California-based fintech company Affirm raises $500m in Series G round

Affirm, a California-based fintech company, which claims to offer a more flexible and transparent alternative to credit cards, has raised $500 million in a Series G round of funding.

Singaporean sovereign wealth fund GIC, which is a returning investor, and Durable Capital Partners led the funding round of the fintech company, which caters to consumers and merchants with financial products and services.

Other returning investors which took part in the funding round are Lightspeed Venture Partners, Baillie Gifford, Spark Capital, Wellington Management, Fidelity Management & Research, and Founders Fund.

Max Levchin – CEO and founder of Affirm said: “We’re excited about this vote of confidence from both new and existing investors as we advance our mission to build honest financial products that improve lives.”

California-based fintech company Affirm raises $500m in Series G round. Photo courtesy of Business Wire.

To date, Affirm has raised more than $1.3 billion. The fintech company caters to over 5.6 million US and Canadian consumers by offering them the flexibility to buy now and pay later at virtually any store.

The consumer finance company said that it is also launching an interest-free biweekly payment product for transactions starting from $50.

Max Levchin said: “Alongside this new capital, our latest product is another step towards becoming as ubiquitous as credit cards – Affirm is now an even more attractive payment option for everyday wants and needs.

“We can also now better support merchants who offer smaller ticket items and bring their customers a more transparent, flexible way to pay.”