- Toronto-based PayBright launches innovative technical integration with global fintech unicorn Klarna
- International retailers can now quickly and easily offer PayBright's installment payment options to Canadian consumers, both in-store and online
- Partnership enhances PayBright's position as Canada's leading provider of installment payments for e-commerce purchases
- Highlights the capabilities of Canada's fintech companies and Toronto as a growing tech hub
TORONTO, March 5, 2019 /CNW/ - Toronto fintech firm PayBright today announced a partnership with Klarna, the world's largest 'pay later' company. Through an innovative technical integration between the two companies, more than 100,000 merchants around the world can now quickly and easily activate a powerful new payment option for their Canadian customers.
Founded in 2005 in Sweden, Klarna has emerged as one of the world's leading payments and consumer financing providers, working with over 100,000 merchants across 14 countries. In 2018, Klarna achieved 'unicorn' status, achieving a valuation of US$2.5 billion. Their partnership with PayBright puts the local Toronto fintech on the global tech map for online instant financing solutions.
PayBright partners with retailers to offer installment payment options at the point of sale in both e-commerce and in-store environments. After selecting PayBright as a payment method, customers can finalize their purchases in a matter of seconds. Merchants then receive their funds directly from PayBright the next business day with no credit risk, while customers pay for their purchases in affordable payments over time, with interest rates as low as 0%.
Merchants who have partnered with PayBright are seeing growth in customer traffic, increases in checkout conversion of 10-25% and average order values that are as much as 100% higher than orders paid for with other payment methods. Overall, offering installment payments drives significantly higher revenue per visitor, as well as higher customer satisfaction. The company has approved more than $600 million in consumer purchases since inception.
PayBright's partnership with Klarna also marks another triumph for the city of Toronto as it continues to cement its reputation as a key centre in the global tech scene. Just last summer, Bloomberg named Toronto as among the world's best tech hubs. Fintech has also emerged as one of Toronto's most vibrant tech sectors, drawing on the city's strength as a major international financial center.
"PayBright's growth over the last 24 months has been exciting," said Wayne Pommen, President and CEO of PayBright. "We're proud to be a part of the growth of the fintech ecosystem in Toronto and the growth in tech jobs being created."
PayBright has exploded across the Canadian market over the last two years as the first company in Canada to offer instant installment payments for e-commerce, building on its existing solution for in-store retailers. The company currently enables more than 4,000 Canadian retailers to offer point-of-sale installment payments, including merchants such as Wayfair, Casper and Endy.
"We are delighted to partner with Klarna, the global leader in providing 'pay later' solutions for merchants and consumers," Pommen continued. "As we've grown our business in Canada, we recognized the need for international retailers to have a seamless way of offering flexible payment options to consumers in multiple countries. Through our integration with Klarna, major retailers can now rapidly activate PayBright's installment payments for Canadian consumers."
"PayBright is a leading provider of e-commerce and in-store point-of-sale financing in Canada, working across multiple verticals from fashion and retail to travel and home," said Michael Rouse, Chief Commercial Officer of Klarna. "By building a relationship with a like-minded company, we can offer a comprehensive range of alternative payment options in this critical market to our entire global merchant base."
For more information, visit www.PayBright.com .
PayBright is a Canadian consumer lender and payments platform focused on instant point-of-sale financing for both e-commerce and in-store transactions. PayBright was the first company to launch instant financing for e-commerce purchases in Canada. Headquartered in Toronto, PayBright is partnered with over 4,000 merchants across all 10 provinces of Canada. Using PayBright's platform, merchants can have their customers approved for installment payment plans on-location or online using desktop, tablet, or smartphone interfaces. PayBright has approved over $600 million in consumer credit since inception and is funded by leading Canadian investors and financial institutions including the Canadian Business Growth Fund, iA Financial Group, and CWB Financial Group. For more information visit www.paybright.com.
It's all about smoooth (yes, with 3 ooo's). Klarna is Europe's leading payments provider and a newly-licensed bank, which wants to revolutionize the payment experience for shoppers and merchants alike. Founded in Stockholm, Sweden, in 2005, the fintech unicorn gives online consumers the option to pay now, pay later or over time - offering a trusted, frictionless and smoooth checkout experience. Klarna now works with 100,000 merchants to offer payment solutions to users across Europe and North America. Klarna has 2,000 employees and is active in 14 countries. www.klarna.com. @klarna.usa