SAN FRANCISCO—An online lending start-up has raised $100 million in debt from Morgan Stanley.
Affirm, founded by PayPal co-founder Max Levchin, secured the line of credit as the company has tripled the volume of its loans in the past year, which amounts to hundreds of millions worth of loans, Fortune reported.
Fortune said that Affirm is taking a somewhat new approach to borrowing online, rethinking the way shoppers—particularly Millennials—borrow money by letting them obtain a micro-loan at a point of sale instead of using a credit card.
The company's backers include Founders Fund, Lightspeed Venture Partners, Spark Capital, Khosla Ventures, Andreessen Horowitz, and Jefferies.