(Reuters) - PayPal Holdings Inc (PYPL.O) co-founder Max Levchin’s Affirm is said to be raising as much as $1.5 billion in a combination of debt and equity, TechCrunch reported on Thursday, citing sources familiar with the matter.
Josh Kushner's New York venture capital firm Thrive Capital is said to be leading the financing, with participation from San Francisco-based Spark Capital, the report said. [tcrn.ch/2kJtCGd]
Josh Kushner is the brother of Jared Kushner, who is a senior White House adviser and U.S. President Donald Trump’s son-in-law.
In April, Affirm raised $300 in a round led by Thrive at a $2.9 billion valuation, according to Pitchbook.
The company has raised over a $1 billion in funding from Andreessen Horowitz, Khosla Ventures, Lightspeed Venture Partners, and others, according to data provider Crunchbase.
Levchin started Affirm in 2013 to give consumers without credit history or savings accounts access to small loans. The startup offers financing for online purchases such as a couch or guitar, which is paid back in monthly installments.
For Levchin, Affirm is something of a PayPal 2.0, using big data analytics and highly complex security systems to offer consumers an alternative to traditional banks.
Thrive and Spark did not immediately respond to Reuters’ requests for comment, while Affirm declined to comment.
Reporting by Bharath Manjesh in Bengaluru; Editing by Maju Samuel