SAN FRANCISCO--(BUSINESS WIRE)--Affirm, Inc. today announced that it has acquired talent behind education lender LendLayer, enhancing Affirm’s ability to offer new financing options to students attending accelerated education programs for coding, design, and business education.
“Our core value is bringing transparency back to financial services,” said Levchin, Affirm’s CEO. “We believe lending to bootcamp students is the single best way to help them invest in themselves, improve their quality of life, and become successful contributors to the new economy.”
LendLayer was started last year in San Francisco by coding bootcamp graduates and quickly grew to become a leader in the new class of modern lending institutions by providing financing to students at several schools across the country, including Epicodus, New York Code + Design Academy, and Hackbright Academy.
“We saw the lack of financing options for bootcamp students firsthand and made it our mission to open access to this amazing educational experience,” said LendLayer Co-founder, Steve McGarry. “Joining Affirm allows us to fulfill our vision of supporting students based on their potential, not their financial situation.”
Levchin started Affirm in 2013 to reimagine financial services. Affirm’s first product, Buy with Affirm, lets online shoppers at hundreds of e-commerce sites pay for purchases across multiple months with transparent, simple loans, for a fraction of credit card interest rates. It entered the education financing market earlier this month, starting with loans for programs at General Assembly, Dev Bootcamp, Metis, and Bloc.
"Our partnership with LendLayer enabled students to break down barriers so they could finally pursue a career they feel passionate about,” said Jeremy Snepar, CEO of New York Code + Design Academy. “Students come to NYCDA looking for a new career path and with Affirm’s expansion in the space, they can finally come to class with their focus completely on learning and studying."
LendLayer, Inc. will continue to exist separately to service current LendLayer borrowers but will not offer new loans going forward.
Affirm is a next-generation consumer finance company that began with providing shoppers with instant point-of-sale financing for online purchases. Affirm now also provides education financing for students attending accelerated learning programs focused on coding, design, and business. Started by PayPal Co-Founder Max Levchin, Affirm’s data-driven approach looks beyond a standard credit score to reach broader consumer and student populations. Affirm’s transparent financing solutions empower shoppers and students to pay their expenses over time in monthly installments and at reasonable interest rates. On the e-Commerce side, these features help to improve sales conversions, boost basket sizes, and increase customer happiness. Affirm’s education financing opens up accelerated learning programs to broader populations of students so they can be best prepared to pursue their career goals. To start working with Affirm, go to affirm.com.