Affirm Holdings Inc.
Affirm Holdings Amends Credit Agreement and Addresses Cybersecurity Incident
Summary
On June 26, 2024, Affirm Holdings, Inc. amended its Revolving Credit Agreement, increasing the aggregate commitment to $330 million and extending the maturity to June 2027. Simultaneously, on June 25, 2024, the company reported a cybersecurity incident involving Evolve Bank & Trust, potentially compromising personal information of Affirm Card users. An independent investigation by Affirm is ongoing.
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About Affirm Holdings Inc.
Affirm Holdings Inc. is a financial technology company that offers a flexible and transparent alternative to traditional credit. Its primary function is to provide consumers with installment loans at the point of sale to finance purchases. This service allows customers to split the cost of large purchases into manageable payments over time, often without hidden fees or compounding interest, which is a distinctive feature in the credit space. Affirm is widely used in e-commerce sectors, partnering with a vast array of retailers to simplify the purchasing process online. Founded in 2012 and headquartered in San Francisco, California, Affirm leverages advanced data analytics to perform credit checks and approve loans quickly, positioning itself as a leader in the "buy now, pay later" market. Through these partnerships, retailers can increase their conversion rates by providing shoppers with more purchasing options, thus enhancing customer satisfaction. As a prominent player in the fintech industry, Affirm Holdings Inc. significantly influences consumer spending behaviors, impacting sectors ranging from retail and travel to wellness and automotive services.
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