Affirm Holdings

Affirm Holdings, Inc. is a publicly traded financial technology company headquartered in San Francisco, United States.[2] Founded in 2012, the company provides buy now, pay later (BNPL) services for both online and in-store shopping, making it an alternative to traditional credit card providers.[3][4] Affirm claims to use machine learning for loan underwriting which it says identifies creditworthy consumers more effectively than traditional credit scoring systems.[5]

Affirm Holdings, Inc.
TypePublic company
IndustryFinance
Founded2012 (2012)
Founders
Headquarters650 California Street,
San Francisco, California
,
U.S.
Key people
Max Levchin
Products
RevenueIncrease US$1.59 billion (2023)
Decrease US$−1.2 billion (2023)
Decrease US$−985 million (2023)
Total assetsIncrease US$8.16 billion (2023)
Total equityDecrease US$2.53 billion (2023)
Number of employees
2,171 (2023)
Websitewww.affirm.com
Footnotes / references
Financials as of June 30, 2023[1]

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.[5]

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.[11][12]

Affirm has partnered with e-commerce platforms including Amazon, Shopify,[6] BigCommerce, and Zen-Cart.[13]

On November 18, 2020, Affirm filed with the Securities and Exchange Commission in preparation for an initial public offering (IPO).[14] On December 12, 2020, it was reported that Affirm had postponed its IPO.[15] On January 13, 2021, Affirm became listed on NASDAQ with symbol AFRM, raising about $1.2 billion in its IPO.[16] By the next day, the price of shares had doubled, making Levchin's stake worth about $2.5 billion.[17]

In May 2021, Affirm acquired Returnly, a financial technology service company, for $300 million.[18][19]

Affirm was Amazon's exclusive buy now, pay later partner in the United States through January 2023.[20]

In May 2022, Affirm signed a partnership with the financial infrastructure firm Stripe, Inc. to make its adaptive checkout service available to Stripe users in the US.[21]

In February 2023, the company announced that it would layoff 19 percent of its workforce as part of a restructuring plan, and shut down its crypto unit.[22]

References
  1. "Affirm Holdings Form 10-K". U.S. Securities and Exchange Commission. August 25, 2023.
  2. "Affirm, Inc.: Private Company Information – Bloomberg". www.bloomberg.com. Retrieved 2019-05-08.
  3. "Affirm: Most Innovative Company". Fast Company. Retrieved 2019-03-24.
  4. ""Buy now, pay later": Critics concerned about new online payment plans". www.cbsnews.com. December 11, 2018. Retrieved 2019-05-08.
  5. Cagle, Susie (2017-11-29). "Would You Take Out a Loan for a Pair of Jeans?". Racked. Retrieved 2019-03-24.
  6. Kokalitcheva, Kia (October 27, 2015). "Lending company Affirm takes on bricks and mortar shopping". Fortune. Retrieved 2019-03-24.
  7. Friedman, Zack (May 5, 2017). "Is PayPal Co-Founder Max Levchin Making The Next Credit Card Killer?". Forbes. Retrieved 2019-05-08.
  8. "Analytics and Software". Founders Fund. Retrieved 2020-08-03.
  9. MacMillan, Douglas (2014-06-09). "PayPal Co-Founder Max Levchin Raises $45 Million for Startup Affirm". WSJ. Retrieved 2019-03-24.
  10. D'Onfro, Jillian. "PayPal Cofounder Max Levchin Is The New CEO Of A Finance Startup That Has Quietly Raised $45 Million". Business Insider. Retrieved 2019-03-24.
  11. Wack, Kevin (February 27, 2019). "Walmart teams with Affirm to offer point-of-sale loans". American Banker. Retrieved 2019-03-24.
  12. "Affirm's latest partnership brings its alternative financing to Walmart's US stores and website". TechCrunch. Retrieved 2019-05-08.
  13. "Affirm Supports Four More eCommerce Platforms". pymnts.com. 2016-11-30. Retrieved 2019-03-24.
  14. Alex Wilhelm, Natasha Mascarenhas (November 18, 2020). "Affirm files to go public: Rising revenue, slimming losses amid an e-commerce boom". Retrieved August 4, 2021.
  15. "Affirm Postpones Its Initial Public Offering - WSJ".
  16. "Affirm Holdings prices U.S. IPO above target range, raises $1.2 billion". Reuters. January 12, 2021. Retrieved August 4, 2021.
  17. Jeff Kauflin (February 8, 2021). "Inside The Billion-Dollar Plan To Kill Credit Cards". Forbes. Retrieved August 4, 2021.
  18. "Affirm Completes Acquisition of Returnly". Press release. May 3, 2021. Retrieved August 4, 2021.
  19. "Affirm to Buy Returnly for $300 Million as Ecommerce Returns Spike During the Pandemic". Adweek. April 23, 2021.
  20. "Affirm expands Amazon partnership as buy now, pay later surge lifts revenue". Reuters. Retrieved November 11, 2021.
  21. Lang, Hannah (2022-05-31). "Affirm partners with Stripe to expand offering of buy now, pay later services". Reuters. Archived from the original on 2022-05-31.
  22. Gomes, Nathan (February 8, 2023). "BNPL lender Affirm to cut about 19% of its workforce". Reuters.
  • Official website
  • Business data for Affirm Holdings, Inc.:


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.