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Affirm announces Series F round of equity funding

Affirm, the financial technology company founded by entrepreneur Max Levchin to provide honest, life-enhancing financial products, announced today that it has raised a funding round of $300 million series F. Thrive Capital led the round with involvement from new investors including Fidelity Management and Research Company, Baillie Gifford, Wellington Management Company LLP, and Sound Ventures from Ashton Kutcher and Guy Oseary. Founders Fund, GIC, Spark Capital, Lightspeed Venture Partners, Moore Asset Backed Fund, LP and Ribbit Capital are returning investors. Affirm has raised more than $800 million in equity funding to date.

This new funding round will help Affirm continue to hire top talent and increase the company’s scale. 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. Affirm also recently opened a flagship office in Pittsburgh, Pennsylvania.

“For Affirm, the past year was an incredible period and this investment validates our stage as a mature, established and respected leader in an extremely competitive industry,” said Affirm’s co-founder andCEO, Max Levchin. “I am particularly proud that we have built a successful financial services business that benefits consumers as much as it does retailers and investors.”

Affirm has become a recognized and trusted leader in point-of-sale finance with millions of customers in the U.S. and a net promoter score of 83 +. Consumers can use Affirm to pay over 2,000 merchants for purchases of up to $15,000, many offering interest-free financing options with no late or hidden fees. In recent months, respected brands including Walmart, Warby Parker, Verizon Visible, David Yurman, and Room and Board have added Affirm as a payment option at checkout.

“We remain impressed by Affirm’s ability to build innovative products that impact retailers and consumers alike,” said Thrive Capital founder Joshua Kushner.

Affirm also appointed its executive team and board of directors with several new leaders. Silvija Martincevic will join Affirm as Chief Commercial Officer, overseeing revenue efforts and aligning with several key business functions, including marketing and communications. Silvija joins Affirm from Groupon, where she was International Chief Operating Officer. Affirm also hired as Chief Marketing Officer Greg Fisher. Previously, Greg was PayPal’s Vice President, Global Brand & Integrated Marketing, as well as Braintree and Venmo’s CMO.

Christa Quarles has also joined Affirm’s board as an independent member. Christa was OpenTable’s latest chief executive. After investing in Affirm, Thrive Capital will also hold board seat.

 

Jung Min-seo

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