In his LendIt Fintech USA 2019 keynote, CEO and Co-founder of Affirm, Max Levchin, had some harsh words to say about the credit card industry; he compared credit cards to payday loans because in both instances borrowers are allowed to refinance their own debt in perpetuity; also, their business model is based to some extent on deceiving the customer; this is why installment loans are a far better product because you know exactly how much you are paying with a fixed payment every month; Levchin also discussed Affirm’s groundbreaking partnership with Walmart and how both companies, while very different when it comes to scale, have a similar customer-centric approach; he appreciated Walmart no longer offers a deferred interest payment option, something that Levchin dislikes intensely. Register for USA 2020 Here
