Affirms
“Can Affirm become the default transparent installment payment network embedded across every major payment processor, platform, and merchant checkout globally?”
Founded2012
HQSan Francisco, CA, USA
FoundersMax Levchin
Total raised$1.5B+ (pre-IPO venture)
Latest roundIPO (NASDAQ: AFRM), January 2021
IndustryFintech / Lending
The story
Founded in 2012 by Max Levchin (PayPal co-founder) as a consumer installment lending company focused on honest, transparent credit alternatives to revolving debt. Grew from a direct-to-consumer POS lending model into a large B2B2C payment network, embedding BNPL into major merchants, payment processors (Adyen, Worldpay), and software platforms. Post-IPO, evolved capital strategy from balance-sheet lending to a sophisticated institutional funding model (ABS, forward-flow, pass-through facilities) to scale responsibly at high GMV growth rates.
Last 12 months
Product timeline
2012
Founded by Max Levchin as a consumer lending / BNPL company.· lending
2014
Raised Series A funding to expand point-of-sale installment loan product.· lending
2021
IPO on NASDAQ (AFRM), raising approximately $1.2 billion; first major tech IPO of 2021.· ipo
2024
Expanded partnership with Adyen, becoming the first BNPL provider to support Adyen for Platforms; also extended into Canada.· lending
2025
Announced Capital Strategy 2.0, including expanded forward-flow and pass-through loan sale facilities with institutional investors such as PGIM.· lending
2025
Expanded partnership with Worldpay for Platforms to bring Affirm BNPL into embedded payments for 1,000+ SaaS platforms.· lending
The stack
Payments / PSP
Lending
Consumer installment loansBuy Now Pay Later (BNPL)Monthly installment plansRevenue-based / pass-through loan sale facilities
Accounting gap: none