The facility will help Affirm continue to scale as it undergoes a period of growth and expansion. Affirm is a provider of point-of-sale finance with millions of customers in the U.S. Consumers can use Affirm at more than 4,000 merchants, many offering interest-free financing options with no late or hidden fees. Brands such as Walmart, Warby Parker, Verizon Visible, David Yurman and Room & Board have all added Affirm as a payment option at checkout.
“We are excited to support Affirm in its next phase of growth,” Jeffrey Kramer, partner in alternative credit at Ares, said. “This investment demonstrates Ares’ firm belief in remaining supportive by providing unique financial solutions for innovative businesses throughout volatile markets.”
Ares Management is a global alternative investment manager operating integrated businesses across credit, private equity and real estate. Ares’ alternative credit strategy focuses on direct lending and investing in assets that generate contractual cash flows and fill gaps in the capital markets between credit, private equity and real estate. Ares Alternative Credit targets investments across the capital structure in specialty finance, lender finance, loan portfolios, equipment leasing, structured products, net lease, cash flow streams (royalties, licensing, management fees), fund secondaries and other asset-focused investments.