Affirm gets boost from New York Life with $750 million loan deal

Core Insights - Affirm is expanding its partnership with New York Life Insurance, indicating a trend where traditional financial institutions are increasingly engaging with fintech-driven consumer lending [1][2] - Under the new agreement, New York Life will purchase up to $750 million worth of Affirm's installment loans through 2026, which will support approximately $1.75 billion in annual loan volume for Affirm [1] - The partnership builds on a relationship initiated in 2023, where New York Life began investing in Affirm's asset-backed securities, contributing nearly $2 billion to Affirm's collateral pools to date [2] - This collaboration reflects a broader trend of insurers and private-credit investors entering consumer finance, driven by the attractiveness of these assets amid rising interest rates [2]