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Affirm, the buy now, pay later fintech, just made its public markets debut. 

The fintech, which offers no-fee installment loans for online shoppers, raised $1.2 billion in its initial public offering, issuing 24.6 million shares priced at $49 per share. 

Consistent with recent tech IPOs like DoorDash and AirBnb, Affirm’s share price surged as much as 110% above its opening price in initial hours of trading. 

With its public debut under its belt, Affirm CEO and founder Max Levchin spoke to Insider on Wednesday about his plans for transforming the credit industry.

Levchin said Amex is a ‘North Star’ in the credit space

With the rise of fintechs pushing transparency and offering low- or no-fee financial products, consumers’ attitudes toward credit have shifted. But that doesn’t mean credit cards are going away anytime soon. 

In fact, Levchin pointed to American Express as an inspirational player in financial services.

“Amex, of all the financial services brands, is in many ways a North Star of how to comport yourself and how to be,” Levchin told Insider Wednesday. “They’ve done a fantastic job standing for something.”

See more: Affirm is a breakout star of the buy now, pay later craze. Here’s why increased competition and fee …read more

Source:: Businessinsider – Finance


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