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Illustration: Annelise Capossela/Axios

Affirm, a fintech company that lets online retailers provide pay-later options for customers, has filed to go public.

Why it matters: The company, founded by PayPal co-founder Max Levchin, is the latest Silicon Valley "unicorn" to file for an IPO as the year draws to a close. A number of tech companies are rushing to go public before the end of the year, including Airbnb and DoorDash, with Roblox and others also rumored to be in the pipeline.

By the numbers:

  • For the fiscal years ended June 30, 2019 and 2020, Affirm's revenue was $264.4 million and $509.5 million, respectively. It had net losses of $120.5 million and $112.6 million for those same periods.
  • For the three months ended Sept. 30, 2019 and 2020, it had revenue of $87.9 million and $174.0 million, respectively, with net losses of $30.8 million and $15.3 million.
  • It says that as of Sept. 30, more than 6.2 million consumers have completed about 17.3 million transactions with over 6,500 merchants via its service, with a total gross merchandise volume (net of refunds) of about $10.7 billion transacted since July 1, 2016.
  • The offering creates a dual-class stock structure, though there's a seven-year sunset at which Levchin's Class B common stock, which comes with 15 votes a share, will convert.
  • In addition to Levchin, other large shareholders include Khosla Ventures, Founders Fund, Lightspeed Venture Partners, and Jasmine Ventures Pte.

Go deeper

Ina Fried, author of Login
Updated Jan 27, 2021 - Technology

Apple's quarterly sales top $100 billion for first time

Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.