CPP Investments expands Affirm forward-flow agreement to up to $2.2bn, supporting $8bn in consumer loan volume

CPP Investments has renewed and enlarged its forward-flow partnership with Affirm, committing $1.7bn over a 24-month term with the option to scale the deployment up to $2.2bn.

The deal is expected to support approximately $8bn of consumer instalment loan volume over its life.

The expanded arrangement, executed through subsidiaries of CPPIB Credit Investments, builds on a partnership that has been running since 2019. Over that period, CPP Investments has acquired close to $14bn of Affirm assets through a combination of forward-flow agreements and asset-backed securitisations.