Max Levchin's Affirm IPO filing shows revenue surge

(Reuters) – Lending startup Affirm Holdings Inc disclosed its application for an initial public offering (IPO) on Wednesday, lining up for another high-profile Silicon Valley stock market debut after DoorDash and Airbnb filed to float their shares earlier this month.

Affirm, founded by PayPal Holdings Inc PYPL.O co-founder Max Levchin, had confidentially filed for an IPO in October.

Affirm revealed revenue of roughly of $174 million for the three months ended Sept. 30, nearly double the $88 million it reported a year earlier. Net loss narrowed to $15.3 million, from $30.8 million.

Consumer-facing fintechs have seen a boost to their business during the COVID-19 pandemic, as people staying at home to avoid catching the virus shift to online transactions.

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, that can be paid back in monthly installments.

It filed for an IPO of up to $100 million, but that is a placeholder amount and is expected to change.

Morgan Stanley, Goldman Sachs and Allen & Company are the lead underwriters for the offering.

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