Buy now, pay later (BNPL) fintech firm Affirm has received $500m in a Series G funding round and also introduced a new product offering.

The funding round was led by existing investor GIC, and Durable Capital Partners.

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Other existing investors include Lightspeed Venture Partners, Wellington Management Company, Baillie Gifford, Spark Capital, Founders Fund, and Fidelity Management & Research Company.

The latest funding round brings the total amount raised by the company to date to more than $1.3bn.

In addition to the new investment, Affirm launched an interest-free biweekly payment product for transactions as low as $50.

Using this new product, consumers will not be charged late or hidden fees on the firm’s existing monthly payment options.

They can check their eligibility while choosing to pay biweekly with Affirm. The new service will not affect their credit scores.

Affirm founder and CEO Max Levchin said: “Alongside this new capital, our latest product is another step towards becoming as ubiquitous as credit cards – Affirm is now an even more attractive payment option for everyday wants and needs.

“We can also now better support merchants who offer smaller ticket items and bring their customers a more transparent, flexible way to pay.”

For merchants, Affirm’s services is said to help 6,000 merchant partners drive overall sales, grow average order value (AOV), and increase repurchase rates.

The latest developments come on the heels of Shopify selecting Affirm for powering its Shop Pay Instalments, and the introduction of high-yield Affirm Savings account.

Affirm recently also entered into partnerships with Bonobos, Callaway Golf, David’s Bridal, Urban Stems, and Nutribullet.