SAN FRANCISCO--(BUSINESS WIRE)--Affirm, Inc. today announced that it is acquiring the personal finance management app company Sweep Inc., as a first step in its expansion beyond point-of-sale financing.
Terms of the acquisition are not being disclosed.
Sweep co-founders Jackson Gates and Asi Behar as well as the majority of the Sweep engineering team will be joining Affirm following the acquisition.
“Consumers deserve honest, trustworthy services and guidance that empowers them to advance their financial well-being,” said Max Levchin, the PayPal co-founder who started Affirm in 2012. “Our plan from the start has been to revolutionize the banking industry to be more accountable and accessible to consumers.”
Affirm’s current services give shoppers the flexibility to buy now and make simple monthly payments for their purchases. Unlike payment options that may have compounding interest and unexpected costs, Affirm tells customers upfront exactly what they’ll owe — with no hidden fees and no surprises – and was created to reach a broader population of consumers through advanced technology and analytics that look beyond traditional FICO scores.
Sweep Inc. was founded in 2014 in San Francisco on the belief that everyone deserves a path to financial independence. “Being part of Affirm allows us to reach our goal of helping people plan for the future, grow savings, and better direct their money so they can live richer and more enjoyable lives,” said Gates. “Like Affirm, we strongly believe that when given the opportunity and clear information, people are empowered to make responsible financial decisions.”
The current Sweep app will no longer be accessible to consumers starting May 26, 2016. A new, more powerful product under the Affirm brand will combine the technologies and visions of both companies and is scheduled for release later this year.
About Affirm
Affirm offers services that empower consumers to advance their financial well-being. Our mission is to revolutionize the banking industry to be more accountable and accessible to consumers. Today, Affirm shoppers get the flexibility to buy now and make simple monthly payments for their purchases. Unlike existing payment options that may have compounding interest and unexpected costs, Affirm tells customers upfront exactly what they’ll owe — with no hidden fees and no surprises. Also, Affirm reaches a broader population of consumers through advanced technology and analytics that look beyond traditional FICO scores.
