Buy now, pay later company Affirm has completed the acquisition of fellow point-of-sale lending solution PayBright.
Canada-based PayBright offers buy now, pay later services. Consumers can choose to pay back loans in four biweekly payments or over monthly instalments ranging from six to 60 months.
By combining the two lending platforms, Affirm is hoping to expand its reach and scale to offer a deeper network for merchants and customers in the US and Canada.
Affirm CEO and founder Max Levchin said, “We welcome the PayBright team to Affirm and look forward to leveraging our highly complementary merchant relationships and cultural values.
“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.”
PayBright president and CEO Wayne Pommen said, “The PayBright team is excited to join forces with Affirm and bring the best of both companies to merchants and consumers. With this combination, we can take Buy Now, Pay Later to a much larger scale in Canada across all retail channels.”
Last year, Affirm closed its Series G round on $500m from a slew of investment firms, including GIC and Durable Capital Partners.
Reports in 2020 claimed the FinTech was exploring the notion of going public, after it held discussions with Goldman Sachs on the matter. It was claimed the FinTech could have attained a $10bn valuation if doing so.
The FinTech has raised a total of $1.3bn in funding.
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