Affirm CEO: New super app, Google Chrome extension will help bring consumer ‘spending power’ back
Max Levchin said Affirm is aiming to 'help regular people buy the things they need'
Affirm CEO Max Levchin announced on Thursday the launch of a new app that consolidates all its services in one place, while incorporating a Google Chrome extension for online consumers.
The co-founder and CEO explained on "The Claman Countdown" that the feature will create "more places to buy in a safe, transparent way" from merchants who have not yet been integrated with the service.
"We'll generate a one-time card number the consumer can easily plug into the standard checkout flow at the merchant site and complete the transaction," Levchin said of the browser extension. "The merchant gets the sale, Affirm, of course, pays the merchants, and the consumer pays back Affirm as they normally would. More coverage for our consumers."
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Affirm, a financial technology company, is known for its "buy now, pay later" installments with no hidden fees. Depending on the size of the purchase and the merchant involved, the term lengths typically vary around 3, 6, or 12-month durations.
"We stand for transparency and simplicity, and that’s really captured the minds of our customers," Levchin said of the company's values.
The new app will offer consumers the option to manage their finances, shop personalized offers, and even invest.
"The reason for the super app, frankly, is to unify and showcase all of the good things we can do for you as a customer," Levchin told co-host Liz Claman. "We feel very confident about our ability to assure these transactions and bring on more growth."
Levchin said while Americans are grappling with record-high inflation, the company is excited to "help regular people buy the things they need."
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"The country is in a much better shape," He added. "Which is also our cue. Our business is to help folks regain that spending power ability to pay over time, in a safe way, without revolving, without gotchas and fees. That’s what Affirm is."
"Our moment to shine is to actually bring this spending power back to those hit hard by inflation," he concluded.