Affirm, Max Levchin's buy now, pay later credit card alternative, has raised $500 million in a Series G funding round led by GIC and Durable Capital Partners.
Lightspeed Venture Partners, Wellington Management Company, Baillie Gifford, Spark Capital, Founders Fund, and Fidelity Management & Research Company joined the round for Affirm, which has now raised over $1.3 billion to date.
Affirm partners 6000 merchants helping them drive sales, grow average order value, and increase repurchase rates through its point of sale buy now, pay later option.
In July it scored an exclusive deal with e-commerce marketplace Shopify and is now introducing an interest-free biweekly payment product for transactions as low as $50.
Says Levchin: "Alongside this new capital, our latest product is another step towards becoming as ubiquitous as credit cards - Affirm is now an even more attractive payment option for everyday wants and needs."