Affirm is expanding its partnership with New York Life Insurance, a move that highlights how traditional financial giants are deepening their exposure to fintech-driven consumer lending.
Under the new agreement, New York Life will purchase up to $750 million worth of Affirm's installment loans through 2026, giving the payments company fresh off-balance-sheet funding to support roughly $1.75 billion in annual loan volume.
The deal extends a relationship that began in 2023, when New York Life first started investing in Affirm's asset-backed securities and other loan structures.
To date, the insurer has funneled nearly $2 billion into Affirm's collateral pools.
The partnership is part of a broader trend of insurers and private-credit investors moving deeper into consumer finance as higher interest rates make these assets more attractive.