Affirm

lendingother lendingonline loans

FOUNDING YEAR: 2012
LOCATION: United States
Last Update: 08/09/2020

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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

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:

and GIC.

Andreessen Horowitz

GGV capital

GIC

Jefferies Group

Khosla Ventures

Lightspeed Venture Partners

Morgan Stanley

Nyca Partners

Spark Capital

KEY EMPLOYEES:

Max Levchin (CEO)

William Simmons

Momentum

FUNDED

YES

TOTAL FUNDING

$920 M

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 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

DEBT FUNDING

$100 M

LISTED

NO

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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:

Andreessen Horowitz

Jefferies Group

Khosla Ventures

Lightspeed Venture Partners

Nyca Partners

Spark Capital

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