Benzinga | Oct 8, 2020 09:23PM EDT

Max Levchin's Fintech Firm Affirm Confidentially Files To Go Public

San Francisco-based Affirm Holdings, Inc said Thursday that it has filed confidentially for an initial public offering with the United States Securities and Exchange Commission.

What Happened: The shares to be offered -- and the price range of the IPO -- are yet to be determined.

The public offering will take place after the SEC concludes its review process and is subject to market and other conditions, the company said.

The filing comes after the fintech startup secured $500 million in a Series G funding round last month led by Durable Capital Partners LP and existing investor GIC.

The company has raised over $1.5 billion in several funding rounds to date, as per data from Crunchbase.

Why It Matters: Affirm, founded in 2012 by Paypal Holdings Inc (NASDAQ:PYPL) co-founder Max Levchin, allows consumers of companies such as Walmart Inc (NYSE:WMT) and Expedia Group Inc (NASDAQ:EXPE) to make purchases on the web without using a credit card.

In late July, the Wall Street Journal reported that the startup could merge itself with a special purpose acquisition company (SPAC) to go public, targeting a valuation of up to $10 billion.

SoftBank Group Corporation (OTC:SFTBY)-backed Lemonade Inc (NASDAQ:LMND), another fintech firm, raised $319 million in its IPO in July.