Affirm launches app to crack purchases into monthly payments

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Source:   —  October 23, 2017, at 12:47 PM

He says Affirm’s business is different from the others because it doesn’t have hidden fees or compounding interest. He says it only extends credit to people who can afford to create the purchases and they're set to be paid off over a given period of time.

Affirm launches app to crack purchases into monthly payments

The company was started by PayPal co-founder Max Levchin.  He believes that his business promotes better monetary responsibility than traditional credit cards.

He says Affirm’s business is different from the others because it doesn’t have hidden fees or compounding interest. He says it only extends credit to people who can afford to create the purchases and they're set to be paid off over a given period of time.

There’ve been a lot of “toothless products that existed in the latest decade,” Levchin told TechCrunch. He said that Affirm is more upfront with people about financial burdens and that his product will “show you precisely what your obligations look like.”

As of April, the company had issued over one million loans since it was started in two thousand-twelfth. This works out to over $1 billion.

 

Affirm has primarily been for online purchases, but it's looking to widen beyond that. Levchin says the startup has been working with retail partners to create Affirm payments available in-store.

Affirm is distant from the only startup looking to disrupt the credit card industry. Youthful professionals are largely avoiding traditional card cards because of fears about possible debt.

Yet investors are betting large that Affirm has the right solution. The startup has raised over $500 million in both debt and equity funding. Investors comprise Founders Fund, Khosla Ventures, Andreessen Horowitz and Spark Capital.

Featured Image: Affirm

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