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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.

Affirm is aimed at changing the point-of-sale credit market for mid-ticket items, by providing loan payback transparency (e.g., no compunding interest) and incorporating a consumer's income into its decision-making process (as opposed to just a credit score).

Bloomberg had previously reported that the company was seeking to raise around $150 million. To date, Affirm has banked over $400 million from firms like Andreessen Horowitz, Founders Fund, Khosla Ventures, Lightspeed Venture Partners and Spark Capital. It is unclear who is leading the new round.

[Update: Singapore sovereign wealth fund GIC led the round.]

Qualifier: Stock authorization filings allow for a company to fundraise, but do not necessarily reflect a completed fundraise.

Below is the Delaware filing, which was provided to Axios by Lagniappe Labs (creator of the Prime Unicorn Index)

Go deeper

Updated 15 mins ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Transplants rebound from COVID lull — CDC director says COVID-19 messaging should have been clearer — Concerns grow over CDC's isolation guidelines.
  2. Vaccines: Kids' COVID vaccination rates are particularly low in rural America — America's vaccination drive runs out of gas.
  3. Politics: Joint Chiefs chair Gen. Mark Milley tests positive for COVID-19 — Vivek Murthy calls SCOTUS vaccine mandate block "a setback for public health."
  4. States: America struggles to keep schools open — Youngkin ends mandates for masks in schools and COVID vaccinations for state workers.
  5. World: Greece imposes vaccine mandate for people 60 and older — French parliament passes COVID vaccine passport legislation.
  6. Variant tracker

Mayors feel powerless to reduce homelessness

Expand chart
Recreated from 2021 Menino Survey of Mayors; Chart: Jacque Schrag/Axios

America's mayors know their constituents hold them accountable for homelessness, but many don't feel they have the tools or power to fix things, a brand new survey says.

Why it matters: While homelessness has become more acute during the pandemic, city leaders say they lack the money, staff or political support needed to make a meaningful difference.

Ina Fried, author of Login
3 hours ago - Technology

Microsoft to buy Activision Blizzard

Microsoft

Microsoft announced Tuesday it plans to acquire video game giant Activision Blizzard for $68.7 billion in cash.

Why it matters: The move comes as Activision Blizzard has faced a wave of accusations of workplace harassment.