Scoop: Max Levchin's Affirm raises $300 million

Affirm, the consumer credit startup led by PayPal co-founder Max Levchin, has raised around $300 million in Series F funding at a $2.9 billion post-money valuation, Axios has learned from multiple sources.

The bottom line: Affirm may become a replacement for credit cards, but it really isn't one itself. Instead, it's a mobile app that provides micro-loans at the point-of-sale — using an algorithm to instantly determine credit-worthiness.

• In addition to Thrive, new investors include Fidelity, Wellington Management, Baillie Gifford and Sound Ventures. Return backers include Founders Fund and Khosla Ventures.
• The San Francisco-based company previously raised over $600 million in equity funding.