US-based pay-over-time platform firm Affirm has agreed to acquire Canada-based buy-now-pay-later provider PayBright, for a total consideration of around CAD$340m ($264m).
The combination of Affirm and PayBright’s businesses is expected to create a payment solutions platform with enhanced scale and reach.
The transaction is expected to enable Affirm and PayBright to have a larger and more diverse merchant network across the US and Canada.
Also, Affirm will benefit from the PayBright’s first-mover advantage in Canada, and gets the opportunity to continue to expand.
Affirm founder and CEO Max Levchin said: “We are excited to combine with PayBright, creating the opportunity to expand our footprint across North America and scale our platform.
“PayBright shares Affirm’s goal of improving the payments experience for consumers and merchants alike, and PayBright’s base of merchants complements our own customer network. We look forward to welcoming their talented team to the Affirm family.”
PayBright integrated with 7,000 retails partners
Established in 2012, Affirm is offering payment solutions that enable consumers to select how they wish to pay, such as biweekly and monthly payment options.
PayBright is a provider of instalment payment plans for e-commerce and in-store purchases in Canada, allowing consumers to buy now and pay later in a quick and easy experience.
The company is fully integrated with more than 7,000 domestic and international retail partners, including Hudson’s Bay, Oakley, SAIL, Steve Madden, eBay, Dynamite, SHEIN, Wayfair, Samsung, and Endy.
PayBright president and CEO Wayne Pommen said: “We built PayBright with the mission of making the everyday commerce experience simply better for Canadians. Partnering with Affirm gives us the opportunity to deliver on that promise on a much larger scale.
“Affirm’s network, focus on trust and transparency, and industry-leading technology make it the ideal partner for PayBright.
“As part of a larger, multinational organization, we can help even more merchants attract new customers and provide a greater number of consumers with more control and flexibility in their purchasing decisions. We are delighted to be joining forces with Affirm and taking Buy Now, Pay Later to the next level in Canada.”
