San Francisco based online lender Affirm has secured a $100m credit line from Morgan Stanley. The firm will use the funds to support its financial products. Affirm offers installment loans to consumers at the point of sale and enables people to take out simple loans and turn any purchase into a few monthly payments
This morning, fintech startup Affirm announced a new $100 million credit line from Morgan Stanley. The money will go directly to supporting the company’s current financial products that help customers purchase goods and spread their expenses over a period of time. Morgan Stanley is not the first institutional lender to issue a line of credit to the company. In May of 2015, Affirm closed a line with Jefferies as part of a round that consisted of both equity and debt. Affirm disclosed at the time that the capital totaled $275 million but declined to disclose the debt to equity breakdown of that figure.