Affirm
Sub-Category: Balance Sheet Consumer Lending; Payment Solutions
Online lending marketplace connecting consumers with multiple lenders for various financial products.
Affirm is a financial technology company that offers consumer lending products and services. It was founded in 2012 by Max Levchin, a co-founder of PayPal, with the aim of providing a responsible alternative to traditional credit cards. The company is headquartered in San Francisco, California. Affirm's main product is its installment loan, which allows consumers to make purchases and pay for them over time with fixed monthly payments. The loans are offered in partnership with various retailers and e-commerce platforms, allowing customers to finance their purchases at the point of sale. Affirm also provides a virtual card called Affirm Card, which can be used like a traditional credit card with participating merchants. While Affirm operates primarily in the United States, it has expanded its footprint globally through strategic partnerships. In 2020, the company launched operations in Canada in partnership with Shopify, a leading e-commerce platform. This move allowed Affirm to access the Canadian market and offer its lending services to Canadian consumers. Affirm has several noteworthy partnerships and collaborations. It has teamed up with major retailers such as Walmart, Peloton, and Shopify, allowing customers to finance their purchases through Affirm. The company also works with travel platforms like Expedia and CheapOair, enabling travelers to book flights and accommodation with flexible payment options. In terms of market position, Affirm has established itself as a prominent player in the fintech industry. It has experienced significant growth since its inception and has gained a substantial customer base. As of the latest available information, Affirm reported over 6.2 million active users by the end of 2020. To further enhance its growth, Affirm has made key strategic moves. In January 2021, the company went public and debuted on the Nasdaq stock exchange. This initial public offering (IPO) marked a significant milestone in its journey and provided the company with additional capital to fuel its expansion. As of the most recent update, Affirm continues to thrive and expand its operations. It continues to forge partnerships with new retailers and expand its product offerings to cater to a broader range of consumers. With its innovative approach to consumer lending, Affirm remains a prominent player in the fintech industry and shows no signs of slowing down.
VC Stage: To be confirmed
