PayBright raises USD 34 mln in growth equity from goeasy

PayBright is a lending and payments startup that offers instant POS financing and installment payment plans for consumers and merchants. Its platform is focused on providing consumers with pay later solutions at online and brick-and-mortar retailers.

The USD 34 million investment from goeasy follows a late 2018 round of financing led by the Canadian Business Growth Fund, with participation from PayBright’s existing investors, including iA Financial Group. Combined, the two equity rounds total to USD 60 million. Paybright plans to use the financing to accelerate the expansion of its buy now, pay later solution for ecommerce and in-store purchases.

PayBright partners with retailers, allowing them to offer a fully integrated instant POS installment payment plan to consumers. Consumers can select PayBright as a payment method, which finalizes their purchases in a matter of seconds, while retailers receive their funds directly from PayBright the next business day. Consumers then pay for their purchases in installments over time. The installment plans range from four bi-weekly payments for smaller purchases up to 60 months for larger purchases. PayBright noted that the payment method comes with no credit or fraud risk.

As part of the investment, goeasy will acquire a minority equity stake in PayBright for an aggregate price of USD 34.3 million.

Earlier this year, PayBright announced that it had entered into a partnership with eBay Canada allowing for the first installment payment offering for Canadian eBay customers. PayBright also partners with a number of merchants, as well as POS providers, including Lightspeed.