SAN FRANCISCO — Affirm, the financial services technology company led by PayPal co-founder Max Levchin, has raised $100 million Series D round of equity funding. Founders Fund led the round and is joined by existing investors including Lightspeed Venture Partners, Spark Capital, Khosla Ventures, Andreessen Horowitz, Jefferies and other new investors.
The new round of financing will be used to further Affirm’s mission to revolutionize the banking industry by being more accountable and accessible to consumers. Specifically, the new capital will be used to increase Affirm’s loan distribution capacity, grow its merchant clientele, which increased from 100 to more than 700 in the last year alone, and expand new financial product offerings beyond point-of-sale financing.
Additionally, Affirm announced that former Avangate executive and Amazon sales leader, Len Eschweiler, has joined as Senior Vice President of Retail. Eschweiler joins Affirm with over 17 years of e-commerce, retail, and media experience. He will lead Affirm’s efforts to scale its merchant business and ensure that merchant partners can maximize sales performance and customer satisfaction.
Affirm gives shoppers the flexibility to buy now and make simple monthly payments for their purchases. Unlike payment options that may have compounding interest and unexpected costs, Affirm customers know upfront exactly what they’ll pay — with no hidden fees and no surprises – and was created to reach a broader population of consumers using advanced technology and analytics that look beyond traditional FICO scores.
“Max changed the payments industry forever with his work at PayPal, and we think Affirm is positioned to be just as impactful,” said Founders Fund partner Brian Singerman – who joins Keith Rabois of Khosla Ventures, Jeremy Liew of Lightspeed Venture Partners, and Jeremy Philips of Spark Capital on Affirm’s board of directors. “Affirm’s technology brings much-needed transparency and accountability to a stagnant industry that’s no longer meeting the needs of consumers.”