#PayTech / Affirm raises $500M, unveils new product for smaller purchases

PayPal co-founder Max Levchin helped launch Affirm in 2012 to provide consumers a replacement for credit cards. Its mobile app offers installment loans to consumers at the point of sale.

[Max Levchin, CEO:] “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.”

The company also announced it is introducing an interest-free biweekly payment product for transactions as low as $50. The goal is to support merchants who offer smaller ticket items in addition to those who sell higher-priced goods… When choosing to pay biweekly with Affirm, consumers can check eligibility in seconds, “without impacting their credit score or inputting their social security number,” … Affirm also claims that merchants can add its payment capabilities in “as little as one hour.”