Another member of the PayPal mafia is making waves with his new project.
Max Levchin’s new consumer finance startup Affirm has raised $45 million from venture capital firms, including Khosla Ventures, Lightspeed Venture Partners and Nyca Partnersha. The investment is Affirm‘s first VC-backed funding round.
Affirm is an online lending platform that uses big data to create personalized financing options for consumers looking for a loan. It calculates borrowers’ risk based on a range of personal data that goes far beyond the traditional FICO credit score and other benchmarks still used by big banks.
Levchin is also leading the company as chief executive, a role he’s been out of for four years. His co-founders include Nathan Gettings, Palantir co-founder and chief technical officer, and Jeff Kaditz of San Francisco mobile gaming company.
After joining Peter Thiel and Elon Musk to start PayPal, where Levchin also served as chief technical officer, the Ukraine-born computer scientist went on to serve as chairman at Yelp and found personal media sharing service Slide, which Google bought for a reported $228 million and later shut down.
Photo of Max Levchin from Businessweek