Sci-Fi Visions

PayPal co-founder raises $275 million to reinvent credit

  • Affirm announced that it has raised $275 million in a round of debt and equity financing led by Spark Capital Growth and joined by new investors Jefferies and Andreessen Horowitz and existing investors Khosla Ventures and Lightspeed Venture Partners.
  • Levchin’s vision for Affirm is to offer modern-day banking products to the many people who are not adequately served by the FICO credit scoring system, don’t trust or use credit cards, are students, or are new U.S. citizens.
  • Affirm charges an upfront fee for the service, typically between 6% and 30%, rather than tack on interest in the wake of the transaction.

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