(Reuters) – Buy now, pay later lender Affirm Holdings has expanded its capital partnership with investment firm Liberty Mutual Investments (LMI), the companies said on Friday.
The expanded partnership will see LMI upsizing its loan purchasing program with Affirm, including buying loans up to $750 million, the companies added.
Over time, LMI is expected to invest up to $5 billion in the program, deepening its partnership with Affirm. The agreement will provide Affirm with committed capital to fuel its growth.
“We will continue to invest in our long-term capital partnerships as we advance our ambitious growth plans,” Affirm’s Chief Capital Officer Brooke Major-Reid said.
In 2019, Affirm and LMI started their long-term capital partnership, with the loan purchase program commencing in 2023.
In another development last December, Prudential Financial’s PGIM Fixed Income completed a private purchase of $500 million worth of loans from Affirm.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Mohammed Safi Shamsi)
