Affirm has become one of the hottest fintech firms out there as buy now pay later has been one of the bright spots during the pandemic; the company is now launching a high-yield savings account with a rate of 1.3 percent, no fees or minimum balance required; “The majority of people use a buy now, pay later solution to stretch their dollar,” Max Levchin, founder and CEO of Affirm told Business Insider. “And within that group they also have a need for savings products and our savings product speaks to that.”; 1.3 percent is significantly higher than the average rate of .06 percent according to the FDIC; the company is not trying to be the next PFM app as they intend to continue with their mission of providing a transparent alternative to credit cards; “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. Business Insider
