When Singapore wealth fund GIC-backed buy-now-pay-later firm Affirm, led by PayPal co-founder Max Levchin, raised $1.2 billion in its IPO on Nasdaq in January, it was widely hailed as the first big tech IPO of 2021.
Affirm’s stellar market debut has shined the spotlight on the buy-now-pay-later or BNPL model that allows consumers to shop for even low-ticket items from S$100 on instalments.
