Affirm Expands $750M Loan Purchase Partnership with New York Life 

Affirm announced an expanded partnership with New York Life Insurance Company, under which the insurer will purchase up to $750 million of Affirm’s installment loans through 2026. The agreement provides the buy-now-pay-later leader with additional off-balance-sheet funding capacity to support approximately $1.75 billion in annual loan volume, deepening a relationship that began in 2023. 

To date, New York Life has invested nearly $2 billion into Affirm’s collateral pools, underscoring the growing trend of institutional and insurance investors allocating capital toward consumer finance and installment loan assets amid a higher-rate environment. 

Affirm’s approach mirrors similar funding structures emerging across the buy-now-pay-later (BNPL) sector, including transactions involving Liberty Mutual Investments, PGIM, Sixth Street Partners, and competitors such as Klarna and PayPal. 

Since its founding, Affirm has financed over $100 billion in transactions, maintaining a repeat borrower rate exceeding 90%.  

“We are proud to expand our relationship with such a trusted and forward-thinking partner in New York Life,” said Michael Linford, COO of Affirm. “Through our collaboration, we will be even better positioned to responsibly increase access to our flexible and transparent payment options.”