PayBright, a Toronto, Canada-based fintech company, received a $34m equity investment from goeasy.
The transaction adds to a recent financing led by the Canadian Business Growth Fund with participation from existing investors, including iA Financial Group.
The total equity raised in the two transactions totals $60m.
Led by Wayne Pommen, President & CEO, PayBright partners with retailers to allow them to offer an integrated instant point-of-sale installment payment plan solution to consumers in both e-commerce and in-store environments.
After selecting PayBright as a payment method, shoppers can finalize their purchases in seconds. Retailers receive their funds directly from PayBright the next business day with no credit or fraud risk. Consumers then pay for their purchases in installments over time, with interest rates as low as 0%.
The company has a network of over 4,700 merchant partners across Canada and has approved over $1 billion in credit for over 250,000 Canadians.
Retailer and brand partners include Wayfair, Samsung, eBay, Peloton, Lenovo, Endy, Casper, Alternative Airlines, and Steve Madden.
The company and goeasy also announced a partnership in which goeasy’s consumer lending division, easyfinancial, will become the primary provider of non-prime financing within PayBright’s point-of-sale payments platform.