Affirm Holdings Inc. has secured $750 million in funding from Liberty Mutual Investments, the asset-management unit of insurer Liberty Mutual, to support its buy-now-pay-later (BNPL) lending operations. This funding is part of a long-term capital partnership that began in 2019 and includes a forward flow loan purchase program initiated in 2023. Liberty Mutual expects to invest up to $5 billion in the program, with the current commitment running through 2027. The funding will help Affirm reach its 2025 lending target of over $34 billion, a 25% increase year-over-year. Affirm's previous financing arrangements include a $4 billion loan from Sixth Street Partners and a $500 million pledge from Prudential Financial's investment arm. Additionally, Blue Owl Capital agreed to invest $2 billion in consumer loans originated by Upstart. As of September 30, 2024, Affirm's total funding capacity stood at $16.8 billion, having grown by over 50% in the last two years. The company generated over $28 billion in gross merchandise volume (GMV) for the last twelve months ending September 30, 2024. Liberty Mutual Investments manages over $100 billion in assets globally. Affirm Holdings stock has surged over 40% in the last 12 months, driven by the artificial intelligence frenzy and a lower interest rate environment that benefits through reduced funding costs and incremental GMV growth.