Affirm just added PayBright of Canada to its shopping cart. The BNPL (Buy Now Pay Later) market is red hot right now so adding more market share is not a bad idea, given PayBright’s large client base north of the border. The deal still leaves the BNPL space with many players, and it’s no surprise that some industry consolidation is happening. It seems Affirm’s Corporate Development has been working overtime as the company just announced its plans for an IPO (initial public offering).
The following excerpt from a CBC News article reports more on the topic:
Silicon Valley based payment company Affirm has agreed to acquire PayBright, one of the leading Canadian players in the growing “buy now, pay later” payment industry.
Affirm said in a press release Thursday that it has agreed to pay $340 million for PayBright, which is works with 7,000 retailers to give customers the option to pay for their purchases in instalments.
The installment payment business is growing rapidly around the world — especially among younger consumers — as an alternative to credit cards, because it allows them to pay for their purchases in staggered payments that come with either no interest, or far less than are charged by conventional payment means.
Toronto-based PayBright works with 7,000 retailers across Canada and around the world including Hudson’s Bay, Oakley, SAIL, Steve Madden, eBay, Dynamite, SHEIN, Wayfair, Samsung, and Endy.
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group