Alternative payments startup Affirm Holdings, better known as Affirm, today confidentially filed to go public.
The company has filed a draft S-1 registration document with the U.S. Securities and Exchange Commission. This means that we can’t yet get details on Affirm’s financials or other business information.
The news is a bit of a surprise, considering that the company just last month raised a massive $500 million series G round of funding.
GIC and Durable Capital Partners led the investment, which brought the company’s total raised to over $1.3 billion since its 2012 inception. Also participating in the round were returning backers Lightspeed Venture Partners, Wellington Management Company, Baillie Gifford, Spark Capital, Founders Fund and Fidelity Management & Research Company.
The company’s last raise was a $300 million Series F round in April 2019 at a $2.9 billion post-money valuation.
PayPal co-founder Max Levchin helped launch Affirm in 2012 to provide consumers a replacement for credit cards. Its mobile app offers installment loans to consumers at the point of sale.
Affirm’s outsized round, and subsequent IPO filing, is a testament to the increased popularity of the “Buy Now, Pay Later” movement, which has gained serious traction as of late – especially during the COVID-19 pandemic.
In July, the Wall Street Journal reported that Affirm was laying the groundwork for an initial public offering that could value the company by as much as $10 billion, according to people familiar with the matter. The company declined to comment on that at the time of its raise in September.