CPP Investments expands partnership with buy-now-pay-later lender Affirm

Signage is seen in the reception of CPP Investments' Toronto offices, on Thursday, September 21, 2023. THE CANADIAN PRESS/Chris Young

TORONTO — The Canada Pension Plan Investment Board has signed a deal to renew and expand its partnership with buy-now-pay-later lender Affirm.

Under the two-year agreement, CPP Investments will commit US$1.7 billion to buy Affirm instalment loans.

It also has the ability to increase the commitment to US$2.2 billion.

CPP Investments has purchased nearly US$14 billion in Affirm assets since 2019 through forward-flow agreements and asset-backed securitizations.

Paras Vira, head of Americas structured credit at CPP Investments, says Affirm has consistently produced the kind of credit performance the fund looks for in a long-term partner.

CPP Investments invests the money not needed to fund current Canada Pension Plan benefits.

This report by The Canadian Press was first published June 4, 2026.