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Max Levchin’s Lending Company Affirm Confidentially Files for an IPO in the US

Affirm, a lending company that provides financing for one-time online purchases, has confidentially filed for a US Initial Public Offering (IPO).  The company has submitted a draft Registration Statement on Form S-1 to the Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its common stock.

As the filing is confidential, there is little information on the offering. The number of shares and their price range is unknown. However, it is clear that the IPO will take place as soon as the SEC completes its review process, subject to market and other conditions.

Since its founding in 2012, Affirm has raised $1.3 billion of venture capital in total. Back in December 2017, Affirm raised  $200 million in Series E funding round. In April last year, it raised $300 million in Series F round, which brought the company’s value at $2.9 billion. Thrive Capital led the round.

Last month, Affirm conducted a $500 million Series G funding round. It was led by Durable Capital Partners and Singapore’s sovereign wealth fund. Other returning investors included Lightspeed Venture Partners, Wellington Management Company, Baillie Gifford, Spark Capital, Founders Fund, and Fidelity Management & Research Company LLC. Following that, Affirm sported a valuation of over $5 billion. However, the company has the potential to reach more. As rumors say, an IPO could value Affirm at as much as $10 billion.

San Francisco-based Affirm operates as a financial lender of installment loans for consumers to use at the point of sale to finance a purchase. Affirm operates similarly to a credit card. The company allows you to make a purchase at an online store immediately and pay it back over time through fixed installments. The main benefit of taking the credit facility route through Affirm is that they do not charge their clients any late fees on delays. The company also charges no service or prepayment fee, or any other hidden charges.

Since its establishment in 2012 by PayPal founder Max Levchin, Affirm has made significant gains in market share for users in the US, Canada, and even Japan. Affirm provides more than 5.6 million U.S. and Canadian consumers with a better alternative to traditional credit cards, giving them the flexibility to buy now and pay overtime at virtually any store. Among Affirm’s merchants are brands like Walmart, Peloton, Oscar de la Renta, Audi, and Expedia. Besides, they include span verticals including home and lifestyle, travel, personal fitness, electronics, apparel and beauty, auto, and more.

Max Levchin’s Lending Company Affirm Confidentially Files for an IPO in the US

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