Affirm Raises $300M In Series F Funding

Financial services company Affirm has raised $300 million in a Series F funding round, the company said in a press release. The funding round was led by Thrive Capital.

Other investors included Fidelity Management and Research Company, Sound Ventures and Wellington Management Company. So far, Affirm has raised $800 million in equity funding.

The company also recently opened a new flagship store in Pittsburgh, Pennsylvania.

“This new round of funding will help Affirm continue to hire top talent and further scale the company,” Affirm said in the release. “The announcement comes during a period of rapid growth and expansion at Affirm, which saw a loan volume of more than $2 billion in 2018, to help consumers make purchases at the point of sale honestly and transparently.”

Max Levchin, co-founder and CEO of Affirm, said the money is an affirmation of the business.

“The past year has been an incredible period for Affirm, and this investment validates our stage as a mature, established and respected leader in an extremely competitive industry,” Levchin said. “I’m especially proud that we’ve built a successful financial services business that does as much good for consumers as it does for retailers and investors.”

With customers in the millions, Affirm’s service is available for use with recognizable vendors like Walmart, Warby Parker, Room & Board and Verizon Visible. Customers can use the service to pay for up to $15,000 in merchandise at more than 2,000 merchants, and many items are interest-free without hidden fees, the company said.

Thrive Capital Founder Joshua Kushner said he is excited to work with Affirm. “We continue to be impressed by Affirm’s ability to build innovative products that are impactful to both retailers and consumers,” he said.

Affirm also welcomed some new members to its team.

“Silvija Martincevic will join Affirm as chief commercial officer, where she will oversee revenue efforts and will also bring alignment to several key business functions, including marketing and communications. Silvija joins Affirm from Groupon, where she was chief operating officer, international,” the company said. “Affirm has also hired Greg Fisher as chief marketing officer. Previously, Greg was vice president, global brand and integrated marketing at PayPal while also serving as CMO of both Braintree and Venmo.”