- Affirm announced recently that it has entered into a definitive agreement to acquire PayBright for CAN$340 million. These are the details.
Affirm — a company that is known as being a more flexible and transparent alternative to credit cards — announced recently that it has entered into a definitive agreement to acquire PayBright, which is one of Canada’s leading buy-now-pay-later providers. And under the terms of the agreement, Affirm will acquire Toronto-based PayBright for a total cash and equity consideration of approximately CAN$340 million.
The combination of Affirm and PayBright connects two innovators with complementary merchant relationships and deeply aligned cultural values, and creates a payment solutions platform with expanded scale and reach. And together, Affirm and PayBright will have a larger and more diverse merchant network across the US and Canada. Plus PayBright’s first-mover advantage in Canada provides Affirm the opportunity to continue to expand.
Built upon the core principles of simplicity, transparency, and putting people first, Affirm is on a mission is to deliver honest financial products that improve lives. And since its founding in 2012, Affirm has charged $0 in late fees for missed payments. Affirm’s payment solution empowers consumers to select how they wish to pay, including biweekly and monthly payment options on a per-transaction basis.
The deal is expected to close in the first quarter of the calendar year 2021, subject to customary closing conditions.
KEY QUOTES:
“We are excited to combine with PayBright, creating the opportunity to expand our footprint across North America and scale our platform. PayBright shares Affirm’s goal of improving the payments experience for consumers and merchants alike, and PayBright’s base of merchants complements our own customer network. We look forward to welcoming their talented team to the Affirm family.”
— Max Levchin, CEO and founder of Affirm
“We built PayBright with the mission of making the everyday commerce experience simply better for Canadians. Partnering with Affirm gives us the opportunity to deliver on that promise on a much larger scale. Affirm’s network, focus on trust and transparency, and industry-leading technology make it the ideal partner for PayBright. As part of a larger, multinational organization, we can help even more merchants attract new customers and provide a greater number of consumers with more control and flexibility in their purchasing decisions. We are delighted to be joining forces with Affirm and taking Buy Now, Pay Later to the next level in Canada.”
— Wayne Pommen, President and CEO of PayBright
