Canadian payments provider PayBright has secured $34m growth equity from goeasy, a financial services provider for non-prime consumers.
With the latest infusion, the equity raised by PayBright since the end of last year reaches $60m.
goeasy president and CEO Jason Mullins said: “We are excited about our strategic partnership and investment in PayBright, which will enhance their instant point-of-sale payment platform through the introduction of financing to more non-prime consumers. After a thorough review of the market, PayBright was an obvious partner.
“They have built an industry-leading platform, including the first integrated payment solution for e-commerce sales in Canada, and have been providing financing to customers of major brands such as Wayfair, Samsung, Casper, Endy, Peloton, Lenovo, Steve Madden, eBay and more.”
The two parties also struck an alliance. Under the agreement, goeasy’s consumer lending arm easyfinancial will serve as the primary provider of non-prime financing within PayBright’s POS payments platform.
The service will be available from this November.
PayBright president and CEO Wayne Pommen said: “This minority investment by goeasy provides us with additional growth capital to build our merchant and consumer network and to further invest in our technology platform and user experience.”
PayBright offers instant POS financing and installment payment plans.
The company has till date collaborated with more than 4,700 merchants across Canada.