Affirm, which offers instant loans for online purchases, has raised $200m in Series E round of funding to increase its total equity funding to nearly $450m.

The round was led by long-term investor GIC. Khosla Ventures, Lightspeed Venture Partners, Founders Fund, Spark Capital, Caffeinated Capital and Ribbit Capital also joined the round.

Affirm intends to use the fresh capital to increase its credit distribution capacity and strengthen its merchant partner family, which includes Wayfair, Expedia, Goodyear, Motorola, DJI, Casper, and Cole Haan.

The company is also planning to introduce new products and services beyond point-of-sale credit through its app.

Commenting on the investment, Affirm founder and CEO Max Levchin said: “GIC is one of the world’s most respected fund management companies and has been investing in technology for a very long time.

“We are excited to have GIC as a long term partner that offers a unique network and insights on the evolving global fintech market.”

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By GlobalData

Affirm enables the shoppers to pay for purchases in monthly instalments with simple interest loans and do not charge compounding interests.

Levchin added: “Our goal is to be the app on your home screen for all of your financial needs. We are starting by reinventing credit because we believe it is fundamentally broken.”