Affirming the CEO: New Super App, Google Chrome Extension, Will Help Bring Back Consumer ‘Buying Power’
Affirm co-founder and CEO Max Levchin discusses his plan to streamline consumer finance on “The Claman Countdown.”
Affirm CEO Max Levchin announced Thursday the launch of a new app that consolidates all of its services in one place, while incorporating a Google Chrome extension for online consumers.
The co-founder and CEO explained on “The Claman Countdown” that the feature will create “more places to shop safely and seamlessly” from merchants who have not yet been onboarded to the service.
“We will generate a unique card number that the consumer can easily connect to the standard checkout flow on the merchant site and complete the transaction,” Levchin said of the browser extension. “The merchant gets the sale, Affirm, of course, pays the merchants, and the consumer reimburses Affirm as they normally would. More coverage for our consumers.”
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Affirm, a fintech company, is known for its “buy now, pay later” payouts with no hidden fees. Depending on the size of the purchase and the merchant involved, terms typically vary around 3, 6 or 12 months.
“We stand for transparency and simplicity, and that has really captured the minds of our customers,” Levchin said of the company’s values.
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The new app will give consumers the ability to manage their finances, shop for personalized offers and even invest.
“The reason for the super app, frankly, is to unify and showcase all the good things we can do for you as a customer,” Levchin told co-host Liz Claman. “We are very confident in our ability to secure these transactions and generate further growth.”
Levchin said that as Americans grapple with record inflation, the company is excited “to help ordinary people buy the things they need.”
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“The country is in much better shape,” he added. “Which is also our signal. Our job is to help people regain this capacity for purchasing power to pay over time, in a secure way, without renewal, without pitfalls or fees. That’s what is Affirmed.”
“Our moment to shine is to restore that purchasing power to those who are hit hard by inflation,” he concluded.