Affirm, a buy now and pay later solution, has closed its Series G round on $500m.
The investment was led by GIC and Durable Capital Partners, with additional support coming from Lightspeed Venture Partners, Wellington Management Company, Baillie Gifford, Spark Capital, Founders Fund and Fidelity Management & Research Company LLC.
Reports earlier in the year claimed the FinTech was exploring the notion of going public, after it held discussions with Goldman Sachs on the matter. It was claimed the FinTech could have attained a $10bn valuation if doing so.
Alongside the close of the round, the company has released a new product, an interest-free biweekly payment product for transactions from $50. Consumers can check the availability of this loan in a matter of seconds and without impacting their credit score.
Affirm CEO and founder Max Levchin said, “Alongside this new capital, our latest product is another step towards becoming as ubiquitous as credit cards – Affirm is now an even more attractive payment option for everyday wants and needs.
“We can also now better support merchants who offer smaller ticket items and bring their customers a more transparent, flexible way to pay.”
Affirm has raised more than $1.3bn in funding.
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