Buy Now, Pay Later (BNPL) lender Affirm Holdings has expanded the scope of its capital partnership with an investment company Liberty Mutual Investments (LMI).
As a result of the mentioned actions, LMI will upsize its loan purchasing program with Affirm. In this case, among other things, the intention to buy loans up to $ 750 million will be implemented. The relevant information was published by the parties to the partnership.
It is also currently expected that over time, LMI will invest up to $5 billion in the program. The implementation of the appropriate financial action will contribute to the deepening of the company’s partnership with Affirm. BNPL lender will receive capital to fuel its growth.
Affirm’s chief capital officer Brooke Major-Reid stated that the company will continue to invest in its long-term capital partnerships as it advances ambitious growth plans.
The long-term collaboration between the two mentioned firms began in 2019.
Last month, Prudential Financial’s PGIM Fixed Income completed a private purchase of $500 million worth of loans from Affirm.
Brooke Major-Reid said Affirm’s mission to deliver honest financial products that improve lives is premised on driving positive credit outcomes, having access to deep and diverse pools of committed capital, and leveraging the power of partnerships across its network. It was also noted that with a strong partnership spanning six years, the company is excited to take the next step with LMI.
John Kim, managing director and head of Alternative Credit at LMI, stated the company’s ability to invest across the capital structure with a single-client focus allows the brand to flexibly provide solutions and scale to its long-term partners, like Affirm.
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