eBay Inc (EBAY)’s PayPal Cofounder To Build a Bank For Millennials


An article on CNBC reported that eBay Inc (NASDAQ:EBAY)’s PayPal cofounder has started a new loan service called Affirm. Affirm is a new loan service for millennials, using which, they could buy items on loan. The company is doing this to get massive sales revenues this holiday season. You can buy jewelry items like Chloe, Isabel, guitars and headphones from Sol Republic and a variety of other items on easy loan conditions. The new loan service from eBay Inc (NASDAQ:EBAY)’s PayPal cofounder is yet another innovative venture. Max Levchin has launched a plethora of startups in the past few years.

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Affirm was launched last year and has currently 100 merchants signed up for the service. People can use different loan plans while buying online products. Affirm is eyeing for getting some major milestones in terms of revenue and popularity this holiday season. Millennials are the top priority of Affirm.

Levchin has long term plans regarding Affirm. He wants to build a bank around it which people will enjoy rather than loathe. There will an “Education Lending” service which will help students to pay their fee based on easy installments. There will also be a service regarding housing and construction. eBay Inc (NASDAQ:EBAY)’s PayPayl cofounder is optimistic about the success of Affirm because he thinks he is taping the right nerve.

eBay Inc (NASDAQ:EBAY)’s PayPal cofounder built anti-fraud system 15 years back when e-commerce business was in its initial phases. He thinks that millennials don’t like going to banks because they are not satisfied with their services and attitude.

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