Affirm

Affirm

lending | other lending | online loans
website linkedin address
  • FOUNDING YEAR: 2012
    LOCATION:
    United States
    REGION:
    California
    Last Update:
    14 Feb, 2020
    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

MEDICI analysts will analyze Affirm soon

TRACTION

Insufficient information for accurate analysis

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$920 Millions
DATE OF LAST FUNDING:
Apr 2019
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)
SEED CLOSED ON:
Apr 2014
FUNDING SERIES:
SERIES A
$45 Millions Closed: Jun 2014
SERIES B
$275 Millions Closed: May 2015
SERIES D
$100 Million Closed: Apr 2016
SERIES E
$200 Millions Closed: Dec 2017
SERIES F
$300 Millions Closed: Apr 2019
DEBT FUNDING:
$100 Million
LISTED:
NO

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