Affirm to acquire PayBright, Canada’s leading BNPL provider for CAD $340 mn
By Pavithra R
Affirm, providing significant disruptive innovation to the financial industry, has announced entering into a definitive agreement to acquire PayBright, Canada’s leading buy-now-pay-later providers, for a total cash and equity consideration of approximately CAD $340 mn.
The acquisition unites two innovators with complementary merchant relationships and aligned cultural values, and creates a payment solutions platform with expanded reach and scale. Together, the companies will have a more extensive and diverse merchant network across the U.S. and Canada.
“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,” said Max Levchin, CEO and founder of Affirm.
Founded in 2009, PayBright’s mission has always been to make the everyday commerce experience simply better for Canadians. The firm has partnered with over 7,000 merchants across all 10 provinces in both English and French.
“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,” said Wayne Pommen, President and CEO of PayBright.
Founded in 2012, San Francisco-based Affirm offers a more transparent, flexible alternative to credit cards. Its mission is to deliver honest financial products that improve lives. The company operates as a financial lender of installment loans for consumers to use at the point of sale to finance a purchase.
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August 16, 2022
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