Affirm , the payment network that empowers consumers and helps merchants drive growth, announced an expansion of their long-term capital partnership with New York Life, America’s largest1 mutual life insurance company.
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Under the expanded agreement, New York Life will purchase Affirm’s installment loans on a forward-flow basis between now and December 2026 with an amount outstanding of up to $750 million. This provides off-balance-sheet funding that can support approximately $1.75 billion in consumer loan volume per year, helping Affirm offer even more flexible and transparent payment options.
The expanded partnership leverages the complementary strengths of Affirm and New York Life. As an industry-leading underwriter, Affirm provides a responsible and transparent way to pay over time without any late fees or hidden charges. As one of the world’s leading investment platforms, New York Life brings significant scale and private credit structuring expertise.
Prior to this latest expansion, New York Life has invested nearly $2 billion in Affirm collateral, including through the company’s asset-backed securitizations.
“We are proud to expand our relationship with such a trusted and forward-thinking partner in New York Life,” said Michael Linford, Chief Operating Officer, Affirm. “Through our collaboration, we will be even better positioned to responsibly increase access to our flexible and transparent payment options.”
“As we continue to deploy capital to create lasting value for our policy owners, Affirm has distinguished itself by delivering superior credit outcomes that generate attractive returns,” said Brendan Feeney, Managing Director, New York Life. “We’re excited to take this next step in our relationship, which exemplifies how we collaborate with industry leaders to invest in growing, high-quality assets.”
Affirm empowers consumers with a clear and honest way to pay over time without any late or hidden fees. Affirm has saved consumers over $460 million in late fees. By choosing Affirm instead of revolving credit card debt, U.S. consumers could save 5-30% annually on their total cost of credit – roughly $18 billion in 2024 alone.
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