Affirm (company)

Affirm is a publicly traded financial technology company headquartered in San Francisco, United States.[3] 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.[4][5]

Affirm
TypePublic company
Nasdaq: AFRM
IndustryFinance
Founded2012 (2012)
FoundersMax Levchin
Nathan Gettings
Jeffrey Kaditz
Alex Rampell
Headquarters650 California Street,
San Francisco, California
,
U.S.
Key people
Max Levchin
ProductsConsumer loans, Installment loan
Revenue $510 Million (2020)[1]
Number of employees
1,342 [2] (2021)
Websitewww.affirm.com

History and founding

Affirm was founded in 2012 by Max Levchin, Nathan Gettings, Jeffrey Kaditz, and Alex Rampell[6][7][8] as part of the initial portfolio of startup studio HVF.[9] Levchin, who co-founded PayPal, became CEO of Affirm in 2014.[10]

In October 2017, the company launched a consumer app that allowed loans for purchases at any retailer.[11]

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.[12][13]

Affirm has partnered with e-commerce platforms including Shopify,[6] BigCommerce, and Zen-Cart.[14]

On November 18, 2020, Affirm filed with the Securities and Exchange Commission in preparation for an initial public offering (IPO).[15] On December 12, 2020, it was reported that Affirm had postponed its IPO.[16] On January 13, 2021, Affirm became listed on NASDAQ with symbol AFRM, raising about $1.2 billion in its IPO.[17] By the next day, the price of shares had doubled, making Levchin's stake worth about $2.5 billion.[18] In May 2021, Affirm acquired another financial technology service company called Returnly.[19]

Affirm are Amazon's exclusive buy now, pay later partner in the United States through January 2023.[20]

References
  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 Holdings Form 10-Q". 2021-05-17.
  3. "Affirm, Inc.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2019-05-08.
  4. "Affirm: Most Innovative Company". Fast Company. Retrieved 2019-03-24.
  5. ""Buy now, pay later": Critics concerned about new online payment plans". www.cbsnews.com. December 11, 2018. Retrieved 2019-05-08.
  6. Kokalitcheva, Kia (October 27, 2015). "Lending company Affirm takes on bricks and mortar shopping". Fortune. Retrieved 2019-03-24.
  7. Friedman, Zack (May 5, 2017). "Is PayPal Co-Founder Max Levchin Making The Next Credit Card Killer?". Forbes. Retrieved 2019-05-08.
  8. "Analytics and Software". Founders Fund. Retrieved 2020-08-03.
  9. MacMillan, Douglas (2014-06-09). "PayPal Co-Founder Max Levchin Raises $45 Million for Startup Affirm". WSJ. Retrieved 2019-03-24.
  10. 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.
  11. Cagle, Susie (2017-11-29). "Would You Take Out a Loan for a Pair of Jeans?". Racked. Retrieved 2019-03-24.
  12. Wack, Kevin (February 27, 2019). "Walmart teams with Affirm to offer point-of-sale loans". American Banker. Retrieved 2019-03-24.
  13. "Affirm's latest partnership brings its alternative financing to Walmart's US stores and website". TechCrunch. Retrieved 2019-05-08.
  14. "Affirm Supports Four More eCommerce Platforms". pymnts.com. 2016-11-30. Retrieved 2019-03-24.
  15. Alex Wilhelm, Natasha Mascarenhas (November 18, 2020). "Affirm files to go public: Rising revenue, slimming losses amid an e-commerce boom". Retrieved August 4, 2021.
  16. https://www.wsj.com/articles/affirm-postpones-initial-public-offering-sources-say-11607801619
  17. Reuters Staff (January 12, 2021). "Affirm Holdings prices U.S. IPO above target range, raises $1.2 billion". Reuters. Retrieved August 4, 2021.
  18. Jeff Kauflin (February 8, 2021). "Inside The Billion-Dollar Plan To Kill Credit Cards". Forbes. Retrieved August 4, 2021.
  19. "Affirm Completes Acquisition of Returnly". Press release. May 3, 2021. Retrieved August 4, 2021.
  20. "Affirm expands Amazon partnership as buy now, pay later surge lifts revenue". Reuters. Retrieved November 11, 2021.


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