Buy now, pay later startup Affirm just launched a high-yield account with an eye-popping rate. Its CEO explains why the startup wants to cater to both saving and splurging.
And as, Affirm is now adding a high-yield savings account to its platform.
"The mission of the company is to build financial products that make people's lives better," Levchin said. "In many ways, this is a natural progression." "Whatever we launch next will speak to the consumer through this portal of: as easy as possible, on your side, you don't have to worry, we won't do something untoward or unexpected or nasty to profit from your missteps," said Levchin.
Anyone can sign up for an Affirm savings account, but Levchin expects that it will mostly be existing Affirm credit users who already have an established relationship. Often, these high-yield offerings are a way to attract new customers, with the cost of the high rates covered by other fee-bearing products these customers might use.
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