Silicon Valley lending startup, Affirm, secured $100m in Series D financing led by Founders Fund. With a current valuation of $800m, and this new financing round also underpins that valuations aren't dying down completely
Serial Silicon Valley entrepreneur Max Levchin has raised $100 million for his consumer lending startup Affirm, bucking the trend of falling valuations and slowing growth confronting other financial technology companies. The funding round, which puts Affirm's total financing at about $425 million, came from a longtime friend of Levchin's - Peter Thiel, who co-founded payments company PayPal with Levchin. Thiel's venture firm Founders Fund led the round. Levchin started Affirm in 2013 to give consumers without a credit history or savings buying power. The startup offers financing for online purchases, such as a couch or guitar, which is paid back in monthly installments at an interest rate of zero to 30 percent. Affirm says its users include recent college students, immigrants and consumers who don't use credit cards.