Max Levchin's lending startup is heading for unicorn territory

Affirm co-founder and CEO Max Levchin. Photo by Drew Angerer/Getty Images

Affirm, the personal credit startup led by PayPal co-founder Max Levchin, has filed a stock authorization form in Delaware that would allow it to raise up to $210 million in new funding at a pre-money valuation north of $1.4 billion. That would be about twice what the San Francisco-based company was worth when it last raised equity funding, in early 2016.

Why it matters: Levchin has a track record for successfully turning established finance models on their heads.