Affirm, Inc., a San Francisco, CA-based financial services technology company, is acquiring Sweep Inc., a San Francisco, CA-based provider of a personal finance management app.
The amount of the deal, which was announced some days after Affirm’s close of its $100m Series D funding round, was not disclosed.
The acquisition will allow Affirm to expand beyond point-of-sale financing. Following it, the Sweep app will no longer be accessible to consumers starting May 26, 2016 while a new product under the Affirm brand will combine the technologies and visions of both companies and is scheduled for release later this year.
Sweep co-founders Jackson Gates and Asi Behar as well as the majority of the engineering team of the acquired company will be joining Affirm.
Founded in 2012 by Max Levchin (PayPal co-founder), Affirm provides services that give shoppers the opportunity to buy now and make monthly payments for their purchases knowing upfront exactly what they’ll owe — with no hidden fees, through advanced technology and analytics that look beyond traditional FICO scores.
FinSMEs
28/04/2016