Affirm, a San Francisco, CA-based financial technology company, raised $300m in Series F funding.
The round was led by Thrive Capital with participation from new investors Fidelity Management and Research Company, Baillie Gifford, Wellington Management Company LLP, and Ashton Kutcher and Guy Oseary’s Sound Ventures and returning investors Founders Fund, GIC, Spark Capital, Lightspeed Venture Partners, Moore Asset Backed Fund, LP and Ribbit Capital.
The company, which has raised over $800m in equity funding to date, intends to use the funds to hire top talent and further scale operations.
Founded by entrepreneur Max Levchin, Affirm leader in point-of-sale finance. Consumers can use Affirm to pay for purchases of any amount up to $15,000 at over 2,000 merchants, many offering interest-free financing options with no late or hidden fees. In recent months, brands including Walmart, Warby Parker, Verizon Visible, David Yurman, and Room and Board have added Affirm as a payment option at checkout.
Loans are made in partnership with the company’s originating bank partner Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC.
The funding comes during a period of rapid growth and expansion at Affirm, which saw a loan volume of more than $2 billion in 2018. The company also recently opened a flagship office in Pittsburgh, Pennsylvania.
Affirm also named several new leaders to its executive team and board of directors, including:
– Silvija Martincevic, who will join Affirm as Chief Commercial Officer, where she will oversee revenue efforts and will also bring alignment to several key business functions, including marketing and communications. Martincevic joined from Groupon, where she was Chief Operating Officer, International;
– Greg Fisher, who joins as Chief Marketing Officer. Previously, Fisher was Vice President, Global Brand & Integrated Marketing at PayPal while also serving as CMO of both Braintree and Venmo;
– Christa Quarles, who has joined as an independent member of Affirm’s board. Quarles was most recently Chief Executive Officer of OpenTable. Thrive Capital will also hold a board seat following its investment in Affirm.
FinSMEs
03/04/2019