Consumer finance provider Affirm has agreed to acquire Canada-based buy-now-pay-later service PayBright in a C$340m ($264m) deal that will enable consumer finance provider Goeasy to exit.
PayBright provides instalment payment plans for customers buying products online or in the brick-and-mortar stores of its 7,000 partner retailers, which include Oakley, eBay, Wayfair and Samsung.
Goeasy invested $25.5m in the company in September 2019, adding to an amount reported by Betakit to be approximately $19.5m, from growth capital provider Canadian Business Growth Fund and existing PayBright backers including wealth manager IA Financial Group, in late 2018.
Max Levchin, Affirm’s founder and chief executive, 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.”
Baker McKenzie and Norton Rose Fulbright were Affirm’s legal advisers for the transaction. PJ Solomon provided financial advice for PayBright while Borden Ladner Gervais was its legal adviser.
