- Airbnb, DoorDash, Wish and Affirm filed for IPO recently;
- Affirm works with the “buy now, pay later” model and was valued at $2.9 billion last year.
Amid a restless period in the U.S capital markets, as logistics DoorDash, e-commerce firm Wish and Airbnb filed for an IPO, now PayPal co-founder Max Levchin‘s lending startup Affirm just made its initial public offering filing available, as Business Insider reported.
Affirm disclosed paperwork for its IPO on Wednesday, providing the first detailed look inside the breakout ‘buy now, pay later’ startup’s finances, said Business Insider. The fintech enables consumers to use microloans and finance their purchases online, without the need of a credit card. It is the same model that Australia-based AfterPay uses, and it is soaring doing it. In Latin America, Mexican fintech Kueski is also betting on the ‘buy now, pay later’ model to gain scale.
Affirm has filed its registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Affirm intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “AFRM.”
Morgan Stanley, Goldman Sachs & Co. LLC, and Allen & Company LLC will act as lead book-running managers for the proposed offering. RBC Capital Markets, Credit Suisse, Barclays, Truist Securities, Siebert Williams Shank and Deutsche Bank Securities will be book-running managers for the proposed offering.
Affirm was valued at $2.9 billion in April last year and has raised $1.6 billion to date according to PitchBook data. According to Business Insider, Affirm reported a net annual loss of $125.8 million for its latest fiscal year, which ended in June, down 6% from 2019 — while its annual revenue nearly doubled year-over-year to $509.5 million.