Affirm was initially branded as LendLayer. It is a financial technology services company that offers installment loans to consumers at the point-of-sale. Its underwriting model processes borrower's data, sourced from a merchant's website via an API, along with data points from alternative sources such as social networking websites to arrive at a credit decision. The company has recently introduced a virtual credit card that allows consumers to buy products from retailers outside its limited network. Recently, Affirm was named in the Forbes Fintech 50 For 2019 list.
Affirm initially branded itself as LendLayer. Affirm is a financial technology services company that offers installment loans to consumers at the point of sale.
PRODUCTS & SERVICES:
The company offers loan products such as:
Purchase Loans: It offers point-of-sale loans at checkout for online purchases. The loans can be extended to 3, 6 or 12 months and have annual interest rates between 10 and 30%.
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PRIMARY PROBLEM SOLVED:
Pay over a period of time for high-value purchases.
Helps to bring simplicity, transparency, and fair pricing to consumer credit. When you make a purchase of $100 or more with Affirm, you can pay it back over 3, 6, or 12 months. For purchases between $50.00–$99.99, you can pay over 3 or 6 months. Select merchants may offer different terms, including a 30-day payment option for purchases under $50.
MEDICI analysts will analyze Affirm soon
Insufficient information for accurate analysis
DATE OF LAST FUNDING:
TOTAL FUNDING COMMENT:
The company will use the new capital in part to expand the number of retailers it works with and introduce new products & services as well as for global expansion. (Dec. 2017)