Financial services company Affirm announced Monday it has raised $200 million in Series E funding from a consortium of investors led by global investment firm GIC Private Limited.
In a press release, Affirm said funding to date comes to approximately $450 million. In the latest round, GIC was joined by Khosla Ventures, Spark Capital, Lightspeed Venture Partners, Founders Fund and Ribbit Capital, among others.
Affirm said the latest financing is earmarked to boost the company’s credit distribution capacity. It will also add to its roster of merchant partners, currently numbering around 1,200. Among those partners are names such as Expedia, Wayfair, Motorola, Dà-Jiāng Innovations (DJI), Casper and Cole Haan.
New product launches will also be in the offing, extending beyond an extant point of sale credit that is done in tandem with the Affirm app. The mobile app, which launched two months ago, is available through both the Apple iOS App Store and Android’s Google Play.
In April, Affirm reported it had processed more than 1 million consumer installment loans made by Teaneck, New Jersey-based community financial institution Cross River Bank. In other metrics, Affirm said retailers offering the company’s credit card see an average of 75 percent increases in basket sizes, and sitewide conversion rates are up by 20 percent.
“GIC is one of the world’s most respected fund management companies and has been investing in technology for a very long time,” said Max Levchin, Affirm’s founder and CEO. “We are excited to have GIC as a long-term partner that offers a unique network and insights on the evolving global FinTech market.”