On Thursday, San Francisco-based fintech startup Affirm announced that it raised $500 million in a Series G funding round led by GIC. This new chunk of change brings Affirm’s total funding raised to $1.3 billion.
If you’re a seasoned online shopper, you’ve likely seen the Affirm logo before making a purchase. Affirm partners with online vendors to allow shoppers to make payments in installments instead of all at once.
Let’s say you’re finally committing to buying that Peloton, but you don’t want to pay the thousands of dollars upfront. You can instead opt to checkout with Affirm, which will give you the option to essentially take out a loan and pay off the bike in monthly payments over a set amount of time.
The company is also introducing a biweekly interest-free option to help shoppers pay for their products faster.
“Alongside this new capital, our latest product is another step toward becoming as ubiquitous as credit cards — Affirm is now an even more attractive payment option for everyday wants and needs,” founder and CEO Max Levchin said in a statement. “We can also now better support merchants who offer smaller ticket items and bring their customers a more transparent, flexible way to pay.”
Affirm has over 6,000 merchant partners, including Walmart, Peloton, Oscar de la Renta, Audi and Expedia. It provides its payment services to over 5.6 million shoppers in the United States and Canada.
Although Affirm is based in San Francisco, it has offices in New York, Chicago, Pittsburgh and Salt Lake City. It’s currently hiring for roles across finance, product and engineering in New York.