Affirm, founded by a PayPal creator, lets consumers split purchases into smaller monthly payments.
Online payment service Affirm Inc., which lets consumers split purchases into smaller monthly payments, has raised $275 million in new capital. Spark Capital Growth led the Series B funding round, with new investors Jefferies and Andreessen Horowitz, and existing investors Khosla Ventures and Lightspeed Venture Partners also taking part.
The company, launched by PayPal co-founder Max Levchin in 2012, previously had raised $50 million in a Series A funding round. The new capital, Levchin says, “will be used to significantly increase Affirm’s loan distribution capacity, grow its merchant services efforts, offer customers lowercost loans and develop new products. The company will also be able to reach more consumers, and develop and launch brand new products and services.”
