PayPal co-founder Max Levchin’s new company Affirm is apparently raising $1.5bn

The company may have raised a massive $300m Series F round in April, but it seems as if Affirm is reportedly looking to fill its coffers with another $1.5bn.

The unicorn, valued at $3bn after its latest round, provides an alternative to personal loans and credit by financing online purchases at point-of-sale. Using the company’s services, the customers can create personalized instalment plans for both big and small purchases.

Max Levchin, one of the co-founders of PayPal, founded Affirm in 2012 together with Jeffrey Kaditz and Nathan Gettings.

Since the launch, the FinTech company has raised $1.03bn in funding. However, sources familiar with the business’ fundraising activities have told TechCrunch that Affirm is seeking additional investment to the tune of $1.5bn.

These sources also said that Thrive Capital is leading the round. The venture capital firm has more recently invested in Robinhood’s $323m Series E round in July and NuBank’s mega $400m Series F round in the same month.

Spark Capital is also rumoured to be backing Affirm’s new round. The VC firm has backed the unicorn in the past.

The $300m Series F round announced in April was used to will help Affirm grow its talent pool and the company. The announcement came after Affirm had seen its loan volume spike by over $2bn in 2018.

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