What is Affirm?
Founded in 2012 and headquartered in San Francisco, California, Affirm operates as a financial technology company specializing in buy now, pay later (BNPL) services. Its offerings are accessible to consumers across the United States, Canada, and the United Kingdom, providing flexible payment plans for purchases. Affirm integrates its services into various consumer touchpoints, including online checkout, self-checkout kiosks, digital wallets, and virtual or physical cards. Beyond BNPL, the company also offers a savings account and a debit card. Affirm's revenue model is diversified, deriving income from seller service fees and borrower interest, notably without imposing late fees. The company's lending practices involve rigorous transaction underwriting, utilizing credit scores and machine learning to assess risk. Affirm's services are a key component of the e-commerce ecosystem, enabling retailers to offer consumers enhanced purchasing power and payment flexibility.
How much funding has Affirm raised?
Affirm has raised a total of $7B across 11 funding rounds:
Series B
$275M
Series C
$79.8M
Series D
$100M
Debt
$100M
Series E
$200M
Series F
$300M
Debt
$250M
Series G
$500M
Stock Offering
$1.2B
Unspecified
$4B
Series B (2015): $275M led by Jefferies, Andreessen Horowitz, Khosla Ventures, Lightspeed Venture Partners, and Spark Capital
Series C (2015): $79.8M supported by Jefferies, Spark Capital, and Khosla Ventures
Series D (2016): $100M featuring Jefferies, Andreesen Horowitz, Lightspeed Venture Partners, Spark Capital, Founders Fund, and Khosla Ventures
Debt (2016): $100M backed by Morgan Stanley
Series E (2017): $200M with participation from Founders Fund, Ribbit Capital, Lightspeed Venture Partners, Spark Capital, Caffeinated Capital, Khosla Ventures, and GIC
Series F (2019): $300M led by Lightspeed Venture Partners, Spark Capital, Ribbit Capital, Moore Asset Backed Fund, GIC, Sound Ventures, Fidelity Management and Research Company, Thrive Capital, Founders Fund, Baillie Gifford, and Wellington Management Company
Debt (2020): $250M supported by Ares Management LLC
Series G (2020): $500M featuring Lightspeed Venture Partners, Spark Capital, Wellington Management Company LLP, GIC Private Limited, Durable Capital Partners, Fidelity Management & Research Company, Founders Fund LLC, and Baillie Gifford & Co
Stock Issuance/Offering (2021): $1.2B, investors not publicly disclosed
Unspecified (2024): $4B with participation from Sixth Street
Key Investors in Affirm
Lightspeed Venture Partners
Lightspeed Venture Partners (lsvp.com) is a global multistage venture capital firm that raises dedicated funds and invests in early and growthstage technology companies across sectors such as enterprise software, consumer, fintech, and infrastructure, partnering with founders from seed through IPO/M&A.
Khosla Ventures
Khosla Ventures provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies. The firm was founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems. With over fourteen billion dollars under management, the firm focuses on a broad range of areas including consumer, enterprise, ai, fintech and financial services, semiconductors, health, agriculture/food, sustainable energy, and robotics.
Founders Fund
Founders Fund invests in the world's most important and valuable companies across all geographies, sectors and stages. The firm's partners have been founders and early funders of companies including PayPal, SpaceX, Palantir, Anduril, Airbnb, Stripe and Facebook. Founders Fund pursues a founder-friendly investment strategy, providing maximum support with minimum interference.
What's next for Affirm?
The substantial enterprise-level investment Affirm has garnered signals a strategic phase focused on scaling operations, expanding its service portfolio, and potentially exploring new market segments. With a robust foundation in BNPL and a growing suite of financial products, the company is well-positioned to further innovate within the fintech space. Future developments may include enhanced merchant partnerships, deeper integration into digital commerce platforms, and continued refinement of its credit underwriting models to optimize risk management and customer experience. The company's trajectory suggests a continued emphasis on providing accessible and transparent financial solutions.
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