Affirm Sets IPO Price Range, Seeks To Raise Up to $934.8M

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Date: 13.01.2021

Affirm is a financial technology services company that offers installment loans to consumers at the point of sale. Affirm is a better way to buy. One specifically designed to help you say yes to the things you want while keeping you out of unhealthy debt.

The journey to the public markets is on again for Affirm, which aims to raise up to $934.8 million in an initial public offering.

The news comes nearly a month after the San Francisco-based fintech company, which offers installment loans to online consumers at the point of sale, reportedly delayed its IPO plans.

Affirm, in an S-1/A filing with the U.S. Securities and Exchange Commission on Tuesday, said it intends to offer 24.6 million shares priced between $33 and $38 per share. The company will list its shares on the Nasdaq Global Select Market under the symbol AFRM.

Max Levchin founded Affirm in 2012 after co-founding PayPal with Peter Thiel in 2000. The company went on to raise about $1.5 billion in funding from investors including Durable Capital Partners, GIC, Thrive Capital and Spark Capital. It most recently raised a$500 million Series G round led by Durable and GIC in September 2020.

In its S-1 filing made in November, Affirm reported net revenue of $509.5 million for the fiscal year that ended on June 30, 2020. That’s up nearly 93 percent from the same period in 2019. It also revealed that nearly a third of its revenue stemmed from a single merchant partner: Peloton.

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