Press release
Affirm and PGIM expand long-term capital partnership to invest up to $3 billion via revolving pass-through loan sale facility
SAN FRANCISCO--(BUSINESS WIRE)-- Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, and PGIM Fixed Income,
About this update from Affirm Holdings, Inc.
[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nAffirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, and PGIM Fixed Income, a Prudential Financial (NYSE: PRU) company and one of the largest global fixed income managers with $862 billion in assets under management1, today announced the expansion of their capital partnership with a new revolving pass-through loan sale facility that will invest up to $3 billion over 36 months by purchasing up to $500 million of Affirm loans at any one time.\n\n\nThis unique revolving pass-through facility follows PGIM’s earlier private purchase of $500 million in Affirm loans in December 2024 as well as previous investments in Affirm’s assets via the company’s asset-backed securitizations. PGIM manages a leading asset-based finance platform with more than $145 billion in assets under management across public and private securitized credit1.\n\n\n“PGIM is proud to expand our longstanding collaboration with Affirm. This agreement is a further testament to our commitment to finding durable sources of risk-adjusted returns for our clients through our selective origination process,” said Edwin Wilches, co-head of Securitized Products at PGIM Fixed Income. “This innovative pass-through facility showcases our ability to find attractive opportunities across public and private markets and how our access to diverse pools of capital can deliver value to our partners.”\n\n\n“We are always in constant dialogue with our capital partners to better understand their needs and how we can deliver even more value to them,” said Brooke Major-Reid, Chief Capital Officer of Affirm. “This first-of-its-kind facility for Affirm and PGIM does exactly that and demonstrates how we can utilize innovative structures to create winning partnerships. We greatly appreciate the PGIM team’s support for our mission to deliver honest financial products that improve lives.”\n\n\nAffirm empowers consumers with a transparent and flexible way to pay over time without any late or hidden fees. The company generated over $33 billion in gross merchandise volume (GMV) for the last twelve months ending March 31, 2025. With a diverse and durable funding model across multiple channels, Affirm’s total funding capacity grew to $23.3 billion as of March 31, 2025, marking the ninth consecutive quarter that funding cap...