Affirm (company)

Affirm, legally Affirm Holdings, Inc. is a publicly traded financial technology company headquartered in San Francisco, United States.[2] Founded in 2012, the company operates as a financial lender of installment loans for consumers to use at the point of sale to finance a purchase.[3][4]

Affirm Holdings, Inc.
TypePublic company
NasdaqAFRM
IndustryFinance
Headquarters,
U.S.
Key people
Max Levchin
ProductsConsumer loans, Installment loan
RevenueIncrease $510 Million (2019)[1]
Number of employees
1200
Websitewww.affirm.com

History and foundingEdit

Affirm was founded in 2012 by Max Levchin, Nathan Gettings, Jeffrey Kaditz, and Alex Rampell[5][6][7] as part of the initial portfolio of startup studio HVF.[8] Levchin, who co-founded PayPal, became CEO of Affirm in 2014.[9]

In October 2017, the company launched a consumer app that allowed loans for purchases at any retailer.[10]

The company announced a partnership with Walmart in February 2019. Under the partnership, Affirm is available to customers in store and on the Walmart website.[11][12]

Since its founding, Affirm has partnered with e-commerce platforms including Shopify,[5] BigCommerce, and Zen-Cart.[13]

On November 18, 2020, Affirm filed with the Securities and Exchange Commission in preparation for an IPO.[14] On December 12, 2020, it was reported that Affirm had decided to postpone its IPO.[15]

On January 13, 2021, Affirm launched its initial public offering on NASDAQ. 24,600,000 shares of common stock were issued to the public at a price of US $49.00 per share.[16]

ReferencesEdit

  1. ^ Mazzilli, Meredith; Balogh, Shannen (November 19, 2020). "Affirm's IPO paperwork shows Peloton sales are a crucial part of the buy now, pay later fintech's business — and losing that partnership would 'materially and adversely' impact it". Business Insider.
  2. ^ "Affirm, Inc.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2019-05-08.
  3. ^ "Affirm: Most Innovative Company". Fast Company. Retrieved 2019-03-24.
  4. ^ December 11, CBS News; 2018; Am, 7:46. ""Buy now, pay later": Critics concerned about new online payment plans". www.cbsnews.com. Retrieved 2019-05-08.CS1 maint: numeric names: authors list (link)
  5. ^ a b KOKALITCHEVA, Kia (October 27, 2015). "Lending company Affirm takes on bricks and mortar shopping". Fortune. Retrieved 2019-03-24.
  6. ^ Friedman, Zack. "Is PayPal Co-Founder Max Levchin Making The Next Credit Card Killer?". Forbes. Retrieved 2019-05-08.
  7. ^ "Analytics and Software". Founders Fund. Retrieved 2020-08-03.
  8. ^ MacMillan, Douglas (2014-06-09). "PayPal Co-Founder Max Levchin Raises $45 Million for Startup Affirm". WSJ. Retrieved 2019-03-24.
  9. ^ D'Onfro, Jillian. "PayPal Cofounder Max Levchin Is The New CEO Of A Finance Startup That Has Quietly Raised $45 Million". Business Insider. Retrieved 2019-03-24.
  10. ^ Cagle, Susie (2017-11-29). "Would You Take Out a Loan for a Pair of Jeans?". Racked. Retrieved 2019-03-24.
  11. ^ Wack, Kevin (February 27, 2019). "Walmart teams with Affirm to offer point-of-sale loans". American Banker. Retrieved 2019-03-24.
  12. ^ "Affirm's latest partnership brings its alternative financing to Walmart's US stores and website". TechCrunch. Retrieved 2019-05-08.
  13. ^ PYMNTS (2016-11-30). "Affirm Supports Four More eCommerce Platforms". PYMNTS.com. Retrieved 2019-03-24.
  14. ^ https://techcrunch.com/2020/11/18/affirm-files-to-go-public/
  15. ^ https://www.wsj.com/articles/affirm-postpones-initial-public-offering-sources-say-11607801619
  16. ^ Reuters Staff (2021-01-13). "Affirm Holdings prices U.S. IPO above target range, raises $1.2 billion". Reuters. Retrieved 2021-01-14.

External linksEdit