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Max Levchin’s Affirm pops nearly 100% in market debut

  • Shares of Affirm, an online payments company, began trading on the Nasdaq.
  • Affirm priced its shares at $49 apiece, above its target range of $41 to $44 each.
  • The stock began trading at $90.90 per share.

Affirm Holdings Inc. website home screen on a laptop computer in an arranged photograph taken in Little Falls, New Jersey, U.S., on Wednesday, Dec. 9, 2020.Gabby Jones | Bloomberg | Getty Images

Shares of payments company Affirm soared 98% in its initial public offering on the Nasdaq, kicking off what's likely to be a busy season for market debuts.

The stock began trading at $90.90 per share and closed at $97.24. Affirm had priced its shares at $49 apiece, above its target range of $41 to $44 each.

Founded in 2013 by PayPal co-founder Max Levchin, Affirm has become prominent in the "buy now pay later" space that offers point-of-sale loans. The company allows customers to finance online purchases that can be paid back in monthly installments without accruing compounding interest. 

It works with around 6,500 retailers, including PelotonWayfairWalmart and direct-to-consumer eyeglasses company Warby Parker. In an update to its IPO filing, Affirm said it is used by more than 6.2 million people. Affirm also partnered with Shopify last year, allowing merchants to offer installment loans on products they sell.

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