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GIC led US$200m new funding round for Affirm
SINGAPORE-BASED global investment firm GIC has led a US$200 million Series E round of equity funding by financial services start-up Affirm Inc.
GIC said on Wednesday that this investment round was joined by existing investors including Khosla Ventures, Lightspeed Venture Partners, Founders Fund, Spark Capital, Caffeinated Capital, Ribbit Capital and new investor Emerson Collective.
The new round of financing will be used to increase Affirm's credit distribution capacity, grow its pool of merchant partners and introduce new products and services.
Affirm has over 1,200 merchant partners including Wayfair, Expedia, Goodyear, Motorola, DJI, Casper, and Cole Haan.
In October, it launched an app that is available in the iOS App Store and Android Google Play.
Affirm is a digital lending start-up founded by serial entrepreneur Max Levchin, who also co-founded electronic payment platform, PayPal.
Mr Levchin's latest start-up provides for shoppers to pay for purchases across multiple months with transparent and simple interest loans that don't charge compounding interest or late fees, unlike traditional credit cards. The digital lending platform also settles with merchants within a day, guarantees all payments, and helps offset repayment and fraud risks for retailers.