According to Forbes, Affirm, which offers instant loans for online purchases, said on Monday it has raised another $200 million in equity.

The San Francisco-based company's Series E funding round was led by Singapore's sovereign wealth fund GIC. It also had participation from Khosla Ventures, Lightspeed Venture Partners, Founders Fund, Spark Capital, Caffeinated Capital, Ribbit Capital and others.

The latest round brings its total equity funding to $450 million. It also brings its valuation to a reported $1.5 billion to $2 billion, according to The Wall Street Journal, up from a previous valuation of $800 million.

"GIC is one of the world's most respected fund management companies and has been investing in technology for a very long time," said Affirm's founder and CEO Max Levchin in a statement. "We are excited to have GIC as a long term partner that offers a unique network and insights on the evolving global fintech market."

Affirm plans to use the new capital in part to expand the number of retailers it works with and introduce new products and services. Levchin also said the company plans to expand internationally.

Affirm was founded in 2012 by PayPal co-founder Max Levchin as an alternate to a credit card. It offers point-of-sale loans at checkout for online purchases. The loans typically last for 3, 6 or 12 months and have annual interest rates between 10 and 30%. In comparison, the national average rate on a credit card is around 16%.

Affirm has been adopted by many millennials who don't have a credit card, either because they can't get one or don't want one. Take Vanessa Montes de Oca, who lives outside Los Angeles, and started using Affirm to buy clothing at her favorite online retailer UNIF after she had been rejected for several credit cards. "I like that it lets me afford things that I normally wouldn't be able to," she told Forbes in 2016.

The financial technology company has made over one million loans since inception and currently works with some 1,200 retailers, including Wayfair, Expedia, Casper and Cole Haan.

It also recently introduced a virtual credit card that allows consumers to buy products from retailers outside its limited network. "It doesn't require the merchant where you're planning to spend the money to even be aware of Affirm," said Levchin.