The American version of Huabai Affirm (AFRM.US) surged nearly 100% on its debut on Wednesday to close at $97.24. The company has raised its share price twice before going public.

Affirm was founded in 2012 and currently works with about 6500 retailers, including Peloton (PTON.US), Wayfair (W.US), Walmart Inc (WMT.US) and consumer-oriented eyewear company Warby Parker. Affirm makes money when it comes to helping merchants sell. It also earns interest income by buying loans from bank partners and some consumer loans. The interest rate it charges varies depending on consumers' creditworthiness, but usually starts at 0%.

Shopify Inc's (SHOP.US) share price rose on Wednesday because of its stake in Affirm8%. By the close, the stock was up 0.97% at $1199.82.

Shopify Inc's share price almost tripled in 2020 as retail chains, restaurants and grocery stores turned to the company's services to create fast online storefronts, manage payments and keep their business running. Shopify Inc's market capitalization has exceeded 140 billion US dollars.

Affirm entered into a partnership with Shopify Inc in July last year, and Affirm became the exclusive supplier of Shopify Inc's checkout service Shop Pay. As part of the deal, Shopify Inc received warrants for up to 20.3 million shares of Affirm.

"working with Shopify Inc can significantly expand the number of merchants and consumers on our platform," Affirm said in the prospectus. Shopify Inc, which serves more than 1 million companies, said in October that total merchandise more than doubled in the third quarter from a year earlier to $30.9 billion.

Shopify Inc is the third largest shareholder in Affirm. Affirm's largest shareholder is the company's founder and CEO Max Levchin, who holds an 11 per cent stake worth $2.7 billion, while the second largest shareholder is Jasmine Ventures, a unit of Singapore's sovereign wealth fund GIC, with a 9 per cent stake.