Affirm said it is expanding its long-term capital partnership with New York Life, America’s largest mutual life insurance company. The move builds on their ongoing collaboration, giving Affirm greater flexibility to grow its lending base and provide more payment options for both consumers and merchants.
Under the new agreement, New York Life will purchase Affirm’s installment loans on a forward-flow basis through December 2026, with up to $750 million outstanding. The partnership with New York Life is expected to create off-balance-sheet funding that can support about $1.75 billion in consumer loan volume each year, helping Affirm widen access to its transparent and flexible financing programs.
The renewed partnership brings together Affirm’s consumer finance expertise and New York Life’s investment capabilities. Affirm, known for its pay-over-time model without late fees or hidden charges, gains a dependable source of capital. Meanwhile, New York Life uses its scale and private credit structuring know-how to back high-quality credit assets.
Prior to this expansion, the insurer had already invested nearly $2 billion in Affirm collateral, including through the company’s asset-backed securitizations.
“We are proud to expand our relationship with such a trusted and forward-thinking partner in New York Life,” said Michael Linford, Chief Operating Officer, Affirm. “Through our collaboration, we will be even better positioned to responsibly increase access to our flexible and transparent payment options.”
Brendan Feeney, Managing Director at New York Life, added, “As we continue to deploy capital to create lasting value for our policy owners, Affirm has distinguished itself by delivering superior credit outcomes that generate attractive returns. We’re excited to take this next step in our relationship, which exemplifies how we collaborate with industry leaders to invest in growing, high-quality assets.”
Affirm continues to promote responsible financing by offering consumers a clear and honest alternative to revolving credit. The company reports that it has saved users over $460 million in late fees. By choosing Affirm over traditional credit card debt, U.S. consumers could collectively save between 5–30% annually on credit costs an estimated $18 billion in 2024 alone.