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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.

Massachusetts Gov. Charlie Baker will not seek re-election in 2022

Mass. Gov. Charlie Baker (R) speaking during a press conference in November 2021. Photo: Jonathan Wiggs/The Boston Globe via Getty Images

Massachusetts Gov. Charlie Baker (R), a moderate who typically ranks as one of the nation's most popular governors, said Wednesday that he and Lt. Gov. Karyn Polito (R) will not seek third terms in 2022.

Why it matters: The decision leaves the gubernatorial race wide open and will likely affect multiple down-ballot races next year. Baker was expected to be the front-runner had he joined the race.

3 hours ago - Health

CDC prepares tougher testing rules for international travelers

Travelers with their luggage arrive at a COVID-19 testing location at the airport in Los Angeles, Calif., on Nov. 23, 2021. Photo: Frederic J. Brown/AFP via Getty Images

The Centers for Disease Control and Prevention said Tuesday night that it is working to impose stricter testing requirements for international travelers due to the spread of the new Omicron variant.

The big picture: The new rules would require all international travelers, regardless of vaccination status, to show a negative test taken a day before their flight to the U.S. Currently, the CDC says fully vaccinated travelers are allowed to show a test taken no more than three days before their departure, AP reports.