Affirm has announced a USD 500 million series G round of funding led by GIC, a returning investor, and Durable Capital Partners.
Other returning investors include Lightspeed Venture Partners, Wellington Management Company, Baillie Gifford, Spark Capital, Founders Fund, and Fidelity Management & Research Company.
The company is also introducing an interest-free biweekly payment product for transactions as low as USD 50. As with Affirm’s existing monthly payment options, consumers will never be charged late or hidden fees when using this new product.
When choosing to pay biweekly with Affirm, consumers can check eligibility in seconds, without impacting their credit score or inputting their social security number.
By offering Affirm, our 6,000 merchant partners can drive overall sales, grow average order value (AOV), and increase repurchase rates. In 2019, merchants using Affirm reported 85% higher AOVs when compared to other payment methods, and 67% of Affirm purchases were from repeat users.
To date, Affirm has raised over USD 1.3 billion from investors.
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