Affirm, a San Francisco, CA-based provider of transparent alternative solutions to credit cards, is to acquire PayBright, a Canadian buy-now-pay-later providers, for approximately CAD $340m.
The transaction is expected to close in the first quarter of calendar year 2021, subject to customary closing conditions.
The combination of Affirm and PayBright creates a payment solutions platform with expanded scale and reach. Together, the two companies will have a large and diverse merchant network across the United States and Canada.
Led by Wayne Pommen, President and CEO, PayBright is a provider of installment payment plans for e-commerce and in-store purchases. Through partnerships with over 7,000 domestic and international retailers, the company allows Canadian consumers to buy now and pay later in a quick experience. It is fully integrated with leading retail partners including Hudson’s Bay, Oakley, SAIL, Steve Madden, eBay, Dynamite, SHEIN, Wayfair, Samsung, and Endy. PayBright’s installment plans range from four bi-weekly interest-free payments for smaller purchases, and up to 60 months for larger purchases.
Led by Max Levchin, CEO and founder, Affirm provides U.S. and Canadian consumers an alternative to traditional credit cards, giving them the flexibility to buy now and pay over time at virtually any store. Unlike payment options that have late fees, compounding interest and unexpected costs, the company shows customers up front exactly what they’ll pay. Affirm partners with over 6,500 merchants in the U.S., including brands like Walmart, Peloton, Oscar de la Renta, Audi, and Expedia, and span verticals including home and lifestyle, travel, personal fitness, electronics, apparel and beauty, auto, and more.