successor, or such director’s earlier death, resignation or removal.

  24. Fiscal 2025 Executive Compensation Highlights

    Fiscal 2025 Executive Compensation Highlights The Compensation Committee took the following key actions with respect to the compensation of our named executive officers for and during fiscal 2025: •Base Salaries. In connection with the Compensation Committee's annual review of our executive compensation program in June 2024, the Committee increased the annual base salaries of each of our named executive officers effective as of July 1, 2024. For our named executive officers other than our CEO, the increases ranged from 5% to 6% of annual base salary and were intended to more competitively position each executive given the highly competitive talent market in which we operate. Our CEO's annual base salary was increased to align with minimum wage requirements under applicable San Francisco laws in effect at that time. •Annual Cash Incentive Plan. The Compensation Committee approved annual cash incentive plan payments for our named executive officers (other than our CEO) based on achievement of short-term financial and operational performance targets set by the Compensation Committee. Our named executive officers achieved fiscal 2025 payout percentages of 140.7% out of a possible maximum of 150% of target cash incentive plan opportunities. •Long-Term Incentive Compensation. The Compensation Committee approved grants of time-vesting options to purchase shares of our Class A common stock and time-vesting grants of restricted stock units (“RSUs”) to our named executive officers (other than our CEO), that, upon vesting, will settle in shares of our Class A common stock. Equity awards granted in fiscal 2025 to our named executive officers (other than our CEO) included a mix of 50% options and 50% RSUS. These awards serve to align the interests of our named executive officers with those of our stockholders and help to retain our executives over the four-year vesting period.

  25. Executive Compensation Philosophy and Objectives

    Executive Compensation Philosophy and Objectives Our executive compensation program is guided by our overarching philosophy of paying for high and demonstrable performance. We strive to compensate our named executive officers in a manner that is competitive, rewards achievement of our business objectives, and aligns the interests of our named executive officers with those of our stockholders. Consistent with this philosophy, we have designed our executive compensation program to achieve the following primary objectives: •provide market-competitive compensation and benefit levels that will attract, motivate, reward and retain our named executive officers within the context of responsible cost management; •establish a direct link between our financial and operational objectives and the compensation of our named executive officers; •align the interests and objectives of our named executive officers with those of our stockholders by linking their long-term incentive compensation opportunities to stockholder value creation and their cash incentives to our annual performance; and •offer total compensation opportunities to our named executive officers that are competitive, internally consistent and fair. Generally, we structure the annual compensation of our named executive officers using three principal elements: base salary, annual cash incentive opportunities, and long-term incentive compensation opportunities in the form of equity awards.

  26. Pay-for-Performance

    Pay-for-Performance We believe our compensation program attracts, motivates, rewards and retains our executives by aligning their interests with those of stockholders. To ensure this alignment, to motivate individual initiative and effort, and reward results, a substantial portion of our named executive officers’ target annual total direct compensation opportunity is both variable in nature and “at-risk.” We emphasize variable compensation that appropriately rewards our named executive officers through two separate compensation elements: •First, our named executive officers (other than our CEO) participate in our annual cash incentive plan, which provides those officers with the opportunity to earn cash incentive payments based on achievement of short-term financial and operational performance targets set by the Compensation Committee to align with the Company's strategic objectives. We believe that achievement of the performance measures and funding gate applicable to our cash incentive plan in fiscal 2025, which are described more fully below, has a strong correlation to increases in shareholder value. •Second, for our named executive officers (other than our CEO), we grant time-vesting options to purchase shares of our Class A common stock and time-vesting RSUs that will settle in shares of our Class A common stock. The equity awards granted in fiscal 2025 to our named executive officers (other than our CEO) included a mix of 50% options and 50% RSUs. The options granted in fiscal 2025 (other than those granted to Mr. O’Hare upon his promotion to Chief Financial Officer) vest with respect to 1/4 of the shares on the one-year anniversary of the vesting commencement date and the remaining 3/4 of the shares vest in equal monthly installments over the subsequent three years, and the RSUs granted in fiscal 2025 (other than those granted to Mr. O’Hare upon his promotion to Chief Financial Officer) vest with respect to 1/4 of the shares on the one-year anniversary of the vesting commencement date and the remaining 3/4 of the shares vest in equal quarterly installments over the subsequent three years, subject to the recipient’s continued service as of each vesting date. The value of these awards is closely linked to the value of our Class A common stock, thereby aligning the interests of our named executive officers with those of our stockholders. We believe that this design provides balanced incentives for our named executive officers to drive both short-term financial performance and long-term growth.

  27. Role of the Compensation Consultant

    Role of the Compensation Consultant The members of the Compensation Committee have the authority to retain an external compensation consultant to assist them by providing information, analysis and other advice relating to the compensation of our named executive officers, including the authority to approve the consultant’s reasonable fees and other retention terms. The compensation consultant reports directly to the Compensation Committee and its chair and serves at the discretion of the Compensation Committee, which reviews the engagement annually. In fiscal 2025, the Compensation Committee engaged Semler Brossy, a national compensation consulting firm, to serve as its compensation consultant. During fiscal 2025, representatives of Semler Brossy attended the meetings of the Compensation Committee, both with and without management present, as requested and provided various services, including the following: •the review, analysis, and selection of our compensation peer group; •the review and analysis of the base salary levels, annual cash incentive opportunities, and long-term incentive compensation opportunities of our named executive officers against competitive market data based on the companies in our compensation peer group and in selected compensation surveys; •an assessment of executive compensation trends within our industry, and update on corporate governance and regulatory issues and developments; •an executive compensation risk assessment; •consultation with the Compensation Committee chair or the independent directors between meetings; •the review and input into the design of our incentive plans; and •support on other ad hoc matters throughout the fiscal year. The terms of Semler Brossy’s engagement include reporting directly to the Compensation Committee chair. Other than as described above, during fiscal 2025, Semler Brossy did not provide any other services to us. The Compensation Committee has evaluated its relationship with Semler Brossy to assess Semler Brossy’s independence from management. This evaluation process included a review of the services that Semler Brossy provided during fiscal 2025 and the fees associated with those services. Based on this review, as well as consideration of the factors affecting independence set forth in Exchange Act Rule 10C-1(b)(4), Rule 5605(d)(3)(D) of the NASDAQ Marketplace Rules, and such other factors as were deemed relevant under the circumstances, the Compensation Committee has determined that no conflict of interest was raised as a result of the work performed by Semler Brossy.

  28. Setting Base Salaries, Annual Incentive Compensation Opportunities and Long-Term Incentive Compensation Opportunities

    Setting Base Salaries, Annual Incentive Compensation Opportunities and Long-Term Incentive Compensation Opportunities The Compensation Committee reviews the base salary levels, annual incentive compensation opportunities and long-term incentive compensation opportunities of our named executive officers at the beginning of each calendar or fiscal year, or more frequently as warranted. Adjustments are generally effective at the beginning of the calendar or fiscal year, as applicable. The Compensation Committee does not establish a specific target for formulating the base salaries, annual incentive compensation opportunities and long-term incentive opportunities of our named executive officers. In making decisions about the compensation of our named executive officers (other than the compensation of our CEO), the members of the Compensation Committee consider a variety of factors, including the following:

  29. Setting Base Salaries, Annual Incentive Compensation Opportunities and Long-Term Incentive Compensation Opportunities

    | Factors Considered by the Compensation Committee in Determining Compensation | | •our executive compensation program objectives | | •our performance against the financial and operational objectives established by our Board | | •each individual named executive officer’s knowledge, skills, experience, qualifications and tenure | | •the scope of each named executive officer’s role and responsibilities compared to other similarly situated executives at the companies in our compensation peer group and in selected compensation surveys | | •the prior performance of each individual named executive officer, based on a subjective assessment of his or her contributions to our overall performance, ability to lead his or her business unit or function and work as part of a team, all of which reflect our core values | | •the potential of each individual named executive officer to contribute to our long-term financial and operational objectives | | •our financial performance relative to our compensation and performance peers | | •the compensation practices of our compensation peer group and in selected compensation surveys and the positioning of each named executive officer’s compensation in a ranking of peer company compensation levels based on an analysis of competitive market data | | •the recommendations of our CEO with respect to the compensation of our named executive officers (except with respect to his own compensation) |

  30. Setting Base Salaries, Annual Incentive Compensation Opportunities and Long-Term Incentive Compensation Opportunities

    These factors provide the framework for compensation decision-making regarding the compensation opportunity for each named executive officer. No single factor is determinative in setting compensation levels, nor is the impact of any individual factor on the determination of compensation levels quantifiable. The members of the Compensation Committee do not weigh these factors in any predetermined manner, nor do they apply any formulas in making their compensation decisions or recommendations. The members of the Compensation Committee consider this information in light of their individual experience, knowledge of the Company, knowledge of the competitive market, knowledge of each named executive officer and business judgment in making their decisions and recommendations. In making its determinations, the members of the Compensation Committee review information summarizing the compensation at a representative group of peer companies and in selected compensation surveys, to the extent that the executive positions at these companies are considered comparable to our positions and informative of the competitive environment, to gain a general understanding of market compensation levels.

  31. Competitive Positioning

    Competitive Positioning The Compensation Committee believes that peer group comparisons are useful guides to evaluate the competitiveness of our executive compensation program and related policies and practices. For purposes of assessing the compensation of our named executive officers against the competitive market, the Compensation Committee reviews and considers the compensation levels and practices of a select group of peer companies. This compensation peer group consists primarily of technology and fintech companies that are similar to us in terms of revenue, market capitalization, and industry focus. The competitive data drawn from this compensation peer group is only one of several factors considered in making decisions and recommendations with respect to the compensation of our named executive officers. The compensation peer group for purposes of setting fiscal 2025 compensation of our named executive officers, which was developed by the Compensation Committee in March 2024 with the assistance of Semler Brossy, was composed of publicly traded technology companies in related or adjacent industries as us, with similar size as measured by revenue and market capitalization. This fiscal 2025 compensation peer group consisted of the following companies:

  32. Fiscal 2025 Peer Group(1)

    Fiscal 2025 Peer Group(1)

  33. Fiscal 2025 Peer Group(1)

    | Bill.com Holdings | MarketAxess Holdings | Paylocity Holding | Upstart Holdings | | Block | MongoDB | Shopify | WEX | | Box | Okta | SoFi Technologies | Zscaler | | Dropbox | Opendoor | Tradeweb Markets | | | HubSpot | Paycom Software | Twilio | |

  34. Fiscal 2025 Peer Group(1)

    (1) New Relic was removed from the peer group used to evaluate fiscal 2025 compensation decisions due to a lack of available compensation data following an acquisition. This compensation peer group was used by the Compensation Committee and independent directors as a reference for understanding the competitive market for executive positions in our industry. The Compensation Committee and independent directors also reviewed survey data from Radford Global Technology Survey for software companies with similar size, scale, complexity, and geographic location as a reference when determining the total compensation packages for our named executive officers, including base salary, annual cash incentive opportunities and long-term incentive compensation opportunities. The Compensation Committee reviews our compensation peer group at least annually and makes adjustments to its composition if warranted, taking into account changes in both our business and the businesses of the companies in the compensation peer group.

  35. Compensation Elements

    Compensation Elements Generally, our executive compensation program consists of three principal elements – base salary, annual cash incentive opportunities, and long-term incentive compensation in the form of equity awards:

  36. Compensation Elements

    | Element | Type of Element | Compensation Element | Objective | | Base Salary | Fixed | Cash | Attract and retain executives by providing fixed compensation amounts that are competitive in the market and reward performance | | Annual Cash Incentive Opportunities | Variable | Cash | Motivate our executives to achieve annual business objectives and provide financial incentives when we meet or exceed these objectives | | Long-Term Incentive Compensation in the Form of Equity Awards | Variable | Equity awards in the form of options to purchase shares of our Class A common stock and RSU awards that settle for shares of our Class A common stock | Align the interests of our executives and our stockholders by motivating them to create sustainable long-term stockholder value |

  37. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    Annual Cash Incentive Plan Opportunities: Cash Incentive Plan We use a cash incentive plan to provide our named executive officers (other than our CEO) with the opportunity to earn cash incentive plan awards based upon the achievement of Company short-term financial and operational performance goals. We use the cash incentive plan to motivate our named executive officers (other than our CEO) to achieve our financial and operational performance goals. Mr. Levchin does not participate in the cash incentive plan. Pursuant to the cash incentive plan, the Compensation Committee establishes a target cash incentive plan opportunity for each participant in the plan with actual awards payable based on actual performance against established financial and operational goals during the applicable performance period. For fiscal 2025, the performance period was July 1, 2024 through June 30, 2025. To be eligible to earn cash incentive plan awards, a participant must remain continually employed by us through the end of the applicable performance period. Earned cash incentive plan awards, if any, are paid in cash within two and one-half months following the end of the applicable performance period and after the Compensation Committee has determined and certified the level of performance achieved and the amount of the cash incentive plan awards earned. Fiscal 2025 Target Cash Incentive Plan Opportunities Pursuant to the cash incentive plan, the Compensation Committee established a target cash incentive plan opportunity for each named executive officer (other than our CEO) based upon a specific percentage of each named executive officer’s actual base salary paid during the applicable performance period. In setting these percentages, the Compensation Committee took into consideration a competitive market analysis prepared by Semler Brossy and the recommendations of our CEO, as well as the other factors described in “Compensation-Setting Process—Setting Base Salaries, Long-Term Incentive Compensation Opportunities and Annual Incentive Compensation Opportunities” above. Taking those factors into consideration, the Compensation Committee decided to increase for fiscal 2025 the target cash incentive plan opportunity percentages for Messrs. Linford and Michalek to 80% from 75% in fiscal 2024 and retain for fiscal 2025 the same target cash incentive plan opportunity percentage for Ms. Adkins as was in effect at the end of fiscal 2024. The target cash incentive plan opportunities of our named executive officers for fiscal 2025 were as follows:

  38. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    | Named Executive Officer | Fiscal 2025 Target Cash Incentive Plan Opportunity (as a percentage of base salary) | Fiscal 2025 Target Cash Incentive Plan Opportunity ($) | | Max Levchin(1) | — | — | | Rob O’Hare(2) | 75% | 320,188 | | Michael Linford | 80% | 400,000 | | Libor Michalek | 80% | 400,000 | | Katherine Adkins | 60% | 270,000 |

  39. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    (1) Mr. Levchin does not participate in the cash incentive plan. (2) Mr. O’Hare’s target cash incentive plan opportunity was increased from 60% to 75% effective in November 2024 as a result of his promotion to CFO. Performance Measures During fiscal 2025, participants in the cash incentive plan were eligible to receive cash incentive plan awards based upon Company achievement against important financial and operational performance measures selected by the Compensation Committee. In September 2024, the Compensation Committee selected three performance measures for the fiscal 2025 cash incentive plan: network size (weighted 50%); total revenue (weighted 25%); and adjusted operating income (loss) (weighted 25%). In addition to the selected corporate measures, the Compensation Committee also established a funding gate, whereby no payout under the cash incentive plan would occur unless the Company achieved a certain level of GAAP operating income. The Compensation Committee believed these performance measures were appropriate because they were strong indicators of the successful execution of our business objectives for fiscal 2025. The Compensation Committee also believed these measures provided a strong emphasis on growth while managing expenses and strengthening our customer and merchant relationships. Lastly, the Compensation Committee believed these measures would influence the creation of sustainable long-term stockholder value. The performance measures for fiscal 2025 were defined as follows:

  40. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    | Fiscal 2025 Performance Measures | | Network size: a blended measure of active consumers, gross merchandise volume, and revenue less transaction costs where: –“active consumers” meant the total number of consumers who engaged in at least one transaction on the Company’s platform during fiscal 2025; –“gross merchandise volume” meant total dollar amount of all transactions on the Company’s platform during fiscal 2025, net of refunds; and –“revenue less transaction costs” meant total net revenue less the sum of loss on loan purchase commitment, provision for credit losses, funding costs, and processing and servicing expense, each determined in accordance with GAAP for fiscal 2025 | | Total revenue: our GAAP total net revenue for fiscal 2025, as reflected in our audited financial statements for fiscal 2025 | | Adjusted operating income (loss): our GAAP operating income (loss) for fiscal 2025, adjusted to exclude: –depreciation and amortization expense –stock-based compensation expense included in GAAP operating income (loss) –amortization expense associated with a commercial agreement asset –certain other items as set forth in the reconciliation of adjusted operating income (loss) to GAAP operating income (loss) included in Appendix A to this proxy statement |

  41. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    In September 2024, the Compensation Committee set the GAAP operating income funding gate level and the threshold, target, and stretch achievement level for each of the performance measures for fiscal 2025. If achievement against the GAAP operating income funding gate was at or above the level set by the Compensation Committee, the cash incentive plan would be funded. A performance multiplier would apply based on the performance measures and actual performance achievement relative to the measures. The performance multiplier was to be determined based on weighted average actual performance against the three performance measures. The performance multiplier could range from 50%, if the minimum, or threshold, level of performance was achieved for all three measures, to 150%, if the Company met or exceeded the maximum, or stretch, level of performance for all three measures. The performance multiplier was 100% if a target level of performance was achieved for all three measures. Achievement levels and performance multiplier percentages for performance between the threshold and target performance levels and between the target and stretch performance levels were to be calculated using straight-line interpolation. For fiscal 2025, the Compensation Committee set the GAAP operating income funding gate level at $0 for the fourth quarter of fiscal 2025, which aligned with the Company’s publicly announced goal of achieving GAAP operating income profitability in the fourth quarter of fiscal 2025. The threshold, target, and stretch performance levels for each of the three performance measures are set forth in the table below:

  42. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    | Performance Measure | Threshold | Target | Stretch | | Network Size | 90% | 100% | 110% | | Total Revenue (in billions) | $2.7 | 3.0 | 3.3 | | Adjusted Operating Income (in millions) | $405.2 | 506.5 | 607.8 |

  43. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    Cash Incentive Plan Payments Under the cash incentive plan, payments are made based on our performance with respect to each of the performance measures and the extent to which each objective was achieved for the year. The Compensation Committee did not make any discretionary adjustments to the cash incentive plan payments made to the named executive officers during fiscal 2025. The actual performance, percentage achievement and applicable performance multipliers with respect to each performance measure, as determined by the Compensation Committee based on actual Company performance, are set forth in the table below.

  44. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    | Performance Measure | Weighting | Actual Performance | Percentage Achievement versus Target Performance | Applicable Performance Multiplier | | Network Size | 50% | 106.7% | 106.7% | 133.7% | | Total Revenue | 25% | $3.2 billion | 127.2% | 145.4% | | Adjusted Operating Income | 25% | $778.1 million | 153.6% | 150.0% | | Total | 100% | | 123.6% | 140.7% |

  45. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    The following table sets forth the target cash incentive plan opportunities and the actual cash incentive plan payments made to our named executive officers for fiscal 2025:

  46. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    | Named Executive Officer | Target Cash Incentive Plan Opportunity (as a percentage of base salary) | Target Cash Incentive Plan Opportunity ($) | Actual Cash Incentive Plan Payment (as a percentage of Target Cash Incentive Plan Opportunity) | Actual Cash Incentive Plan Payment ($) | | Max Levchin | —% | — | —% | — | | Rob O’Hare(1) | 75% | 320,188 | 140.7% | 450,553 | | Michael Linford | 80% | 400,000 | 140.7% | 562,860 | | Libor Michalek | 80% | 400,000 | 140.7% | 562,860 | | Katherine Adkins | 60% | 270,000 | 140.7% | 379,931 |

  47. Annual Cash Incentive Plan Opportunities: Cash Incentive Plan

    (1) Mr. O’Hare’s target cash incentive plan opportunity was increased from 60% to 75% effective in November 2024 as a result of his promotion to CFO.

  48. Long-Term Equity Incentive Compensation

    Long-Term Equity Incentive Compensation As a technology company that encounters significant competition for qualified personnel, long-term incentive compensation plays a critical role in our ability to attract, hire, motivate, reward, and retain qualified and experienced executives. The use of long-term incentive compensation in the form of equity awards is necessary for us to compete for qualified executives without significantly increasing cash compensation and is the most important element of our executive compensation program. We use equity awards to incentivize and reward our named executive officers for long-term corporate performance based on the value of our Class A common stock and, thereby, to align their interests with the interests of our stockholders. The realized value of these equity awards bears a direct relationship to our stock price, and, therefore, these awards serve as an incentive for our named executive officers to create sustainable value for our stockholders. Equity awards also help us retain our named executive officers in a highly competitive market. Chief Executive Officer Long-Term Equity Award As previously disclosed in the proxy statement for our 2021 Annual Meeting of Stockholders, we granted a special equity award to our CEO in advance of our IPO in fiscal 2021 (the “Value Creation Award”). The members of our Board believed that the Value Creation Award was appropriately designed to further the long-term interests of the Company and its stockholders by deferring the realization of meaningful value until the Company, under Mr. Levchin’s leadership, delivers sustained and significant high-performance levels. At the time of grant, the members of our Board intended for the Value Creation Award to be the exclusive equity award that Mr. Levchin would receive through the fifth anniversary of the date of grant. Accordingly, we did not grant Mr. Levchin any additional equity awards during fiscal 2025. The Value Creation Award is divided into ten tranches that Mr. Levchin may earn by satisfying a performance condition within a five-year period from the date of grant. Once earned as a result of satisfying the performance condition, each earned tranche of Mr. Levchin’s Value Creation Award becomes vested and exercisable over a five-year period commencing on the date of grant, subject to Mr. Levchin’s continued service to the Company, in annual amounts equal to 15%, 15%, 20%, 25%, and 25%, respectively. The performance condition for each tranche is satisfied on the date the 90 average trading day volume weighted share price of our Class A common stock exceeds an established stock price hurdle. These stock price hurdles, which were set based on a target percentage of growth from the IPO price of $49 per share, ranging from $65.66 per share to $371.91 per share. Each stock price hurdle will be equitably adjusted to reflect any stock splits, stock dividends or other restructurings impacting our Class A common stock. Any portion of the Value Creation Award that has not been earned by the fifth anniversary of the grant date will be forfeited. As of June 30, 2025, the first four tranches of the Value Creation Award had been earned. No tranches were earned in fiscal 2025. Long-Term Equity Awards of Our Other Named Executive Officers In fiscal 2025, as long-term incentives for our named executive officers (other than our CEO), we used a mix of 50% options and 50% time-vesting RSU awards that settle in shares of our Class A common stock. We believe that because options provide for an economic benefit only in the event that our stock price increases over the exercise price of the option, these awards effectively align the interests of these named executive officers with those of our stockholders and provide these named executive officers with a significant incentive to manage our business from the perspective of an owner with an equity stake in the business. In addition, because the intrinsic value of RSU awards increases in tandem with any increase in the value of the underlying shares (and, conversely, decreases in tandem with any decrease in the value of the underlying shares), RSU awards can also provide incentives that are aligned with the interests of our stockholders. In determining the size of the equity awards to be granted to our named executive officers, the Compensation Committee considers various factors, including a competitive market analysis prepared by Semler Brossy, the outstanding equity holdings of each named executive officer (including the current economic value of his or her unvested equity holdings and the ability of these unvested holdings to satisfy our retention objectives), the projected impact of the proposed awards on our earnings, the proportion of our total shares outstanding used for annual employee long-term incentive compensation awards (our “burn rate”) in relation to the annual burn rate ranges of the companies in our compensation peer group and the other factors described in “Compensation-Setting Process—Setting Base Salaries and Long-Term Incentive Compensation Opportunities” above. Based upon these factors, the Compensation Committee determines the size of each award at levels it considers appropriate to create a meaningful opportunity for reward predicated on the creation of long-term stockholder value.

  49. Total Equity Awards Granted in Fiscal 2025

    Total Equity Awards Granted in Fiscal 2025

  50. Total Equity Awards Granted in Fiscal 2025

    | Named Executive Officer | Option Shares (#) | RSUs (#) | | Max Levchin | — | — | | Rob O’Hare | 78,015 | 55,749 | | Michael Linford | 127,877 | 90,785 | | Libor Michalek | 119,884 | 85,111 | | Katherine Adkins | 55,946 | 39,718 |

  51. Total Equity Awards Granted in Fiscal 2025

    The equity awards granted to our named executive officers during fiscal 2025 are also set forth in the “Fiscal 2025 Summary Compensation Table” and the “Fiscal 2025 Grants of Plan-Based Awards Table” below. Changes to Long-Term Equity Awards for Fiscal 2026 In September 2025, the Compensation Committee approved the introduction of performance-based equity awards in lieu of options for our named executive officers (other than our CEO) beginning in fiscal 2026. This change is designed to further strengthen alignment between executive pay, Company performance, and long-term stockholder value creation, consistent with our pay-for-performance philosophy. In implementing that change, the Compensation Committee approved grants of Fiscal 2026 equity awards to our named executive officers (other than our CEO), with each such award consisting of 50% of time-vesting RSUs and 50% of performance stock units (“PSUs”) that settle in shares of Class A common stock. The shares of Class A common stock subject to the PSUs may be earned based on Company financial performance during a three-year performance period that commenced on July 1, 2025. The Compensation Committee selected annual growth rates of revenue less transaction costs (weighted at 50%) and adjusted operating income (weighted at 50%) as the financial performance measures for the PSUs. Performance targets for each of the three Company fiscal years occurring during the performance period were approved by the Compensation Committee at the time of grant, with each annual performance target expressed in terms of growth over the level of actual performance achieved during the preceding fiscal year. Actual Company performance against the applicable targets will be measured at the end of each of the three fiscal years during the performance period and averaged at the end of the performance period such that no shares of Class A common stock may be earned until the end of the performance period. If the average performance over the performance period represents at least a threshold level of performance, the number of shares of Class A common stock earned will range from 50% (threshold performance) to 200% (maximum performance) of the number of PSUs granted, with target performance set at 100%. Once earned based on the satisfaction of the applicable performance conditions, as determined and certified by the Compensation Committee, the earned PSUs will vest in full, if at all, at the end of the performance period subject to the executive officer’s continued service with the Company through the end of that period.

  52. Timing of Stock Option Grants

    Timing of Stock Option Grants Annual grants of stock options are approved by the Compensation Committee during its regularly scheduled meeting each September (or, alternatively, by a unanimous written consent executed during the month of September) following our late-August fiscal year-end earnings announcement. We also occasionally grant stock options outside of our annual award cycle for new hires, promotions, recognition or retention purposes, and those grants are approved only during an open trading window period. We do not grant stock options in anticipation of the release of material nonpublic information about the Company, and we do not time the public release of such information based on stock option grant dates.

  53. Accounting for Stock-Based Compensation

    Accounting for Stock-Based Compensation The Compensation Committee takes accounting considerations into account in designing compensation plans and arrangements for our executive officers and other employees. Chief among these is FASB ASC Topic 718, the standard which governs the accounting treatment of certain stock-based compensation. Among other things, FASB ASC Topic 718 requires us to record a compensation expense in our income statement for all equity awards granted to members of our Board, our executive officers and other employees. This compensation expense is based on the grant date “fair value” of the equity award and, in most cases, will be recognized ratably over the award’s requisite service period (which, generally, will correspond to the award’s vesting schedule). This compensation expense is also reported in the compensation tables below, even though recipients may never realize any value from their equity awards.

  54. Summary Compensation Table

    Summary Compensation Table The following table shows the compensation awarded to, earned by or paid to our named executive officers for fiscal 2025, 2024 and 2023, as applicable.

  55. Summary Compensation Table

    | Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($)(1) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($)(2) | Total ($) | | Max Levchin | 2025 | 38,834 | — | — | — | — | 499,473 | 538,307 | | CEO | 2024 | 37,586 | — | — | — | — | 482,334 | 519,920 | | | 2023 | 35,340 | — | — | — | — | 374,467 | 409,807 | | Rob O’Hare Chief Financial Officer(3) | 2025 | 457,386 | — | 2,749,970 | 2,749,948 | 450,553 | 7,500 | 6,415,357 | | Michael Linford | 2025 | 500,000 | — | 3,999,987 | 3,999,993 | 562,860 | 7,500 | 9,070,340 | | Chief Operating Officer | 2024 | 475,000 | — | — | 7,399,995 | 464,443 | 5,000 | 8,344,438 | | | 2023 | 475,000 | — | 2,499,986 | 2,499,998 | — | — | 5,474,984 | | Libor Michalek | 2025 | 500,000 | — | 3,749,991 | 3,749,972 | 562,860 | 7,500 | 8,570,323 | | President | 2024 | 475,000 | — | — | 7,399,995 | 464,443 | 5,000 | 8,344,438 | | | 2023 | 475,000 | — | 2,499,986 | 2,499,998 | — | — | 5,474,984 | | Katherine Adkins | 2025 | 450,000 | — | 1,749,975 | 1,749,991 | 379,931 | 7,500 | 4,337,397 | | Chief Legal Officer and Chief Compliance Officer | 2024 | 425,000 | — | 1,899,990 | 1,899,993 | 332,444 | 5,000 | 4,562,427 | | | 2023 | 425,000 | — | 1,499,987 | 1,499,999 | — | — | 3,424,986 |

  56. Summary Compensation Table

    (1)The amounts reported represent the aggregate grant date fair value of RSU awards and options awarded to the named executive officers during the fiscal years ended June 30, 2025, 2024 and 2023, calculated in accordance with FASB ASC Topic 718. The assumptions used in calculating the grant date fair value of the awards reported in this column are set forth in the notes to our consolidated financial statements included in our Annual Report on Form 10-K for fiscal 2025. The amounts reported in this column reflect the accounting cost for these awards and do not correspond to the actual economic value that may be received by the named executive officer upon the sale of any of the underlying shares of Class A common stock. (2)The fiscal 2025 amounts reported include a $7,500 401(k) plan employer profit share contribution for each of our named executive officers and $491,973 in personal security services for Mr. Levchin. Although reported in this column as compensation paid to Mr. Levchin, the Company considers the cost of the personal security services to be a business expense and not a personal benefit to Mr. Levchin. (3)Mr. O’Hare has served as our Chief Financial Officer since November 2024.

  57. Grants of Plan-Based Awards During Fiscal 2025

    Grants of Plan-Based Awards During Fiscal 2025 The following table provides information concerning each grant of an award made during fiscal 2025 to our named executive officers under any incentive or equity compensation plan. This information supplements the information about these awards set forth in the Fiscal 2025 Summary Compensation Table.

  58. Grants of Plan-Based Awards During Fiscal 2025

    | Name | Grant Date | Approval Date | Estimated future payouts under non-equity incentive plan awards(1) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(2) | All Other Option Awards: Number of Securities Underlying Options (#)(2) | Exercise or Base Price of Option Awards ($) | Grant Date Fair Value of Stock Awards ($)(3) | | | | | Threshold ($) | Target ($) | Max ($) | | | | | | Max Levchin | — | — | — | — | — | — | — | — | — | | Rob O’Hare | 7/1/24 | 8/29/25 | 160,094 | 320,188 | 480,283 | — | — | — | — | | | 9/16/24 | 9/16/24 | — | — | — | — | 47,953 | 44.06 | 1,499,970 | | | 9/16/24 | 9/16/24 | — | — | — | 34,044 | — | — | 1,499,979 | | | 11/12/24 | 11/12/24 | — | — | — | — | 30,062 | 57.59 | 1,249,978 | | | 11/12/24 | 11/12/24 | — | — | — | 21,705 | — | — | 1,249,991 | | Michael Linford | 7/1/24 | 8/29/25 | 200,000 | 400,000 | 600,000 | — | — | — | — | | | 9/16/24 | 9/16/24 | — | — | — | — | 127,877 | 44.06 | 3,999,993 | | | 9/16/24 | 9/16/24 | — | — | — | 90,785 | — | — | 3,999,987 | | Libor Michalek | 7/1/24 | 8/29/25 | 200,000 | 400,000 | 600,000 | — | — | — | — | | | 9/16/24 | 9/16/24 | — | — | — | — | 119,884 | 44.06 | 3,749,972 | | | 9/16/24 | 9/16/24 | — | — | — | 85,111 | — | — | 3,749,991 | | Katherine Adkins | 7/1/24 | 8/29/25 | 135,000 | 270,000 | 405,000 | — | — | — | — | | | 9/16/24 | 9/16/24 | — | — | — | — | 55,946 | 44.06 | 1,749,991 | | | 9/16/24 | 9/16/24 | — | — | — | 39,718 | — | — | 1,749,975 |

  59. Grants of Plan-Based Awards During Fiscal 2025

    (1)Reflects threshold, target and maximum potential payments for awards granted under the cash incentive plan as described under “—Compensation Discussion and Analysis—Compensation Elements—Annual Cash Incentive Opportunities: Cash Incentive Plan.” Under the terms of the cash incentive plan, the named executive officers (other than Mr. Levchin) are eligible to receive cash awards subject to the achievement of pre-established performance measures. (2)All RSU awards and options were granted pursuant to the 2012 Stock Plan. (3)The amounts reported represent the aggregate grant date fair value of the RSU awards and options granted to the named executive officers calculated in accordance with FASB ASC Topic 718. The assumptions used in calculating the grant date fair value of the awards reported in this column are set forth in the notes to our consolidated financial statements included in our Annual Report on Form 10-K for fiscal 2025. The amounts reported in this column reflect the accounting cost for these awards and do not correspond to the actual economic value that may be received by the named executive officer upon the sale of any of the underlying shares of Class A common stock.

  60. Outstanding Equity Awards as of Fiscal 2025 Year-End

    Outstanding Equity Awards as of Fiscal 2025 Year-End The following table sets forth certain information about outstanding equity awards granted to our named executive officers that remained outstanding as of June 30, 2025.

  61. Outstanding Equity Awards as of Fiscal 2025 Year-End

    | | Option Awards(1) | | | | | | | Stock Awards(1) | | | Name | Grant Date | Vesting Commence- ment Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | | Max Levchin | 1/12/21(2) | 1/12/21 | 4,000,000 | — | 8,500,000 | 49.00 | 1/21/31 | — | — | | Rob O’Hare | 11/18/20(6) | 1/1/21 | — | — | — | — | — | 3,803 | 262,939 | | | 1/12/21(6) | 1/1/21 | 20,828 | 10,415 | — | 49.00 | 1/13/31 | — | — | | | 3/2/22(4) | 3/1/22 | 4,663 | 8,394 | — | 41.80 | 3/2/32 | — | — | | | 3/2/22(4) | 3/1/22 | — | — | — | — | — | 3,490 | 241,299 | | | 7/1/22(4) | 7/1/22 | 14,184 | 36,880 | — | 17.19 | 7/1/32 | — | — | | | 7/1/22(4) | 7/1/22 | — | — | — | — | — | 16,665 | 1,152,218 | | | 9/16/22(4) | 9/1/22 | 6,399 | 19,196 | — | 22.30 | 9/16/32 | — | — | | | 9/16/22(4) | 9/1/22 | — | — | — | — | — | 9,110 | 629,865 | | | 9/13/23(3) | 9/1/23 | 12,131 | 65,509 | — | 23.35 | 9/13/33 | — | — | | | 9/13/23(3) | 9/1/23 | — | — | — | — | — | 45,169 | 3,122,985 | | | 9/16/24(3) | 9/1/24 | — | 47,953 | — | 44.06 | 9/16/34 | — | — | | | 9/16/24(7) | 9/1/24 | — | — | — | — | — | 34,044 | 2,353,802 | | | 11/12/24(4) | 12/1/24 | 4,384 | 25,678 | — | 57.59 | 11/12/34 | — | — | | | 11/12/24(4) | 12/1/24 | — | — | — | — | — | 17,636 | 1,219,353 | | Michael Linford | 8/27/18 | 8/27/18 | 728,870 | — | — | 5.39 | 8/27/28 | — | — | | | 11/18/20(6) | 1/1/21 | — | — | — | — | — | 6,613 | 457,223 | | | 1/12/21(6) | 1/1/21 | 277,715 | 26,036 | — | 49.00 | 1/13/31 | — | — | | | 6/8/22 | 7/1/22 | 536,746 | — | — | 23.33 | 6/8/32 | — | — | | | 9/16/22(4) | 9/1/22 | 140,763 | 63,987 | — | 22.30 | 9/16/32 | — | — | | | 9/16/22(4) | 9/1/22 | — | — | — | — | — | 35,035 | 2,422,320 | | | 9/13/23(3) | 9/1/23 | 201,085 | 258,542 | — | 23.35 | 9/13/33 | — | — | | | 9/16/24(3) | 9/1/24 | — | 127,877 | — | 44.06 | 9/16/34 | — | — | | | 9/16/24(7) | 9/1/24 | — | — | — | — | — | 90,785 | 6,276,875 | | Libor Michalek | 12/17/19 | 12/4/19 | 200,000 | — | — | 8.80 | 12/17/29 | — | — | | | 11/18/20(6) | 1/1/21 | — | — | — | — | — | 8,449 | 584,164 | | | 1/12/21(6) | 1/1/21 | 410,303 | 33,268 | — | 49.00 | 1/13/31 | — | — | | | 6/8/22 | 7/1/22 | 536,746 | — | — | 23.33 | 6/8/32 | — | — | | | 9/16/22(4) | 9/1/22 | 140,763 | 63,987 | — | 22.30 | 9/16/32 | — | — | | | 9/16/22(4) | 9/1/22 | — | — | — | — | — | 35,035 | 2,422,320 | | | 9/13/23(3) | 9/1/23 | 201,085 | 258,542 | — | 23.35 | 9/13/33 | — | — | | | 9/16/24(3) | 9/1/24 | — | 119,884 | — | 44.06 | 9/16/34 | — | — | | | 9/16/24(7) | 9/1/24 | — | — | — | — | — | 85,111 | 5,884,575 | | Katherine Adkins | 6/30/20 | 9/16/19 | 28,000 | — | — | 8.80 | 6/30/30 | — | — | | | 6/1/21 | 6/1/21 | 22,700 | — | — | 62.52 | 6/1/31 | — | — | | | 1/4/22(4) | 1/1/22 | 24,783 | 4,232 | — | 85.41 | 1/4/32 | — | — | | | 1/4/22(4) | 1/1/22 | — | — | — | — | — | 2,135 | 147,614 | | | 4/22/22(4) | 4/1/22 | 3,355 | 884 | — | 31.16 | 4/22/32 | — | — | | | 6/8/22 | 7/1/22 | 67,085 | — | — | 23.33 | 6/8/32 | — | — | | | 9/16/22(4) | 9/1/22 | 44,458 | 38,392 | — | 22.30 | 9/16/32 | — | — | | | 9/16/22(4) | 9/1/22 | — | — | — | — | — | 21,021 | 1,453,392 | | | 9/13/23(3) | 9/1/23 | 51,629 | 66,383 | — | 23.35 | 9/13/33 | — | — | | | 9/13/23(7) | 9/1/23 | — | — | — | — | — | 45,771 | 3,164,607 | | | 9/16/24(3) | 9/1/24 | — | 55,946 | — | 44.06 | 9/16/34 | — | — | | | 9/16/24(7) | 9/1/24 | — | — | — | — | — | 39,718 | 2,746,103 |

  62. Outstanding Equity Awards as of Fiscal 2025 Year-End

    (1)All of the outstanding options and RSU awards were granted pursuant to the 2012 Stock Plan. (2)Represents the Value Creation Award granted to Mr. Levchin. For details regarding the vesting of the Value Creation Award, see “—Compensation Discussion and Analysis—Compensation Elements—Long-Term Incentive Compensation—CEO Long-Term Equity Award.” (3)Vests with respect to 1∕4 of the shares of our Class A common stock underlying the option on the one-year anniversary of the vesting commencement date and the remaining 3∕4 of the shares underlying the option vest in equal monthly installments over the subsequent three years, in each case subject to continued service. (4)Vests monthly at the rate of 1/48 of the shares of our Class A common stock underlying the grant following the vesting commencement date, subject to continued service. (5)Vests monthly at the rate of 1/24 of the shares of our Class A common stock underlying the grant following the vesting commencement date, subject to continued service. (6)Vests over four and 1/2 years, with the first 5% of each grant vesting after six months, and the remainder of each grant vesting in quarterly installments over the remaining four years, in annual aggregate amounts equal to 15%, 20%, 30% and 30%, respectively, in each case subject to continued service. (7)Vests with respect to 1∕4 of the shares of our Class A common stock underlying the award on the one-year anniversary of the vesting commencement date and the remaining 3∕4 of the shares underlying the award vest in equal quarterly installments over the subsequent three years, in each case subject to continued service.

  63. Option Exercises and Stock Vested During Fiscal 2025

    Option Exercises and Stock Vested During Fiscal 2025 The following table sets forth the number of shares of Class A common stock acquired and the value realized upon the exercise of options and the vesting of stock awards by each of our named executive officers for fiscal 2025.

  64. Option Exercises and Stock Vested During Fiscal 2025

    | | Option Awards | | Stock Awards | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($)(1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(2) | | Max Levchin | — | — | — | — | | Rob O’Hare | 235,984 | 6,610,288 | 86,973 | 4,607,009 | | Michael Linford | 400,000 | 25,439,680 | 54,475 | 2,522,131 | | Libor Michalek | 600,000 | 36,290,119 | 61,822 | 2,843,061 | | Katherine Adkins | 300,000 | 10,005,879 | 62,975 | 3,083,529 |

  65. Option Exercises and Stock Vested During Fiscal 2025

    (1)The value realized on exercise is calculated as the difference between the closing price of our Class A common stock on the date of exercise and the applicable exercise price of the options multiplied by the number of exercised shares. (2)The value realized on vesting equals the closing price of our Class A common stock on the vesting date multiplied by the number of vested shares. The value realized on vesting is not necessarily indicative of value actually received by the named executive officer, as the named executive officer may choose to hold (rather than sell) some or all of the shares acquired upon vesting.

  66. Potential Payments upon Termination or Change in Control

    Potential Payments upon Termination or Change in Control

  67. Estimated Payments Upon Termination or Change in Control

    Estimated Payments Upon Termination or Change in Control The following tables describe the potential payments that would have been provided to each of our named executive officers pursuant to the annual cash incentive plan and/or officer severance plan, as applicable, in the event of a change in control and/or qualifying termination of employment, assuming that the applicable triggering event took place on June 30, 2025. There can be no assurance that a triggering event would produce the same or similar results as those estimated below, and therefore any actual payments and benefits may be different from the estimates in this table.

  68. Estimated Payments Upon Termination or Change in Control

    | Change in Control | | | Name | Cash Incentive Plan Payment ($)(1) | | Max Levchin | — | | Rob O’Hare | 501,297 | | Michael Linford | 562,860 | | Libor Michalek | 562,860 | | Katherine Adkins | 379,931 |

  69. Estimated Payments Upon Termination or Change in Control

    (1)Represents a lump sum cash payment in an amount equal to the greater of (i) the named executive officer’s target annual cash incentive plan opportunity, if any, in effect as of June 30, 2025 and (ii) the named executive officer's actual cash incentive payment, if any, for the fiscal year ended June 30, 2025.

  70. Estimated Payments Upon Termination or Change in Control

    | Qualifying Termination Within a Change in Control Period | | | | | | | Name | Cash Severance ($)(1) | Value of Accelerated Stock Awards ($)(2) | Value of Accelerated Option Awards ($)(3) | Value of Benefits ($)(4) | Total ($) | | Max Levchin | 58,252 | — | — | 53,860 | 112,112 | | Rob O’Hare | 831,250 | 8,982,461 | 7,753,206 | 35,907 | 17,602,824 | | Michael Linford | 900,000 | 9,156,418 | 18,567,309 | 35,907 | 28,659,634 | | Libor Michalek | 900,000 | 8,891,058 | 18,512,498 | 35,907 | 28,339,463 | | Katherine Adkins | 720,000 | 7,511,715 | 6,274,659 | 27,322 | 14,533,696 |

  71. Estimated Payments Upon Termination or Change in Control

    (1)Represents a lump sum cash payment in an amount equal to the sum of (i) the named executive officer’s annual base salary in effect as of June 30, 2025, multiplied by 150% for our CEO and 100% for our other named executive officers, plus (ii) the named executive officer’s target annual cash incentive plan opportunity, if any, in effect as of June 30, 2025 as if a change in control occurred on June 30, 2025. (2)The value of accelerated vesting of unvested RSU awards is based upon the closing price of our Class A common stock on June 30, 2025 of $69.14 per share multiplied by the number of unvested RSUs. (3)The value of accelerated vesting of unvested in-the-money options is based on the difference between the closing price of our Class A common stock on June 30, 2025 of $69.14 per share and the exercise price per option multiplied by the number of unvested options. The value of accelerated vesting of unvested out-of-the money options is assumed to be $0. (4)Represents the monthly premiums for continued health benefits as of June 30, 2025 for 18 months for our CEO and 12 months for each of our other named executive officers.

  72. Estimated Payments Upon Termination or Change in Control

    | Qualifying Termination Outside of a Change in Control Period | | | | | | | Name | Cash Severance ($)(1) | Value of Accelerated Stock Awards ($) | Value of Accelerated Option Awards ($) | Value of Benefits ($)(2) | Total ($) | | Max Levchin | 38,834 | — | — | 35,907 | 74,741 | | Rob O’Hare | 237,500 | — | — | 17,953 | 255,453 | | Michael Linford | 250,000 | — | — | 17,953 | 267,953 | | Libor Michalek | 250,000 | — | — | 17,953 | 267,953 | | Katherine Adkins | 225,000 | — | — | 13,661 | 238,661 |

  73. Estimated Payments Upon Termination or Change in Control

    (1)Represents a lump sum cash payment equal to the named executive officer’s annual base salary in effect as of June 30, 2025, multiplied by 100% for our CEO and 50% for our other named executive officers. (2)Represents the monthly premiums for continued health benefits as of June 30, 2025 for 12 months for our CEO and 6 months for each of our other named executive officers.

  74. Estimated Payments Upon Termination or Change in Control

    | Termination Due to Death or Disability | | | | | | | Name | Cash Severance ($)(1) | Value of Accelerated Stock Awards ($) | Value of Accelerated Option Awards ($) | Value of Benefits ($)(4) | Total ($) | | Max Levchin | — | — | — | 35,907 | 35,907 | | Rob O’Hare | 501,297 | 5,607,392 | 4,873,037 | 35,907 | 11,017,633 | | Michael Linford | 562,860 | 5,910,018 | 9,586,565 | 35,907 | 16,095,350 | | Libor Michalek | 562,860 | 5,865,354 | 9,644,512 | 35,907 | 16,108,633 | | Katherine Adkins | 379,931 | 4,254,392 | 3,436,925 | 27,322 | 8,098,570 |

  75. Estimated Payments Upon Termination or Change in Control

    (1)Represents a lump sum cash payment in an amount equal to the greater of (i) the named executive officer’s target annual cash incentive plan opportunity, if any, in effect as of June 30, 2025 as if the termination due to death or disability occurred on June 30, 2025, and (ii) the named executive officer's actual cash incentive payment, if any, for the fiscal year ended June 30, 2025. (2)The value of 12 months of accelerated vesting of unvested RSU awards is based upon the closing price of our Class A common stock on June 30, 2025 of $69.14 per share multiplied by the number of unvested RSUs. (3)The value of 12 months of accelerated vesting of unvested in-the-money options is based on the difference between the closing price of our Class A common stock on June 30, 2025 of $69.14 per share and the exercise price per option multiplied by the number of unvested options. The value of accelerated vesting of unvested out-of-the money options is assumed to be $0. (4)Represents the monthly premiums for continued health benefits as of June 30, 2025 for 12 months for each of our named executive officers.

  76. CEO Pay Ratio

    CEO Pay Ratio As required by SEC rules, we are providing the following information about the relationship between the annual total compensation of our CEO and the median of the annual total compensation of all our employees, except our CEO (our “CEO Pay Ratio”). For fiscal 2025, the annual total compensation of our CEO was $538,307 and the median of the annual total compensation of all our employees was $308,800. Accordingly, the CEO Pay Ratio for fiscal 2025 is approximately 1.74:1. We believe this ratio is a reasonable estimate calculated in a manner consistent with SEC rules and based upon our reasonable judgment and assumptions. We used the same median employee that was identified in fiscal 2024 given there were no changes in our employee population or employee compensation practices that we reasonably believe would result in a significant change in the pay ratio disclosure. In order to identify our median employee in fiscal 2024, we examined the fiscal 2024 compensation of substantially all of our full-time, part-time and temporary employees as of June 30, 2024, excluding our CEO. As permitted by SEC rules, we excluded all of our employees in Spain (64 employees) and the United Kingdom (22 employees), which represented 4.3% of our total employee population. Before applying this exclusion, our U.S. employee population was 1,582 and our non-U.S. employee population was 424 as of June 30, 2024. After applying this exclusion, our U.S. employee population was 1,582 and our non-U.S. employee population was 338 as of June 30, 2024. We annualized the compensation for employees who were not employed by us for the entire fiscal 2024 year. To identify our median employee for fiscal 2024, we used a consistently applied compensation measure consisting of annual base salary and the grant date fair value of equity awards granted during fiscal 2024, with such information based on our payroll records. Compensation paid in foreign currency was converted to U.S. dollars using a spot exchange rate on June 30, 2024. In determining the median compensated employee, we did not make any cost of living adjustments to the compensation paid to any employee outside of the U.S. We believe our methodology represents a consistently applied compensation measure because it reasonably reflects annual compensation to our employees, striking a balance in terms of the administrative burden associated with gathering this information while consistently treating all the primary compensation components for our worldwide workforce and capturing a full fiscal year of each of such primary compensation components. We calculated our median employee’s fiscal 2025 annual total compensation, including base salary, stock awards, and other compensation, using the same methodology that we use for our named executive officers as set forth in the “Fiscal 2025 Summary Compensation Table” above. With respect to the annual total compensation of our CEO, we used the amount reported in the “Total” column of the “Fiscal 2025 Summary Compensation Table” above. In identifying our median employee in accordance with Item 402 of Regulation S-K under the Securities Act, reporting companies are permitted to use reasonable estimates, assumptions, and methodologies based on their own facts and circumstances. As a result, the disclosure regarding the compensation of our median employee and the CEO Pay Ratio may not be directly comparable to similar disclosures by other reporting companies.

  77. Pay Versus Performance

    Pay Versus Performance In accordance with the rules adopted by the SEC pursuant to the Dodd-Frank Act of 2010, we are providing the information below regarding the relationship between the “Compensation Actually Paid” to our named executive officers, as defined by SEC rules, and various measures used to gauge the Company’s financial performance for the fiscal years listed below. For further information regarding our pay for performance philosophy and how we align named executive officer compensation with the Company’s performance, please refer to the “Compensation Discussion and Analysis” section above. The amounts below shown for Compensation Actually Paid do not represent the value of cash and shares of the Company’s common stock received by named executive officers during the year, but rather are amounts calculated in accordance with SEC rules and include, among other things, year-over-year changes in the value of unvested equity-based awards. As a result of the calculation methodology required by the SEC, Compensation Actually Paid amounts below differ from compensation actually earned, realized or received by the individuals.

  78. Pay Versus Performance

    | | | | | | Value of Initial Fixed $100 Investment Based On: | | | | | | Fiscal Year | Summary Compensation Table Total to PEO(1) ($) | Compensation Actually Paid to PEO(2)(3) ($) | Average Summary Compensation Table Total for non-PEO Named Executive Officers(1) ($) | Average Compensation Actually Paid to non-PEO Named Executive Officers(2) ($) | Total Shareholder Return(4) ($) | Peer Group Total Shareholder Return(4) ($) | Net Income (Loss) ($ in thousands) | Adjusted Operating Income (Loss)(5) ($ in thousands) | Total Revenue, Net ($ in thousands) | | 2025 | 538,307 | (1,140,208) | 7,098,354 | 26,801,028 | 71.10 | 195.46 | 52,186 | 778,083 | 3,224,412 | | 2024 | 519,920 | (1,804,472) | 7,083,767 | 18,893,234 | 31.07 | 165.78 | (517,757) | 380,864 | 2,322,999 | | 2023 | 409,807 | 20,488,675 | 4,791,651 | 3,939,231 | 15.77 | 114.67 | (985,345) | (72,317) | 1,587,985 | | 2022 | 478,265 | (220,066,517) | 6,516,543 | (10,407,222) | 18.57 | 85.76 | (707,417) | (78,332) | 1,349,292 | | 2021 | 451,207,726 | 337,499,928 | 14,805,135 | 47,507,110 | 69.26 | 115.94 | (441,027) | 14,337 | 870,464 |

  79. Pay Versus Performance

    (1)Amounts reported in these columns represent the total compensation as reported in the Summary Compensation Table for our principal executive officer (“PEO”) during each applicable fiscal year and the average of the total compensation as reported in the Summary Compensation Table for our remaining named executive officers (“Non-PEO named executive officers”) for the relevant fiscal year, which captures the individuals indicated in the table below for each fiscal year:

  80. Pay Versus Performance

    | Fiscal Year | PEO | Non-PEO Named Executive Officers | | 2025 | Max Levchin | Rob O’Hare, Michael Linford, Libor Michalek and Katherine Adkins | | 2024 | Max Levchin | Michael Linford, Libor Michalek and Katherine Adkins | | 2023 | Max Levchin | Michael Linford, Libor Michalek and Katherine Adkins | | 2022 | Max Levchin | Michael Linford, Libor Michalek, Katherine Adkins and Silvija Martincevic | | 2021 | Max Levchin | Michael Linford, Libor Michalek, Silvija Martincevic and Sharda Caro del Castillo |

  81. Pay Versus Performance

    (2)The calculation of Compensation Actually Paid for fiscal 2025 reflects certain adjustments to the Total Compensation as reflected in the Summary Compensation Table for the PEO and the average as a group for our Non-PEO executive officers as set forth below. Amounts do not reflect actual compensation earned by or paid to our NEOs during fiscal year 2025.

  82. Pay Versus Performance

    | | 2025 | | | Adjustments | PEO | Non-PEO Named Executive Officers (Average) | | Summary Compensation Table Total ($) | 538,307 | 7,098,354 | | Less, Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year ($) | — | (6,124,957) | | Plus, Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted in Fiscal Year ($) | — | 9,785,867 | | Plus (less), Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years ($) | (1,678,515) | 10,928,083 | | Plus, Fair Value at Vesting Date of Option Awards and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year ($) | — | 109,096 | | Plus (less), Year-Over-Year Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year ($) | — | 5,004,585 | | Less, Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year ($) | — | — | | Compensation Actually Paid ($) | (1,140,208) | 26,801,028 |

  83. Pay Versus Performance

    Fair values are calculated in accordance with FASB ASC Topic 718 as of the end of the respective year, other than awards that vest in the covered year, which are valued as of the applicable vesting dates, and the valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. (3) The Compensation Actually Paid to Mr. Levchin largely reflects the change in the fair value, as calculated in accordance with FASB ASC Topic 718, of the Value Creation Award granted to Mr. Levchin in January 2021 in advance of our IPO. For details regarding the Value Creation Award, see “—Compensation Discussion and Analysis—Compensation Elements—Long-Term Incentive Compensation—Chief Executive Officer Long-Term Equity Award.” (4) Represents the cumulative total shareholder return (“TSR”) on our Class A common stock and the cumulative TSR on the Standard & Poor’s North American Technology Index (the “Peer Group TSR”), which is the same peer group used for the Stock Performance Graph included in our Annual Report on Form 10-K, through June 30, 2021, 2022, 2023, 2024 and 2025. The table assumes $100 was invested at the market close on January 13, 2021, which was the date our Class A common stock commenced trading on Nasdaq. Data for the Peer Group TSR assumes reinvestment of dividends. (5) Adjusted operating income (loss) is a non-GAAP financial measure. For a full reconciliation of adjusted operating income (loss) to the most directly comparable financial measure stated in accordance with GAAP, please see Appendix A to this proxy statement.

  84. Relationship Between Compensation Actually Paid and Total Shareholder Return

    Relationship Between Compensation Actually Paid and Total Shareholder Return The following graph compares the Compensation Actually Paid to our PEO, the average of the Compensation Actually Paid to our non-PEO named executive officers and our TSR and the Peer Group TSR over the period from January 13, 2021, the date our Class A common stock commenced trading on Nasdaq, and June 30, 2025. The graph below shows a connection between Compensation Actually Paid to both our PEO and to our non-PEO named executive officers and TSR. Our executive compensation program emphasizes equity compensation, which we believe demonstrates a longer-term, ownership orientation. As a result of this emphasis, Compensation Actually Paid to our PEO and the average of Compensation Actually Paid to our non-PEO named executive officers is significantly impacted by our stock price and TSR performance.

  85. Relationship Between Compensation Actually Paid and Financial Measures (Net Income (Loss), Adjusted Operating Income (Loss) and Total Revenue)

    Relationship Between Compensation Actually Paid and Financial Measures (Net Income (Loss), Adjusted Operating Income (Loss) and Total Revenue) The following graph compares the Compensation Actually Paid to our PEO, the average of the Compensation Actually Paid to our non-PEO named executive officers and the Company’s net income (loss). The following graph compares the Compensation Actually Paid to our PEO, the average of the Compensation Actually Paid to our non-PEO named executive officers and the Company’s adjusted operating income (loss). The following graph compares the Compensation Actually Paid to our PEO, the average of the Compensation Actually Paid to our non-PEO named executive officers and the Company’s total revenue.

  86. Tabular List of Performance Measures

    | Most Important Measures to Determine Fiscal Year 2025 Compensation Actually Paid | | network size* | | total revenue | | adjusted operating income (loss) | | operating income (loss) |