New York Life to Expand Purchase of Affirm Loans

<p><strong>SAN FRANCISCO<&sol;strong> &&num;8212&semi; Affirm is expanding its long-term capital partnership with New York Life&comma; America’s largest mutual life insurance company&period;<&sol;p>&NewLine;<p>Under the expanded agreement&comma; New York Life will purchase Affirm’s installment loans on a forward-flow basis between now and December 2026 with an amount outstanding of up to &dollar;750 million&period; This provides off-balance-sheet funding that can support approximately &dollar;1&period;75 billion in consumer loan volume per year&comma; helping Affirm offer even more flexible and transparent payment options&period;<&sol;p>&NewLine;<p>Affirm allows consumer to buy goods and pay over time without any late or hidden fees&period;<&sol;p>&NewLine;<p>The expanded partnership leverages the complementary strengths of Affirm and New York Life&period; As an industry-leading underwriter&comma; Affirm provides a responsible and transparent way to pay over time without any late fees or hidden charges&period; As one of the world’s leading investment platforms&comma; New York Life brings significant scale and private credit structuring expertise&period;<&sol;p>&NewLine;<p>Prior to this latest expansion&comma; New York Life has invested nearly &dollar;2 billion in Affirm collateral&comma; including through the company’s asset-backed securitizations&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We are proud to expand our relationship with such a trusted and forward-thinking partner in New York Life&comma;” said Michael Linford&comma; Chief Operating Officer&comma; Affirm&period; &OpenCurlyDoubleQuote;Through our collaboration&comma; we will be even better positioned to responsibly increase access to our flexible and transparent payment options&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;As we continue to deploy capital to create lasting value for our policy owners&comma; Affirm has distinguished itself by delivering superior credit outcomes that generate attractive returns&comma;” said Brendan Feeney&comma; Managing Director&comma; New York Life&period; &OpenCurlyDoubleQuote;We’re excited to take this next step in our relationship&comma; which exemplifies how we collaborate with industry leaders to invest in growing&comma; high-quality assets&period;”<&sol;p>&NewLine;<p>Affirm has saved consumers over &dollar;460 million in late fees&period; By choosing Affirm instead of revolving credit card debt&comma; U&period;S&period; consumers could save 5-30&percnt; annually on their total cost of credit – roughly &dollar;18 billion in 2024 alone&period;<&sol;p>&NewLine;