Max Levchin, CEO and founder of fintech Affirm and PayPal co-founder, sat down with CNBC’s Squawk on the Street team to discuss its fintech Affirm, including its latest earnings and outlook, as well as cryptocurrency.
As previously reported, Affirm is a point of sale credit provider that is currently working with more than 5,000 merchants, including Article, Joybird, West Elm, and Shopify. The company’s 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. Levchin has also stated:
“We’re here to improve lives. If that means more work for us, or that we make less money, we will always take the more difficult path in favor of treating people better.”
The company recently secured $500 million through its Series G funding round, which was led by GIC and Durable Capital Partners, with participation from Lightspeed Venture Partners, Wellington Management Company, Baillie Gifford, Spark Capital, Founders Fund, and Fidelity Management & Research Company LLC. At the time, the company reported it raised more than $1.3 billion from investors. Affirm recently filed an S-1 registration statement with the Securities and Exchange Commission (SEC) indicating its intent to do an initial public offering (IPO). At the time, public musings placed Affirm’s public valuation at between $5 to $10 billion. The company expects to trade on the NASDAQ under ticker symbol AFRM.
See a clip from Levchin’s interview below.