Affirm closes PayBright acquisition
SAN FRANCISCO, California – Alternative financing company Affirm announced it has completed its acquisition of PayBright, a point-of-sale financing specialist that provides buy-now-pay-later services to a number of furniture, mattress and major appliance retailers in this country.
In a statement, Affirm – which is preparing to launch an initial public offering (IPO) in the near future – said the acquisition of the Toronto-based PayBright creates a payment solutions platform with expanded scale and reach, resulting in a larger, more diverse merchant and consumer network across the United States and Canada.
“We welcome the PayBright team to Affirm and look forward to leveraging our highly complementary merchant relationships and cultural values,” Affirm founder and chief executive officer Max Levchin said. “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.”
“The PayBright team is excited to join forces with Affirm and bring the best of both companies to merchants and consumers,” said PayBright president and CEO Wayne Pommen, who becomes Affirm senior vice president/Canada. “With this combination, we can take ‘buy now, pay later’ to a much larger scale in Canada across all retail channels.”
Based here, Affirm provides consumer financing to more than 6,500 merchants in the U.S. across a variety of product categories including home and lifestyle, travel, personal fitness, electronics, apparel and beauty, auto, and more.
PayBright offers consumers a variety of by installment, interest-free payment plans through such well- known Canadian retailers as Hudson’s Bay, Wayfair, Samsung, and Endy.
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