Full-Time
Confirmed live in the last 24 hours
Provides buy now, pay later financing solutions
$89k - $120kAnnually
Mid, Senior
No H1B Sponsorship
Remote in USA
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Affirm provides point-of-sale financing solutions as an alternative to traditional credit cards. Its main service is the "buy now, pay later" (BNPL) model, which allows consumers to make purchases and pay for them over time through installment plans, often without hidden fees. Affirm partners with merchants to integrate its payment solutions into both online and in-store shopping experiences, using user-friendly plugins and APIs. This integration requires minimal technical effort from merchants. Affirm earns revenue through interest and fees on the loans it provides to consumers, as well as fees from merchants who offer its financing options. The company also provides a merchant dashboard for transaction processing and sales training, helping businesses effectively market these financing options. Affirm's goal is to empower consumers with flexible payment options while providing value to merchants in the e-commerce and retail sectors.
Company Size
1,001-5,000
Company Stage
IPO
Total Funding
$1.1B
Headquarters
San Francisco, California
Founded
2012
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Spending wallets: Access tech, food, lifestyle, and family planning wallets for your expenses
Supportive communities: Get involved with our employee resource groups and community groups
Remote-first workforce: If your role is remote, you can set up shop anywhere in your home country
Generous time off: Take the time you need when life happens
Health benefits: Get a plan that fits your needs
Mental healthcare: Take care of your mind with great mental health programs
Parental leave: Birth and non-birth parents get 18 weeks paid leave. Plus, a 4-week return-to-work transition program, at full base pay.
Compensation: We have a simple, flexible, and transparent remote-first compensation structure so you can make the best decisions for yourself and your family.
Away days: We offer 24 company-wide paid days off—which help our teams collectively pause to recharge.
Learning & development: Engage in exciting learning programs to level up your growth.
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The Consumer Financial Protection Bureau (CFPB)’s continued push for regulation of buy now, pay later (BNPL) firms offers up a dual-edged sword: The agency’s interpretive rule issued last May further legitimizes short-term installment loans as an increasingly mainstream form of credit. At the same time, the CFPB seeks to set “guardrails” on the offerings that providers claim are ill-suited — and the ultimate arbiter may be the courts. Then again, there’s the possibility that the rule-making may be short circuited altogether. As PYMNTS reported in May, the CFPB issued an interpretive rule classifying BNPL firms that provide pay-in-four options as credit providers. By extension, consumers using BNPL must be afforded the same legal protections that are tied to credit cards, as covered under Regulation Z. In broad terms, BNPL users can dispute charges or demand refunds, while BNPL lenders pause payments during those disputes
And now, Athletic is taking it one step further by partnering with Affirm to make its services even more accessible!
The conventional wisdom may be that buy now, pay later (BNPL) options are best suited for lower- to middle-income consumers, for smaller ticket items, and being able to afford necessities. But a spate of recent announcements underscores the widespread appeal of paying over time — where stretching out transactions over weeks or months helps improve consumers’ cash flow — even among high-income households. PYMNTS Intelligence noted in the special report “New Data: Defining the New Buy Now, Pay Later Consumer,” that for roughly two-thirds of users, cash flow management is one of the key benefits of BNPL. Roughly a third of users say the BNPL option helps them afford larger purchases
First Citizens Bank and global investment firm Sixth Street have launched a new platform designed to provide flexible capital equipment financing solutions to middle market companies. Dubbed Sixty-First Commercial Finance, the platform is a joint venture between Sixth Street’s Asset Based Finance platform and First Citizens Bank, the companies said in a Wednesday (Feb. 5) press release. It will be managed by First Citizens Institutional Asset Management, according to the release. Bank of America is structuring and arranging a bilateral $300 million warehouse finance facility to fund the joint venture
Following a joint study with buy now, pay later (BNPL) firm Affirm, FICO has said that it is planning to add BNPL data to its credit score analysis.The analytics firm said in a Tuesday (Feb. 4) news release that over the course of a year, it had studied how BNPL usage — if incorporated into its FICO scoring system through a simulation — could raise FICO scores for some new BNPL borrowers.“Given the growing popularity of BNPL loans, understanding how to effectively capture the benefit that BNPL data can have on FICO Scores is crucial to all stakeholders in the credit ecosystem,” said Ethan Dornhelm, vice president of scores and predictive analytics at FICO, said in the news release.“Our findings show that the inclusion of BNPL data via our innovative treatment can drive score increases for some consumers, while improving model risk performance for lenders.”The study compared the FICO scores of over 500,000 consumers who opened at least one new Affirm BNPL loan against a benchmark population of consumers without an Affirm BNPL loan, according to the release. FICO simulated the inclusion of these loans into consumers’ credit reports, then studied the potential impact to their credit scores.The study found that for the over 85% of consumers who had opened a new BNPL account, there was generally a consistent impact on their FICO scores. It also found that impacts on FICO Score predictiveness ranged “from modest improvement to no adverse impact, across a range of different use cases.”“Based on learnings from this industry-leading analysis, FICO is developing a solution to introduce its proprietary treatment of BNPL data to the credit-scoring marketplace,” the company said in the release. “FICO will be releasing more information on this exciting product development soon.”The news comes as more consumers are opting for installment payments over using their credit cards.Over 56% of consumers said they used BNPL options last year, PYMNTS Intelligence found, with 76% of these users reporting high levels of satisfaction. In addition, BNPL offers paycheck-to-paycheck consumers a financial lifeline; these consumers are four times more likely to turn to BNPL than their non-paycheck-to-paycheck counterparts
GoodRx Holdings disclosed Monday (Jan. 13) that its chief financial officer, Karsten Voermann, submitted his resignation Tuesday (Jan. 7), effective Friday (Jan. 16).The company attributed the resignation to “personal reasons” in a Monday filing with the Securities and Exchange Commission.“Mr. Voermann’s resignation was not a result of any disagreement between the company and Mr. Voermann on any matter related to the operations, policies or practices of the company,” GoodRx Holdings said in the filing
The stock market offers a snapshot, at any given time, of investor sentiment, which is driven by the fundamentals of companies, sectors and the economy as a whole. The read across from the proprietary CE 100 Index, which exists as a microcosm of innovation, where companies are helping blur the lines between the physical and digital realms, shows that the momentum of the connected economy has the wind at its back. PYMNTS Intelligence studies, from connected economy monthly reports to “How the World Does Digital,” and deep dives into consumer and business shifts, have shown that engagement with digital activities has been on a steady rise.We’re just a few days into January, so the time is right to take stock of where we’ve been and where we’re headed, not just in terms of stock performance, but for the connected economy as a whole
The CE 100 Index was boosted this past week by the Pay and Be Paid sector. As is always the case as the first few weeks of the year unfold, quarterly results drove investor sentiment and stock prices. Earnings from Visa and Mastercard were key drivers in the segment, with positive commentary and data on consumer spending. As a result, the pillar was up 2.5%.Payment Networks Weigh In. Mastercard’s stock gathered 4.8%
Earnings reports held the key to the CE 100 Index’s momentum this past week — and among the takeaways: Buy now, pay later (BNPL) continues to see a groundswell of popularity with consumers. Most of the pillars that we track were higher, save the Work segment, which gave up 0.7%. Though company-specific headlines were scarce, the jobs report that came in on Friday noted that hiring has been slowing, at least as measured by January’s 143,000 additions.The Shop segment roared ahead by 4.8%. Pinterest’s rally was the standout here, surging 20.9%
The CE 100 Index barely budged in a shortened trading week that left only two more days of stock market action for 2024. The index was down a scant 0.02%, and the year-to-date performance — where the index is up 24.8% — continues to trail most major indices, save the Dow Jones Industrial Average, as seen below. This time around, through the past week, six pillars were lower, and five eked out gains. Xerox was the most notable gainer among individual names, up 9%, leading the Work segment 0.1% higher
| BowTiedCyber LLC has helped over 100 students kickstart their cybersecurity careers, and now BowTiedCyber LLC has partnered with Affirm to offer 100% financing options.
The new year looms, and for the FinTech IPO Index, with a year-to-date performance that tops a 64% return, 2024 has been kind, to put it mildly. December alone, as of Thursday’s close, marked an 18.4% gain. In the past several sessions, it was the platforms that made the most headway, with several companies ahead by double digits. Huize Resumes Its Rally
Apple has reportedly stopped its development of an iPhone hardware subscription program.The company had planned to launch the program in 2022, delayed it until 2023, and has now scrapped it, Bloomberg reported Wednesday (Dec. 18), citing unnamed sources.Apple did not immediately reply to PYMNTS’ request for comment.The company had planned to launch a service in which consumers would pay a monthly fee for an iPhone and get a new model of the device each year, according to the report.During development, the program ran into software bugs and concerns about potential regulatory scrutiny, per the report.It was reported in March 2022 that Apple was developing the hardware subscription service to generate more revenue and make it easier for people to afford pricey new gadgets.The hardware subscription program was being developed by the company’s Apple Pay group, which shut down its buy now, pay later (BNPL) offering, Pay Later, earlier this year because of stricter regulations announced by the Consumer Financial Protection Bureau, according to the Wednesday report by Bloomberg.Apple now promotes third-party BNPL programs offered by Affirm and Klarna, per the report.The company shuttered Pay Later in June — nearly two years after its initial announcement and about eight months after its nationwide debut — and began charting a wider path toward offering a range of pay-over-time lending products.A week before that announcement, Apple said that Apple Pay users in the United States will be able to apply for BNPL loans through Affirm during checkout.It was reported Sunday (Dec. 15) that Apple plans to debut a new iPhone next year that will be thinner than current models, will have a simplified camera to cut costs, and will be designed to serve as an alternative for consumers who want a sleek-looking phone and are OK with not having all the features offered in Pro models.Apple is also planning two foldable devices, including one that would double as a laptop and a smaller one that would be a foldable phone, the Wall Street Journal (WSJ) reported. Both foldable devices have been in the works for years
Payment network Affirm Holdings said in a Friday (Jan. 24) press release that its newly expanded capital partnership with Liberty Mutual Investments (LMI) will increase consumers’ access to Affirm’s flexible payment options.The companies began their long-term capital partnership in 2019, added a forward flow loan purchase program in 2023 and upsized that program so that through June 2027, LMI will purchase Affirm’s installment loans on a forward flow basis, in amounts up to $750 million outstanding, they said in a Friday (Jan. 24) press release.LMI expects to invest up to $5 billion in the program over time, according to the release.“Affirm’s mission to deliver honest financial products that improve lives is premised on driving positive credit outcomes, having access to deep and diverse pools of committed capital, and leveraging the power of partnerships across our network,” Affirm Chief Capital Officer Brooke Major-Reid said in the release. “With a strong partnership spanning six years, we are excited to take this next step with Liberty Mutual Investments.”John Kim, managing director and head of Alternative Credit at Liberty Mutual Investments, said in the release that LMI looks forward to further strengthening the partnership.“Liberty Mutual Investments’ ability to invest across the capital structure with a single-client focus allows us to flexibly provide solutions and scale to our long-term partners, like Affirm,” Kim said.Affirm maintains a “diverse and durable” funding model across multiple channels and with more than 130 distinct investors, according to the release.The company increased its total funding capacity by more than 50% over the last two years, bringing it to $16.8 billion as of Sept. 30, per the release.Affirm announced in December that it formed a long-term capital partnership with global investment firm Sixth Street that will see that firm invest up to $4 billion by purchasing Affirm loans in a three-year forward flow agreement.That capital commitment will enable Affirm to extend up to $20 billion in loans over the next three years, the companies said at the time. Sixth Street said it plans to continue building on this relationship and supporting Affirm’s growth in the years to come.In November, Affirm said it owns a third of the volume and more than half of the revenue in the U.S
Friday’s stock market rout — where markets plummeted in the wake of a surprisingly strong jobs report that splashed cold water on interest rate cuts from the Fed — added to the CE 100 Index’s downward momentum of this past week. The overall index slipped 2.3% and now stands in negative territory for the year. Two of the 11 pillars we tracked — the Be Well and the Communicate group — gained scant ground. Those segments were up less than 1% each. Banking names will kick off earnings season this week — and stocks in the segment fell to earth, at least a bit, giving back some of trailing 12-month gains that are still lofty, north of 30%. We’ll get a sense of how consumer and commercial credit is faring, along with data on how loan performance has impacted banks’ balance sheets
British consumers are increasingly embracing buy now, pay later (BNPL) plans amid increasing government scrutiny. Activity in the sector climbed to around $27 billion in 2024 last year, an almost 20% increase, Bloomberg News reported Thursday (Jan. 16), citing figures from GlobalData. It’s a boom being driven by companies such as PayPal and Klarna, plus newcomers to the U.K. like Affirm. “Affirm is stepping into a competitive landscape,” Sameer Pethe, a partner at consultant Kearney, told Bloomberg