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PayPal co-founder's consumer lending venture raises $100M in new funding

San Francisco-based consumer lending company Affirm raised$100 million in a funding round led by venture capital firm Founders Fund, The New York Times reported April 12.

Affirm was founded in 2013 by Max Levchin, a PayPal co-founder;Nathan Gettings, a co-founder of data analytics company Palantir; and JeffKaditz, the former chief data officer of the video game publisher Ngmoco.

Affirm will use the new funds to make more loans and toincrease the number of online retailers that offer its products.

The company raised $275 million in equity and debt in 2015and at the time it was valued at $576 million, the news outlet noted, citingdata from PitchBook. In total, Affirm has raised $425 million in equity anddebt.

Affirm's previous investors include Andreessen Horowitz,Lightspeed Venture Partners, Khosla Ventures and Silicon Valley Bank.