Millennials scared of running up credit card debt in the face of crushing student loans now have another option: Affirm. Disruptor50
Funding: $800+ millionIndustry: e-commerce, financial services, fintechMillennials scared of running up credit card debt in the face of crushing student loans now have another option: Affirm. The San Francisco-based fintech launched by former PayPal CTO Max Levchin offers consumers a buy-now-pay-over-time alternative to traditional credit cards. Affirm uses proprietary algorithms at the point of sale to determine a person's creditworthiness.
In April the company announced that it spun out a new company, called Resolve, that offers the same buy-now-pay-over-time options for business purchases. Like Affirm, Resolve analyzes applications using non-traditional underwriting data. It offers net 30, 60 and 90-day terms and assumes all repayment risk. Suppliers receive full payment minus fees as soon as an order is placed.
The company has raised $1 billion since launching in 2012, including a $300 million round led by Thrive Capital in April. Other investors include Ashton Kutcher and Sound Ventures.
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