Provides highly scalable new funding for PayBright's fast-growing consumer receivables
Committed securitization facility was arranged by a "Big Five" Canadian bank
TORONTO, June 2, 2020 /CNW/ - PayBright, Canada's leading provider of installment payments for consumer purchases at the point of sale, announced today that it has launched a highly scalable new securitization facility. The committed facility was arranged by one of Canada's "Big Five" banks and provides PayBright with substantial new funding capacity on a non-recourse basis.
As a Buy Now, Pay Later provider, PayBright has partnered with over 6,000 domestic and international merchants to offer Canadians flexible payment options for online and in-store purchases. By selecting PayBright at checkout, consumers can buy today and pay over time in bi-weekly or monthly installments. To date, the company has served hundreds of thousands of Canadians and has partnered with leading merchants including Samsung, Wayfair, Groupe Dynamite, Lenovo, boohoo, TaylorMade, eBay, Steve Madden, Endy, and The Source.
"The rapid growth of our merchant partnerships and consumer purchase volumes has led us to arrange larger amounts of cost-effective funding for our installment payment programs," said Wayne Pommen, President & CEO of PayBright. "We are pleased to launch this new committed securitization facility, which is scalable to fund hundreds of millions of dollars annually on top of the capacity of our existing facilities. This is great news for our current and future merchant partners as well as Canadian consumers who are using PayBright with greater frequency at checkout."
The new facility complements PayBright's existing warehouse and private securitization facilities provided by leading Canadian banks. The company also continues to expand these existing facilities in line with business growth. PayBright has seen particularly strong growth during COVID-19, as Canadian consumers have shifted their purchasing to digital channels.
PayBright was the first integrated installment payment solution for e-commerce, in-app, and in-store sales in Canada that does not require customers to sign up for a credit card. Unlike other pay-later payment methods, PayBright does not charge hidden fees, retroactive interest, or revolving interest charges.
About Paybright PayBright is Canada's leading provider of installment payment plans for e-commerce and in-store purchases. Through partnerships with over 6,000 domestic and international retailers, PayBright allows Canadian consumers to buy now and pay later in a quick and easy experience. PayBright is fully integrated with leading retail partners including Wayfair, eBay, Samsung, Endy, Lenovo, Steve Madden, Group Dynamite, and The Source. PayBright's installment plans range from 4 bi-weekly payments for smaller purchases up to 60 months for larger purchases, with interest rates as low as 0%. Headquartered in Toronto, PayBright has provided Canadians with over $2 billion in spending power since inception. For more information, visit www.paybright.com.
For further information: Arielle Loeb, Vice President, Marketing, PayBright, [email protected]