Fintech startup Affirm, which was founded by Nathan Gettings, Jeffrey Kaditz, and Max Levchin with an aim to disrupt the credit card industry, in 2012, has raised $100 million from investment bank Morgan Stanley.
Affirm is a financial technology company based in San Francisco, California that offers financial loans with instant decision. Max Levchin currently serves as the CEO and co-founder. Created in 2012 by Levchin, Palantir Technologies co-founder Nathan Gettings, and Jeffrey Kaditz. Affirm calculates the risk of borrowers based on a range of personal data including information gleaned from social-media profiles as well as the cost of the items being purchased.
Affirm offers its consumers an alternative to traditional credit with a straightforward, transparent loan product. With Affirm, consumers can finance purchases through Affirm, which sets interest rates based on “proprietary technology to verify identity and assess credit risk in seconds.”
On this occasion, as per the company statement,
“will leverage the facility to continue its expansion of consumer-friendly point-of-sale financing at leading online and offline retailers.”
As per the company it has agreements with more than 750 merchants. To date, it has raised more than $400 Mn including the current funding round. The raised funds will help the company to expand its consumer lending business.