PayBright, a lending and payments provider in Canada, has collected $34m in growth equity financing.
The new capital was supplied by goeasy and adds to another recent financing which was led by Canadian Business Growth Fund and supported by iA Financial Group. Combined, the two rounds amount to $60m.
PayBright partners with retailers and supplies them with a fully integrated point-of-sale instalment payment plan solution to consumers in both e-commerce and in-store environments. When choosing PayBright, a consumer can pay for items over monthly instalments with interest rates as low as 0 per cent.
Capital from the rounds will be used to enhance its merchant and consumer network and boost investments into its technology.
PayBright president and CEO Wayne Pommen said, “We are also excited to integrate goeasy into our offering, creating Canada’s most powerful point-of-sale financing solution.
“Through the PayBright platform, goeasy will be able to instantly approve a large portion of consumers who might not otherwise have been approved by PayBright. This will enhance our overall approval rates for consumers and bring major benefits for our retailer partners. It’s also important to us that goeasy shares our approach to consumer finance. Both companies believe that transparent, fair, and easy-to-understand instalment plans are the best way for consumers to buy now and pay later.”
In addition to the funding, PayBright and goeasy revealed a new partnership which will see the goeasy consumer lending division become the primary provider of non-prime financing within the PayBright POS systems.
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