Affirm Holdings, a payment network offering transparent and flexible pay-over-time solutions, has announced a significant $500 million private purchase of its loans by PGIM Fixed Income, a leading global fixed income manager under Prudential Financial. This transaction bolsters the collaboration between the two companies, with PGIM Fixed Income already participating in Affirm’s public asset-backed securitizations. Affirm has issued 21 securitizations totaling nearly $10 billion, with contributions from over 130 institutional capital partners, highlighting its robust funding framework. With more than 19 million active consumers, Affirm reported $28 billion in gross merchandise volume (GMV) over the last year and expanded its funding capacity to $16.8 billion as of September 30, 2024.
PGIM Fixed Income, managing $859 billion in assets as of September 2024, brings extensive expertise in securitized credit and asset-based finance to the partnership. The company’s Managing Director, Edwin Wilches, emphasized the attractiveness of Affirm’s assets and the pay-over-time industry as high-growth investment opportunities. Affirm’s Chief Capital Officer, Brooke Major-Reid, underlined the partnership's potential to strengthen Affirm’s funding platform and advance its mission of providing honest financial products. As PGIM’s established global presence complements Affirm’s innovative approach, this partnership signifies a step forward in delivering responsible financial solutions.
