Max Levchin’s Post

Affirm’s Founder and CEO, Max Levchin, joined CNBC’s Jon Fortt and Morgan L Brennan to discuss our underwriting advantages compared to traditional credit products, our latest payment options, and more. Highlights include: 📅 “The idea of Affirm is to be the antidote” at checkout, “you get total transparency into the cost and a timeline to pay it off.” 🎛️  “Our products are designed to give people total control over their payments… no gimmicks, no late fees.” 🧮 “Each one of our transactions is underwritten separately” and we’re not afraid to say no when we think borrowers may be overextending themselves. Watch the interview here: https://cnb.cx/3KDnnvU

On Black Friday, Affirm CEO Max Levchin joined Andrew Ross Sorkin and Becky Quick on CNBC’s Squawk Box to discuss the state of the consumer and the continued adoption of honest financial products like Affirm. Max said: It’s important that we educate consumers about gotchas and tricks that the financial industry has come up with to make them pay more than they should. We see Affirm as a more honest alternative… it’s great that demand for this type of product is entering the popular conscience. Watch the conversation here: https://cnb.cx/3STErTS 

#HDFCBank's net profit rises 2.5% in Q3; U.S. SC rejects #Apple's appeal; #WHO gives a nod to #CorbevaxVaccine and more.. Dive into today's top headlines! #NDTVProfit For the latest news and updates, visit: https://ndtvprofit.com 

“If you move money, hold money, manage money, lend money - that’s a bank.” — Jamie Dimon, JP Morgan CEO, knows his biggest risk, enough for him to label "Apple" a bank 🍏👇 Jamie Dimon is the GOAT of banking. A top professional that manages JP Morgan to new highs Dimon manages Washington, D.C. too Dimon is smart enough to see where his next headache might come from. Yes, it will be Apple 🍏🏦 Apple’s new savings account drew more than $10 Billion in deposits since launch last year. Apple’s scale makes even the world’s largest banks look little. Apple's services division alone, where it earns recurring subscriber revenues and App Store payments, generated $55bn in profit last year — higher than JP Morgan and Citi combined. Apple is hungry for more & started taking a bite out of the banks. #apple #banking #money #investing #wealth

🔥 𝗛𝗼𝘁 𝗢𝗳𝗳 𝘁𝗵𝗲 𝗣𝗿𝗲𝘀𝘀 🔥 Goldman faces rocky exit from Apple Card partnership: Four years after Goldman Sachs introduced a credit card with Apple, the Wall Street giant faces a costly exit from a partnership that is seen by other lenders as too risky and unprofitable. In searching for a buyer for its share of the partnership, Goldman will face pressure from bidders to reduce the value of its stake in order to make the price more attractive, according to two sources familiar with the matter who declined to be identified discussing potential talks. Goldman does not break out how much its stake is worth. The potential writedown on the Apple card would be the latest in a string of losses from Goldman's ill-fated foray into consumer banking, analysts said. Goldman does not break out the financial details of the card business in its results. Prospective bidders will likely push Apple to change the terms of the deal, the two sources said. They will likely seek access to Apple's proprietary credit card data, two other sources familiar with the business, said. Apple cardholders' data is not sold to third parties for marketing or advertising, according to its website. Apple recently sent a proposal that would enable Goldman to exit the contract in the next 12 to 15 months, The Wall Street Journal reported last month, citing people briefed on the matter. Apple said it was focused on providing an "incredible experience" for customers, but declined to comment on the Goldman deal talks or terms. I highly recommend reading the complete source article for the full story: https://lnkd.in/eNwierjW Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] #digitalbanking #fintech #apple #applepay #payments #paytech #applecard #digitalpayments #fintechindustry #bankingindustry #banking #financialtechnology #fintechnews 

Can BNPL thrive without Apple Pay Later? Read Yaacov Martin's insights in The Financial Brand's new article "After Apple Bows Out, How Do the Remaining BNPL Players Shake Out?" also featuring insights from Affirm, Klarna, Afterpay and others. A huge thanks to Steve Cocheo for the great article that provides insightful information on Apple's impact on the BNPL market. 👉 Read the article here: https://lnkd.in/e5naQaRu #BNPL #Fintech #ApplePay

Affirm's market cap as of today is $11.3 billion. Klarna is rumored to go public at a $20 billion valuation. Here's how the two compare on revenue and operating income/loss: ► Affirm's revenue growth (full year 2023): 29% YoY ► Klarna's revenue growth (full year 2023): 22% YoY Thanks for bringing this to our attention Jevgenijs Kazanins ! Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] #buynowpaylater #bnpl #affirm #klarna #payments #paytech #digitalpayments #fintech #financialtechnology #fintechindustry #fintechnews 

  On our latest episode of 22 Minutes in Lending, Tony Boutelle, CEO of Origence (formerly CU Direct) shared insights into Origence’s innovative work, touching on the integration of technology and the future of finance in the auto industry.    A few key takeaways: • The early days of fintech and how CU Direct was a disruptor in the auto lending space, providing a single platform for numerous credit unions and dealerships.  • Origence's back-office solutions and the role of automation and AI in efficiently processing loans.  • The impact of direct and online car sales models on traditional auto dealerships, and Origence's collaboration with Tesla to establish a finance arm.   Tune in to find out more.    https://lnkd.in/e4phmGWR

What Should We Expect from Fintechs' Foray into the Advertising Business? This is the question I asked myself yesterday and decided to share my thoughts in this article. JPMorgan Chase & Co., PayPal, and Revolut are among the fintechs and banks that have already launched or are planning to launch advertising business units. On the other hand, Klarna has been in the ads business for some time now and is continually launching new advertising tools. One of the main questions most people may ask is whether these businesses have a 360-degree view of their customers to offer relevant ads. Perhaps not now, but with new technologies such as Open Banking, Open Finance, and Generative AI, they will soon be able to achieve this comprehensive view. What do you think? Is every business becoming an advertising business now? #fintech #payments #ads Prasanna Marcel Richard Panagiotis Tony Efi Nicolas Arjun Dr Ritesh

In a recent interview with Fortune, our Founder and CEO Max Levchin discussed pivotal aspects of Affirm’s  journey – including how our mission to build honest finance products that improve lives – was deeply influenced by his personal experience with credit cards. Highlights include: 🤝 “The total number of late fees or compounding interest that we charged last quarter was zero. It’s been zero since inception. We’ve never charged a penny of late fees – or any other hidden or gimmicky fees – and have no intention to.” 📢 ”Minimum payments aren’t designed to get you out of whatever balance you’ve created. That balance is sitting there revolving, which means that the interest [is] accrued every day, and goes right into the principal. People have a hard time estimating exponential functions, which is compounding interest accrual. That’s why integral to Affirm’s mission are simplicity and a sense of control.” ⚙️“Affirm has a prescribed schedule for every transaction we underwrite. When you use Affirm, you see a schedule of payments you have to agree to… We wanted to build a product that is not hard to understand, where the schedules are simple, [and] you have a sense of control.” 💊 “I have infinite conviction that if U.S. consumers would just switch entirely to Affirm, or other binary affiliate products, instead of credit cards, we would be in a healthier financial position, as a nation.” Max also discussed lessons he's learned throughout his career, including the best and worst advice he's ever received. Watch the full interview to learn more: https://bit.ly/4cVBOrB