- General
- September 18, 2020
- 4 minutes read
Affirm Bags $500 Million Series G
Affirm CEO Max Levchin. Photo credit: picture alliance für DLD, under Creative Commons license Affirm, the ‘buy now, pay later’…
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| Affirm CEO Max Levchin.
Photo credit: picture alliance für DLD, under Creative Commons license
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Affirm, the ‘buy now, pay later’ upstart, has announced that it’s raised $500 million in Series G equity funding co-led by GIC, the sovereign wealth fund of the Government of Singapore, along with Durable Capital Partners, a tech-focused private equity firm. Other participants in the funding round include the likes of Lightspeed Venture Partners, Baillie Gifford, Spark Capital, Founders Fund, and Fidelity. With the new funding, Affirm has now raised a total of about $1.3 billion in equity funding since its inception. The valuation that came with the new round isn’t disclosed.
Affirm, founded in 2012, is a leading ‘buy now, pay later’ service in the U.S. market. The company was founded by Max Levchin, a serial entrepreneur who previously co-founded payments service PayPal and helped oversaw the company through its sale to eBay in 2002. After selling PayPal and before launching Affirm, Levchin also founded another company, named Slide, that was sold to Google in 2010.
Affirm, a ‘buy now, pay later’ service currently serves over 5 million customers in the U.S. and Canada. The company has partnered with over 6,000 retailers including the likes of Walmart, Peloton, and automaker Audi to offer its ‘buy now, pay later’ service to their large customer base. Affirm sources its loans from a group of FDIC-insured US banks as well as its own personal loan services firm. The company’s big Series G fundraise comes on the heels of one of its major competitors, Klarna, bagging $650 million in new funding from investors.
