US insurance giant New York Life has entered into a forward-flow agreement with payment network Affirm to purchase up to $750m (£571.5m) of consumer loans.
Under the expanded agreement, New York Life will buy Affirm’s instalment loans on a forward-flow basis between October 2025 and December 2026.
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According to Affirm, the arrangement will provide off-balance-sheet funding that can support around $1.75bn in consumer-loan volume per year.
“As we continue to deploy capital to create lasting value for our policyholders, Affirm has distinguished itself by delivering superior credit outcomes that generate attractive returns,” said Brendan Feeney, managing director at New York Life. “We’re excited to take this next step in our relationship, which exemplifies how we collaborate with industry leaders to invest in growing, high-quality assets.”
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Before this latest expansion, New York Life had invested nearly $2bn in Affirm collateral, including through the company’s asset-backed securitisations.
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