Affirm Holdings, Inc. (AFRM) stock surged 5.32% in pre-market trading on Friday, outperforming the broader market. This sharp upward movement came after reports emerged that the buy-now-pay-later lender secured a major financing deal from insurance giant Liberty Mutual.
According to a report by The Wall Street Journal, Liberty Mutual has agreed to provide a substantial line of credit to Affirm, bolstering the fintech company's lending capabilities and fueling its continued growth in the rapidly expanding BNPL sector.
The news of this significant financing deal is seen as a vote of confidence in Affirm's business model and future prospects by a major player in the financial services industry. With additional capital at its disposal, Affirm can further expand its offerings and potentially capture a larger share of the BNPL market, which has witnessed explosive growth in recent years.
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