Affirm to acquire Canadian buy-now-pay-later provider PayBright for $264m

Affirm acquisition of PayBright : US based pay-over-time platform Affirm has agreed to acquire PayBright, a Canadian buy-now-pay-later provider for around CAD $340 million ($264 million) in a cash-cum-stock deal.

The acquisition follows the recent fundraising of $500 million by the California-based Affirm through a Series G round, led by Singaporean sovereign wealth fund GIC, and Durable Capital Partners.

PayBright offers installment payment plans for e-commerce and also in-store purchases. The Canadian fintech company is said to have partnerships with more than 7,000 domestic and global retailers.

Affirm, on the other hand, is said to offer US and Canadian consumers an alternative to traditional credit cards, by providing them the flexibility to buy now and pay over time at almost any store. The US fintech company partners with more than 6,500 merchants in the U.S.

The combination of Affirm and PayBright is expected to have a larger and more diverse merchant network in the US and Canada.

Affirm acquisition of PayBright. Image courtesy of Affirm, Inc.

Affirm CEO comments on Affirm acquisition of PayBright

Max Levchin – CEO and founder of Affirm, commenting on Affirm acquisition of PayBright, 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.”

The deal, which is subject to customary closing conditions, is anticipated to be wrapped up in the first quarter of calendar year 2021.

Commenting on Affirm acquisition of PayBright, Wayne Pommen – President and CEO of PayBright, said: “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.”