Affirm, a San-Francisco buy now, pay later (BNPL) fintech, has almost doubled its value following a successful initial public offering (IPO) on 13 January.
The fintech, led by PayPal co-founder, Max Levchin, priced its shares at $49 a piece, above its target range of $41 to $44 each.
Affirm managed to more than halve losses by June 2020
Shares then surged to $97.24 at the market close. That’s a 98% gain jump from the IPO price.
Affirm closed its IPO with a market value of more than $23 billion. The company has a fully diluted valuation of almost $30 billion, including options and restricted stock units, according to Bloomberg calculations.’
The fintech filed for its IPO back in October, but kept all the financials private.
For Levchin, it marks almost two decades since PayPal went public. He owned a stake in Affirm worth almost $1.4 billion at its IPO … Read the rest
The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.