PayPal co-founder online loans platform raised $ 275 million

Affirm's online loan service raised $ 275 million. Most of this money will go on loans to customers, with an average check of $ 400 per person. One of the founders of Affirm is Max Levchin, co-founder of PayPal . The company's investors were Spark Capital Growth , Jefferies , Andreessen Horowitz , Khosla Ventures and Lightspeed Venture Partners . Earlier, Affirm raised $ 50 million, part of which also went for loans.
The office is located in San Francisco. The service provides loans from 10% to 30% per annum. Clients of the company are persons with a limited budget or a modest credit history, preferring not to use credit cards. According to Levchin, young people mostly fall into this category. After all, they often have difficulties in obtaining loans from the bank.

The service estimates customer creditworthiness using personal information on Facebook and other networks, mobile phone numbers, email and other information.

Today, the company has no major partners. Therefore, while loans can be spent in several furniture stores, on educational courses and so on. The founders of the company want to turn the service into a real bank. Levchin believes that this will happen soon. But while Affirm does not accept deposits, reports Re / code.
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“Today we help them buy mattresses and dinner sets, tomorrow - a used car, or perhaps a new one, and then a house,” said Max Levchin.