To determine eligibility, Affirm weighs tens of thousands of different bits of information about a person.
Traditional credit approval usually relies on FICO scores, which are based on five categories including a person’s credit payment history, debt, the length of credit history, any new credit and kind of credit they use.
Affirm has just four retailers signed up, including cosmetics retailer Beautylish and Blossom Coffee, but the company expects to announce new partners every week moving forward.
Part of Affirm’s potential appeal lies in its more detailed loan approval process.
Affirm is one of two startups that came through HVF, the startup incubator Levchin founded in 2010.
Aside from Affirm, the other HVF-funded startup graduate is Glow, a fertility app launched last fall aimed at helping couples conceive by tracking information like a woman’s menstrual cycle and offering health tips based on information users add daily.
To date, Glow for Enterprise has signed up tech startups like Evernote, Eventbrite, and data software company Domo.So while Levchin remains busy with multiple projects, he’s focused on taking Affirm mainstream and enjoying the daily minutiae of being CEO. Says Levchin, “I realized that running a company is something that I missed and really enjoyed.”