Max Levchin’s Affirm Raises $300 Million Series F

Affirm, a Fintech founded by vaunted entrepreneur Max Levchin, has raised a $300 million series F funding. To date, Affirm has raised over $800 million in equity funding.

The round was led by Thrive Capital and involved several new investors including Fidelity Management and Research Company, Baillie Gifford, Wellington Management Company LLP, and Ashton Kutcher and Guy Oseary’s Sound Ventures.

Returning investors in the round included Founders Fund, GIC, Spark Capital, Lightspeed Venture Partners, Moore Asset Backed Fund, LP and Ribbit Capital.

Affirm is a point of sale credit provider that is currently working with over 2000 merchants. The goal is to provide shoppers with an alternative to expensive credit cards at the point of sale, giving them the flexibility to buy now and make simple monthly payments for their purchases. Affirm generated over $2 billion in loan volume during 2018. Borrowers may access credit of up to $15,000 when using the service.

This new round will be used to help Affirm hire top talent and further scale the company.

Max Levchin, co-founder and CEO of Affirm, said the past year had been an incredible time for his company having moved into the leader in the space.

“I’m especially proud that we’ve built a successful financial services business that does as much good for consumers as it does for retailers and investors.”

Affirm also named several new leaders to its executive team and board of directors. Silvija Martincevic 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. Silvija joins Affirm from Groupon, where she was Chief Operating Officer, International. Affirm has also hired Greg Fisher as Chief Marketing Officer. Previously, Greg was Vice President, Global Brand & Integrated Marketing at PayPal while also serving as CMO of both Braintree and Venmo.

Additionally, Christa Quarles has joined as an independent member of Affirm’s board. Christa was most recently Chief Executive Officer of OpenTable. Thrive Capital will also hold a board seat following its investment in Affirm.

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