San Francisco-based Affirm has completed its acquisition of PayBright, a Toronto-based provider of installment payment plans for e-commerce and in-store purchases. The deal’s consideration was previously announced to be about C$340 million. PayBright was backed by Canadian Business Growth Fund, Goeasy, IA Financial Group and other investors.
SAN FRANCISCO–(BUSINESS WIRE)–Affirm, a more flexible and transparent alternative to credit cards, today announced it has completed its previously announced acquisition of PayBright, one of Canada’s leading buy-now-pay-later providers.
This combination creates a payment solutions platform with expanded scale and reach, resulting in a larger, more diverse merchant and consumer network across the United States and Canada.
“We welcome the PayBright team to Affirm and look forward to leveraging our highly complementary merchant relationships and cultural values,” said Max Levchin, CEO and founder of Affirm. “Together, we are well-positioned to provide even more consumers with increased control and flexibility in their purchasing decisions and to bring merchants more opportunities to accelerate their businesses.”
“The PayBright team is excited to join forces with Affirm and bring the best of both companies to merchants and consumers,” said Wayne Pommen, the President and CEO of PayBright, who becomes Senior Vice President, Canada as part of the Affirm organization. “With this combination, we can take Buy Now, Pay Later to a much larger scale in Canada across all retail channels.”
Affirm is purpose-built from the ground up to provide consumers and merchants with honest financial products and services that improve their lives. We are revolutionizing the financial industry to be more accountable and accessible while growing a network that is beneficial for consumers and merchants. Affirm provides more than 6.2 million U.S. and Canadian consumers a better alternative to traditional credit cards, giving them the flexibility to buy now and pay over time at virtually any store. Unlike payment options that have late fees, compounding interest and unexpected costs, Affirm shows customers up front exactly what they’ll pay — with no hidden fees and no surprises. Affirm partners with over 6,500 merchants in the U.S., helping them grow sales and access new consumers. Our merchants include brands like Walmart, Peloton, Oscar de la Renta, Audi, and Expedia, and span verticals including home and lifestyle, travel, personal fitness, electronics, apparel and beauty, auto, and more. Loans through Affirm are provided by these lending partners: affirm.com/lenders.
PayBright is one of Canada’s leading providers of installment payment plans for e-commerce and in-store purchases. Through partnerships with over 7,000 domestic and international retailers, PayBright allows Canadian consumers to buy now and pay later in a quick and easy experience. PayBright is fully integrated with leading retail partners including Hudson’s Bay, Oakley, SAIL, Steve Madden, eBay, Dynamite, SHEIN, Wayfair, Samsung, and Endy. PayBright’s installment plans range from four bi-weekly interest-free payments for smaller purchases, and up to 60 months for larger purchases. In 2017, PayBright powered Canada’s first-ever e-commerce installment payment transaction, and since then has grown its platform significantly. Unlike other installment payment options, PayBright does not require consumers to sign up for a credit card and does not charge hidden fees, retroactive interest, or revolving interest.