Affirm
lending . other lending . online loans
FOUNDING YEAR: 2012
LOCATION: United States
Last Update: 19/01/2021
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About
Affirm initially branded itself as LendLayer. Affirm is a financial technology services company that offers installment loans to consumers at the point of sale.
MEDICI Analysis
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.
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
Affirm loans vary between 10% and 30% APR simple interest (0% APR is offered at select merchants).
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.
Traction
VALUATION / MARKET CAP:
$2.9 B in 2018
COMPANY TYPE:
For Profit
REVENUE
$10M+ in 2018
REVENUE COMMENT:
The company had an estimated revenue of $10Million in 2018
TRANSACTIONS COMMENT:
The company has issued loans worth $2 billion in 2018, which is double the loan volume in 2017. (Feb. 2019)
TRACTION COMMENT:
The company has tie-ups with 2,000 retailers, including Walmart, Wayfair, Expedia, Casper, and Cole Haan. (March 2019)
People
FOUNDERS
Jeffrey Kaditz
Nathan Gettings
BOARD MEMBERS AND ADVISORS
Keith Rabois
Jeremy Liew
NUMBER OF EMPLOYEES
501-1000
INVESTORS:
Fidelity Management and Research Company
KEY EMPLOYEES:
Max Levchin (CEO)
William Simmons
Momentum
FUNDED
YES
NUMBER OF FUNDING ROUNDS
8
TOTAL FUNDING
$1.42 B
DATE OF LAST FUNDING
Sep 2020
IPO STATUS
Private
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)
ESTIMETED REVENUE RANGE
$50M to $100M
SEED CLOSED ON
Apr 2014
FUNDING SERIES
SERIES A · $45 M · Jun 2014
SERIES B · $275 M · May 2015
SERIES D · $100 M · Apr 2016
SERIES E · $200 M · Dec 2017
SERIES F · $300 M · Apr 2019
SERIES G · $500 M · Sep 2020
DEBT FUNDING
$100 M
LISTED
NO
company provided insights
Acquisitions
ACQUIREE NAME
Sweep
ANNOUNCED DATE
Apr 2016
PRICE
---
ACQUIREE NAME
PayBright
ANNOUNCED DATE
Dec 2020
PRICE
$264.21 M
ACQUIREE NAME
LendLayer
ANNOUNCED DATE
Aug 2015
PRICE
---
company provided insights
Web Traffic
MONTHLY VISITS
3,351,536
AVERAGE VISITS (6 MONTHS)
3,368,194.46
MONTHLY VISITS GROWTH
-10.58%
VISIT DURATION
222
VISIT DURATION GROWTH
-4.31%
PAGE VIEWS VISIT
3.56
PAGE VIEWS VISIT GROWTH
-5.48%
BOUNCE RATE
43.48%
BOUNCE RATE GROWTH
1.04%
GLOBAL TRAFFIC RANK
14,984
MONTHLY RANK CHANGE
299
MONTHLY RANK GROWTH
2.04%
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Affirm
About
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
Affirm App for Financing
REVENUE MODEL
Affirm loans vary between 10% and 30% APR simple interest (0% APR is offered at select merchants).
TOP PROBLEM SOLVED
Pay over a period of time for high value purchases.
Traction
LIVE USERS/TRANSACTIONS:
No live users/transaction yet
People
NUMBER OF EMPLOYEES
51-200
BOARD MEMBERS AND ADVISORS:
Keith Rabois, Jeremy Liew
INVESTORS:
Momentum
FUNDED
YES
TOTAL FUNDING:
$520 M
LISTED
NO
FUNDING SERIES
SERIES A · $45 M · Jun 2014
SERIES B · $275 M · May 2015
SERIES C · $100 M · Apr 2016
SERIES D · $100 M · Oct 2016