PayPal co-founder Max Levchin's consumer lending company Affirm received $100 million in a series D round of funding, the company announced Wednesday, bolstering support for what could be a major competitor to more traditional lenders and creditors. Affirm's new round of funding, led by Founders Fund, could last the company a couple of years, possibly until it reaches profitability, Levchin, founder and CEO of Affirm, said Wednesday in an interview on CNBC's "Squawk Box." However, he didn't disclose how long that may take.

Affirm's series D round comes amid concerns that funding for Silicon Valley tech start-ups has begun to dry up.

"Before I started fundraising, I (got) the sense that the markets are really tough right now, and everybody was telling me how I should be prepared for a down round, a flat round is a blessing," Levchin told CNBC. "And we did not have a hard time raising money, mostly because we partnered up with people we already know and trust, so fundraising was both easy and pleasant."

Max Levchin Noah Berger | Bloomberg | Getty Images