Affirm

Affirm

Lending | Other Lending | Online Loans
website linkedin address
  • FOUNDING YEAR: 2012
    LOCATION:
    United States
    REGION:
    CA
    Last Update:
    27 Jun, 2019
    Phone:
    +1 734-718-3219

Description

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.

FOCUS

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%.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Magento, Americommerce, 3dchart,Spreecommerce, Shopify, Drupual Commerce, Upshotcommerce, demandware, Expedia, Casper, and Motorola.
EXISTING PARTNERSHIPS:
RefactorU, Epicodus, Hackbright Academy, The New York Code + Design Academy, etc.
PRIMARY PROBLEM SOLVED:
Pay over a period of time for high-value purchases.
COMMENT
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.

PEOPLE

FOUNDERS:
Max Levchin, Nathan Gettings, Jeffrey Kaditz
Board Members and Advisors:
Keith Rabois, Jeremy Liew
NUMBER OF EMPLOYEES:
201-500
INVESTORS:
Lightspeed Venture Partners, Khosla Ventures, Andreessen Horowitz, Jefferies Group, Spark Capital, Nyca Partners, and GIC.
KEY EMPLOYEES:
Max Levchin (CEO)

TRACTION

VALUATION / MARKET CAP:
$2 Billions in 2017
VALUATION COMMENT
Third-party news sources reported that the company's valuation is around $1.5- $2 billion after the latest funding round on December 2017.
TRANSACTIONS COMMENT:
The company has issued loans worth $2 billion in 2018, which is double the loan volume in 2017. (Feb. 2019)
COMMENT:
The company has tie-ups with 2,000 retailers, including Walmart, Wayfair, Expedia, Casper, and Cole Haan. (March 2019)

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$425 Millions
DATE OF LAST FUNDING:
Dec 2017
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)
FUNDING SERIES:
SERIES A
$45 Millions Closed: Jun 2014
SERIES B
$80 Millions Closed: May 2015
SERIES D
$100 Million Closed: Apr 2016
SERIES E
$200 Millions Closed: Dec 2017
COMMENTS
SERIES B : The company raised $275 million in its series B round. The equity portion is at around $80 million.
DEBT FUNDING:
$290 Millions
LISTED:
NO

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