Affirm has expanded its forward‑flow partnership with New York Life, which will purchase up to $750 million of the company’s installment loans on a forward‑flow basis through December 2026. The arrangement is designed to support roughly $1.75 billion in annual loan volume and provides an off‑balance‑sheet source of liquidity.
The expansion builds on New York Life’s prior investment of nearly $2 billion in affirm collateral, reinforcing the insurer’s confidence in affirm’s risk‑management framework and business model. The predictable funding stream reduces affirm’s dependence on debt issuances and securitization, allowing the company to pursue merchant and consumer growth with greater capital flexibility.
In its most recent quarterly results, affirm reported revenue of $659 million, a 48% year‑over‑year increase, and a net loss of $45 million, compared with a $206 million loss in the same period a year earlier. The new forward‑flow agreement is expected to support continued loan growth amid a competitive buy‑now‑pay‑later market and to improve capital efficiency.
Affirm’s chief operating officer, Michael Linford, said the partnership strengthens the company’s capital position and supports its strategy to expand merchant and consumer access. The chief financial officer noted that the predictable funding will help manage credit outcomes and reduce capital costs.
The deal signals strong confidence from one of the nation’s largest mutual life‑insurance companies, whose high financial‑strength ratings provide a robust counterparty. By securing a sizable, stable source of funding, affirm is positioned to navigate interest‑rate headwinds and regulatory scrutiny while pursuing growth in its core loan products.
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