SAN FRANCISCO – September 17, 2020 – GIC, as well as Durable Capital Partners LP, has led the US$500m Series G fundraising round in Affirm, the company started by serial entrepreneur Max Levchin to provide transparent, honest financial products. Other returning investors include Lightspeed Venture Partners, Wellington Management Company, Baillie Gifford, Spark Capital, Founders Fund, and Fidelity Management & Research Company LLC. Affirm has raised over US$1.3b from investors to date.
As part of the company’s continued growth, Affirm is also introducing an interest-free biweekly payment product for transactions as low as $50. As with Affirm’s existing monthly payment options, consumers will never be charged late or hidden fees when using this new product.
“We’re excited about this vote of confidence from both new and existing investors as we advance our mission to build honest financial products that improve lives,” said Max Levchin, CEO and founder of Affirm. “Alongside this new capital, our latest product is another step towards becoming as ubiquitous as credit cards – Affirm is now an even more attractive payment option for everyday wants and needs. We can also now better support merchants who offer smaller ticket items and bring their customers a more transparent, flexible way to pay.”
“Our steady investments in Affirm over the years are testament to the company’s strong business model and proven ability to deliver innovative financial products and services that are compelling for both shoppers and merchants. We are pleased to support Affirm as they continue to strengthen their offering in the consumer finance space,” said Choo Yong Cheen, Chief Investment Officer of Private Equity, GIC.