Lending startup Affirm has secured a $100m credit line from Morgan Stanley as the San Francisco company looks to facilitate more point-of-sale financing.
The company was launched in 2012 by PayPal founder Max Levchin and has raised more than $420 from investors including Andreessen Horowitz and Khosla Ventures.
It was reportedly valued at $800m in its last funding round.
Affirm’s technology is designed to verify the identity of users and assess their credit risk and enable them to pay for large purchases over time.
The firm is partnered with more than 740 merchants and says it is on track to triple its year-on-year loan volume.
The company’s model is similar to many other lending firms that depended on equity to finance loans before forming partnerships with investment banks to fund or buy its loans.
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