The company, which offers instant loans to consumers at point-of-sale, raised the money in a Series D round led by Founders Fund. It has been ramping up its list of clients–in the last year alone, Affirm’s list of merchants has grown from 100 to 700. According to Levchin, the company is seeking the funding to expand its offerings thanks to increased demand; both big and small organizations are looking for ways to provide financial assistance to consumers beyond just credit cards, the CEO told Fast Company. “We have the capacity to bring on thousands [of merchants],” he said.
Affirm sees itself as creating a new branch of the financial industry–one that transparently and affordably gives loans to consumers for one-time purchases. Following this round of funding, the company wants to go beyond point-of-sale and even focus on the direct to consumer lending space. (by Cale Weissman)MB