Company:Affirm
 | |
| Type | Public company |
|---|---|
| NASDAQ: AFRM | |
| Industry | Finance |
| Founded | 2012 |
| Founders | Max Levchin Nathan Gettings Jeffrey Kaditz Alex Rampell |
| Headquarters | 650 California Street, , U.S. |
Key people | Max Levchin |
| Products | Consumer loans, Installment loan |
| Revenue |  $510 Million (2020)[1] |
Number of employees | 1,342 [2] (2021) |
| Website | www |
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]
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]
References
- ↑ 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". https://www.businessinsider.com/affirm-ipo-peloton-revenue-merchant-agreement-risk-factors-profit-loss-2020-11.
- ↑ "Affirm Holdings Form 10-Q". 2021-05-17. https://www.sec.gov/ix?doc=/Archives/edgar/data/1820953/000162828021010407/afrm-20210331.htm.
- ↑ "Affirm, Inc.: Private Company Information - Bloomberg". https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=231708157.
- ↑ "Affirm: Most Innovative Company" (in en-US). https://www.fastcompany.com/company/affirm.
- ↑ December 11, CBS News; 2018; Am, 7:46. ""Buy now, pay later": Critics concerned about new online payment plans" (in en). https://www.cbsnews.com/news/affirm-afterpay-klarna-point-of-sale-lending-popular-but-could-hurt-credit-score/.
- ↑ 6.0 6.1 KOKALITCHEVA, Kia (October 27, 2015). "Lending company Affirm takes on bricks and mortar shopping" (in en). http://fortune.com/2015/10/27/affirm-expansion-levchin-loans/.
- ↑ Friedman, Zack (May 5, 2017). "Is PayPal Co-Founder Max Levchin Making The Next Credit Card Killer?" (in en). https://www.forbes.com/sites/zackfriedman/2017/05/05/max-levchin-paypal-affirm/.
- ↑ "Analytics and Software" (in en). https://foundersfund.com/company/affirm/.
- ↑ MacMillan, Douglas (2014-06-09). "PayPal Co-Founder Max Levchin Raises $45 Million for Startup Affirm" (in en-US). https://blogs.wsj.com/digits/2014/06/09/paypal-co-founder-max-levchin-raises-45-million-for-startup-affirm/.
- ↑ D'Onfro, Jillian. "PayPal Cofounder Max Levchin Is The New CEO Of A Finance Startup That Has Quietly Raised $45 Million". https://www.businessinsider.com/paypal-founder-max-levchin-affirm-ceo-2014-6.
- ↑ Cagle, Susie (2017-11-29). "Would You Take Out a Loan for a Pair of Jeans?". https://www.racked.com/2017/11/29/16710502/affirm-loan-shopping.
- ↑ Wack, Kevin (February 27, 2019). "Walmart teams with Affirm to offer point-of-sale loans" (in en). https://www.americanbanker.com/news/walmart-teams-with-affirm-to-offer-point-of-sale-loans.
- ↑ "Affirm's latest partnership brings its alternative financing to Walmart's US stores and website" (in en-US). http://social.techcrunch.com/2019/02/27/affirms-latest-partnership-brings-its-alternative-financing-to-walmarts-u-s-stores-and-website/.
- ↑ PYMNTS (2016-11-30). "Affirm Supports Four More eCommerce Platforms" (in en-US). https://www.pymnts.com/news/ecommerce/2016/affirm-supports-four-more-ecommerce-platforms/.
- ↑ Alex Wilhelm, Natasha Mascarenhas (November 18, 2020). "Affirm files to go public: Rising revenue, slimming losses amid an e-commerce boom". https://techcrunch.com/2020/11/18/affirm-files-to-go-public/.
- ↑ https://www.wsj.com/articles/affirm-postpones-initial-public-offering-sources-say-11607801619
- ↑ Reuters Staff (January 12, 2021). "Affirm Holdings prices U.S. IPO above target range, raises $1.2 billion" (in en). Reuters. https://www.reuters.com/article/us-affirm-holdings-ipo-idINKBN29I00E.
- ↑ Jeff Kauflin (February 8, 2021). "Inside The Billion-Dollar Plan To Kill Credit Cards". Forbes. https://www.forbes.com/sites/jeffkauflin/2021/02/08/inside-the-billion-dollar-plan-to-kill-credit-cards/.
- ↑ "Affirm Completes Acquisition of Returnly". Press release. May 3, 2021. https://www.affirm.com/press/releases/affirm-completes-acquisition-of-returnly.
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