CPP Investments is renewing an agreement with payment platform Affirm that will see the investment organization commit US$1.7 billion towards the purchase of installment loans.

The arrangement carries an option for CPP Investments to increase its commitment to $2.2 billion, according to a press release, which noted the deal will support up to roughly $8 billion in consumer loan volume over its two-year term.

“Affirm has established a leading position in a large and growing segment of consumer finance by offering transparent payment solutions that resonate with both consumers and merchants,” said Paras Vira, managing director and head of Americas structured credit at CPP Investments, in the release.

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