The transaction expands Affirm’s presence in Canada, enabling the company to serve more merchants and consumers
Affirm, a more flexible and transparent alternative to credit cards, announced today that 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 greater scale and reach, resulting in a broader and more diverse network of consumers and merchants in the United States and Canada.
“We welcome the PayBright team to Affirm and look forward to leveraging our highly complementary business relationships and cultural values,” said Max Levchin, CEO and founder of Affirm. “Together, we are well positioned to give more consumers greater control and flexibility in their purchasing decisions and provide merchants with more opportunities to accelerate their business.”
“The PayBright team is excited to join forces with Affirm and bring the best of both companies to merchants and consumers,” said Wayne Pommen, President and CEO of PayBright, who becomes Senior Vice President of Canada as part of the Affirm organization. . “With this combination, we are able to bring Buy Now Pay Later on a much larger scale in Canada across all retail channels.”
Affirm was created especially to provide honest financial products and services that improve their lives for consumers and merchants. We are revolutionizing the financial industry to be more accountable and accessible while developing a network that is beneficial to consumers and merchants. Affirm offers more than 6.2 million US 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, compound interest, and unexpected costs, Affirm shows customers exactly what they will pay in advance, with no hidden fees or surprises. Affirm partners with more than 6,500 merchants in the US, helping them increase sales and access new consumers. Our merchants include brands such as Walmart, Peloton, Oscar de la Renta, Audi, and Expedia, and span verticals including home and lifestyle, travel, personal fitness, electronics, apparel and beauty, automobiles, and more. Loans through Affirm are provided by these lending partners: Afirm.com/lenders.
PayBright is one of Canada’s leading providers of installment payment plans for e-commerce and in-store purchases. Through partnerships with more than 7,000 national and international retailers, PayBright enables 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 installment payment plans range from four interest-free biweekly payments for smaller purchases and up to 60 months for larger purchases. In 2017, PayBright powered Canada’s first e-commerce installment payment transaction and since then its platform has grown 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.
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