Latest news with #PrudentialFinancial
National Post
3 days ago
- Business
- National Post
Affirm and PGIM expand long-term capital partnership to invest up to $3 billion via revolving pass-through loan sale facility
Article content SAN FRANCISCO — Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, and PGIM Fixed Income, a Prudential Financial (NYSE: PRU) company and one of the largest global fixed income managers with $862 billion in assets under management 1, today announced the expansion of their capital partnership with a new revolving pass-through loan sale facility that will invest up to $3 billion over 36 months by purchasing up to $500 million of Affirm loans at any one time. Article content This unique revolving pass-through facility follows PGIM's earlier private purchase of $500 million in Affirm loans in December 2024 as well as previous investments in Affirm's assets via the company's asset-backed securitizations. PGIM manages a leading asset-based finance platform with more than $145 billion in assets under management across public and private securitized credit 1. Article content Article content 'PGIM is proud to expand our longstanding collaboration with Affirm. This agreement is a further testament to our commitment to finding durable sources of risk-adjusted returns for our clients through our selective origination process,' said Edwin Wilches, co-head of Securitized Products at PGIM Fixed Income. 'This innovative pass-through facility showcases our ability to find attractive opportunities across public and private markets and how our access to diverse pools of capital can deliver value to our partners.' Article content 'We are always in constant dialogue with our capital partners to better understand their needs and how we can deliver even more value to them,' said Brooke Major-Reid, Chief Capital Officer of Affirm. 'This first-of-its-kind facility for Affirm and PGIM does exactly that and demonstrates how we can utilize innovative structures to create winning partnerships. We greatly appreciate the PGIM team's support for our mission to deliver honest financial products that improve lives.' Article content Affirm empowers consumers with a transparent and flexible way to pay over time without any late or hidden fees. The company generated over $33 billion in gross merchandise volume (GMV) for the last twelve months ending March 31, 2025. With a diverse and durable funding model across multiple channels, Affirm's total funding capacity grew to $23.3 billion as of March 31, 2025, marking the ninth consecutive quarter that funding capacity increased. As a scaled and programmatic issuer, Affirm has issued 23 asset-backed securitizations totaling $11.5 billion with participation from over 150 unique capital partners across institution types, including: alternative asset managers, insurance companies, pension funds, sovereign wealth funds, hedge funds, and banks. Article content 1 Article content As of March 31, 2025 Article content About Affirm Article content Affirm's mission is to deliver honest financial products that improve lives. By building a new kind of payment network—one based on trust, transparency, and putting people first—we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X. Article content Article content Article content Article content Media Article content Article content Affirm: Article content press@ Article content Article content PGIM: Article content Article content Article content
Yahoo
3 days ago
- Business
- Yahoo
Prudential Unit Lends $500 Million in Private Credit to Affirm
An investment arm of insurer Prudential Financial will buy up to $500 million of consumer loans from technology-backed consumer lender Affirm Holdings for a period of three years. Most of the loans come due in six months and Affirm will be able to re-lend the investment throughout the life of the deal, allowing it to finance $3 billion of buy-now-pay-later loans. Trump Bill Would Raise Estate Tax Exemption to $15 Million and Make It Permanent Pope Leo Takes On AI Trump Family's New Business Partner Is India's Richest Man How a Chinese-Owned Battery Maker's Bet on U.S. EVs Went Wrong Amazon CEO Says AI Will Lead to Smaller Workforce The deal is part of a growing wave of transactions pairing a handful of large private-credit investors with financial technology companies that are replacing banks as go-to lenders for the American public. Prudential's PGIM Fixed Income also purchased $500 million of Affirm loans in December and made a private investment in a $525 million securitization of consumer loans from SoFi Technologies. Affirm announced a $4 billion partnership with Sixth Street Partners in December and a $750 million deal with Liberty Mutual Investments in January. The insurers and pensions whose money PGIM manages are hungry to own private ABS, or asset-backed securities, because such debt pays a higher interest rate than publicly traded and even private corporate debt. PGIM aims to buy private ABS that returns about 1.5 percentage points more than public variants, said Edwin Wilches, the firm's co-head of securitized products. The company recently hired a new head of private ABS, Oliver Nisenson from private investment powerhouse Blackstone, to expand the business. Nonbank lenders like Affirm are cultivating stables of large financing partners to ensure they have sufficient capital to lend, even when public debt markets freeze up. Affirm focuses on three channels: warehouse loans from banks, public ABS bond sales and negotiated deals from private-credit firms, said Chief Capital Officer Brooke Major-Reid. Insurers, investment firms and nonbank lenders are increasingly teaming up to do lending that used to come from banks. That is creating complex entanglements that are new to regulators. Advocates say the new lenders are more stable than banks because they are disbursing cash from long-term investors rather than from daily deposits. Write to Matt Wirz at If Iran's Oil Is Cut Off, China Will Pay the Price The American Investor Taking On Swatch's Founding Family The Fed's Dot-Plot Predicament: False Precision in Uncertain Times More of Us Are Putting in Extra Hours After the Workday How to Make Sure Information on Your Old Computer Is Really, Truly Deleted
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
Prudential Unit Lends $500 Million in Private Credit to Affirm
An investment arm of insurer Prudential Financial PRU -1.48%decrease; red down pointing triangle will buy up to $500 million of consumer loans from technology-backed consumer lender Affirm AFRM -1.56%decrease; red down pointing triangle Holdings for a period of three years. Most of the loans come due in six months and Affirm will be able to re-lend the investment throughout the life of the deal, allowing it to finance $3 billion of buy-now-pay-later loans.
Yahoo
08-06-2025
- Business
- Yahoo
Johnson & Johnson, Merck lead 14 NJ companies on 2025 Fortune 500 list
The numbers are in. has released it's yearly rankings of the biggest U.S. companies that made the most money for 2025 — The Fortune 500. This year, 14 New-Jersey-based businesses made the list. The digital media outlet survey analyzed data from companies that are incorporated in the U.S., operate in the U.S. and file financial statements with a government agency. Fortune 500 companies represent two-thirds of the U.S. GDP with $18.8 trillion in revenues, $1.7 trillion in profits and $43 trillion in market value (as of March 28, 2024), and they employ 31 million people worldwide, the report stated. There are 14 companies headquarted in the Garden State that made the list. Below are their ranks. No. 42: Johnson and Johnson No. 67: Merck No. 81: Prudential Financial No. 98: Bristol-Myers Squibb No. 112: PBF Energy No. 211: Becton Dickinson No. 213: Cognizant Technology No. 228: Automatic Data Processing No. 345: Avis Budget No. 359: Public Service Enterprise Group No. 404: Burlington Stores No. 419: Campbell's No. 423: Quest Diagnostics No. 445: Zoetis Walmart Amazon Apple UnitedHealth Group Berkshire Hathaway CVS Health Exxon Mobil Alphabet McKesson Cencora This article originally appeared on Asbury Park Press: 2025 Fortune 500: NJ's top corporations revealed
Yahoo
08-06-2025
- Business
- Yahoo
Johnson & Johnson, Merck lead 14 NJ companies on 2025 Fortune 500 list
The numbers are in. has released it's yearly rankings of the biggest U.S. companies that made the most money for 2025 — The Fortune 500. This year, 14 New-Jersey-based businesses made the list. The digital media outlet survey analyzed data from companies that are incorporated in the U.S., operate in the U.S. and file financial statements with a government agency. Fortune 500 companies represent two-thirds of the U.S. GDP with $18.8 trillion in revenues, $1.7 trillion in profits and $43 trillion in market value (as of March 28, 2024), and they employ 31 million people worldwide, the report stated. There are 14 companies headquarted in the Garden State that made the list. Below are their ranks. No. 42: Johnson and Johnson No. 67: Merck No. 81: Prudential Financial No. 98: Bristol-Myers Squibb No. 112: PBF Energy No. 211: Becton Dickinson No. 213: Cognizant Technology No. 228: Automatic Data Processing No. 345: Avis Budget No. 359: Public Service Enterprise Group No. 404: Burlington Stores No. 419: Campbell's No. 423: Quest Diagnostics No. 445: Zoetis Walmart Amazon Apple UnitedHealth Group Berkshire Hathaway CVS Health Exxon Mobil Alphabet McKesson Cencora This article originally appeared on Asbury Park Press: 2025 Fortune 500: NJ's top corporations revealed
