Silvija Martincevic, chief commercial officer at the high-profile buy now/pay later fintech Affirm, has a knack for making bold moves at critical moments.
As a little girl growing up in Croatia under communist rule, Martincevic dreamed of finding opportunities elsewhere. After the Balkan wars — and without knowing English — she immigrated to the U.S. alone at age 17, becoming the first person in her family to obtain a college degree.
Having earned honors studying economics, management, international relations and German at Beloit College, Martincevic was hired to run an investment management firm focusing on socially responsible companies. Over the next decade at three companies she honed her skills and interest in investing in companies owned by women and minorities.
After getting an MBA from the University of Chicago in 2011, Martincevic joined Groupon as a director of planning while the online deals company founded three years earlier was in rapid-expansion mode. She rose to the roles of chief operating officer and chief marketing officer of international business, running Groupon’s operations across 14 countries.
Affirm in 2019 hired Martincevic to be the San Francisco-based firm’s chief commercial officer, reporting to Affirm’s founder and CEO, Max Levchin, who made his name as one of the founders of PayPal.
Martincevic is one of American Banker's Most Influential Women in Payments for 2022.
Affirm was expanding, but the pandemic would transform it. When COVID-19 hit, consumers migrated en masse to online shopping, and interest-free installment loans struck a chord for people with uncertain cash flow.
“Consumers are increasingly budget-conscious, and as they seek new ways to manage their money, flexible and transparent payment alternatives like Affirm allow them to pay at their own pace,” Martincevic said.
Affirm rode the BNPL industry's rising tide. From September 2020 to September 2021, the number of merchants offering consumers Affirm’s instant loans soared from 6,500 to 102,000, and active users more than doubled to surpass 9 million over the same period. Key clients include Walmart, Amazon, Target, Shopify and American Airlines.
Coping with such explosive corporate growth during the pandemic taxed all of Martincevic’s skills, but it wasn’t the hardest thing she’s ever endured.
“The most pivotal moment of my life was when I became a mother to two kids in two years at the same time as I was finishing my MBA,” she recalls, noting that the experience taught her the preciousness of time and the importance of setting priorities.
Martincevic also draws on lessons she learned decades ago from her family in Croatia as she leads an organization of more than 350 people across the U.S., Canada and Australia.
“I have my grandmother, Marija, to thank for instilling in me an imagination beyond limits and reminding me to always be tough and kind,” she said.
Mentors have played a big role in Martincevic’s career, especially those who challenged her to get out of her comfort zone while offering her support, wisdom and inspiration. “I want to do the same for others,” she said.
At Affirm, Martincevic is an executive sponsor of the company's employee resource group for women, meeting regularly with other female Affirm employees in informal settings to foster mentorship and offer career guidance. Between 2018 and 2020, Affirm increased its overall ratio of female employees from 36% to 46%, while female managers at the company expanded from 27% to 46%, the company said.
“We recognize the importance of investing in employees early in their careers,” she said. Using tools like Udemy, Affirm creates onramps to leadership for entry-level employees and pushes transparency for goal-setting and achievement.
In addition to keeping up with Affirm’s growth during the pandemic, Martincevic faced personal challenges juggling child care, online schooling and worrying about her parents still living in their home country. “To gain inspiration, I take a step back to recharge,” she said.
Martincevic is also inspired by serving on the boards of the global microlending nonprofit organization Kiva and the artificial intelligence-powered insurance provider Lemonade.
“I want to dedicate my life to making an impact in industries that support economic empowerment,” she said.
