Fintech start-up PayBright raises $34m from goeasy
Canadian fintech PayBright has raised $34 million in growth equity from goeasy.
This comes after an earlier funding round in late 2018, bringing the pay-later solution provider’s equity total to $60 million.
Leading the earlier round was Canadian Business Growth Fund, with participation from existing investors such as iA Financial Group.
“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,” says PayBright CEO Wayne Pommen.
The ten-year-old company will give goeasy a minority equity stake for around $34.3 million and introduce the investor to a seat on its board of directors.
PayBright says it doesn’t require consumers to sign up for a credit card and it doesn’t charge revolving interest, hidden fees, or retroactive interest.
As “the first integrated payment solution for ecommerce sales in Canada”, goeasy’s CEO, Jason Mullins, praises its accomplished client base, including Samsung, Lenovo and eBay.
It offers a fully integrated instant point-of-sale installment payment plan to consumers, and retailers receive their payment directly from PayBright the next business day.