Affirm, the company started by PayPal co-founder Max Levchin, has obtained a $100m lending facility from financial services giant Morgan Stanley.
The financial technology company said it will leverage the facility to continue its expansion of consumer-friendly point-of-sale financing at leading online and offline retailers.
Affirm offers consumers an alternative to traditional credit with a transparent loan product that enables consumers to pay for purchases over time.
Affirm shows customers upfront exactly what they’ll owe — with no hidden fees and no surprises. Affirm also offers advanced technology and analytics that look beyond traditional FICO scores.
Currently, Affirm has agreements with more than 750 merchants.
The fresh round of funding comes with the news that Affirm has tripled the volume of its loans in the last year.
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Levchin co-founded PayPal with Peter Thiel, and was its chief technology officer for four years before it was bought by eBay in 2002.