REUTERS/Fred Greaves(Reuters) - Affirm Holdings Inc has agreed to buy Canadian buy-now-pay-later (BNPL) firm PayBright for C$340 million ($264 million), as the lending startup looks to expand outside the United States.
Unlike Affirm, PayBright is a more traditional BNPL company, which lets customers pay for anything from shoes to furniture in interest-free installments, typically over four bi-weekly payments.
Through the deal, Affirm could expand its merchant network with PayBright’s more than 7,000 retailers, which include Steve Madden and Samsung.
Affirm’s IPO filing showed that close to a third of its revenue in the September quarter came from just one merchant.
Affirm, whose major investors include Peter Thiel’s venture firm Founders Fund and Singapore’s sovereign wealth fund GIC, will be competing with Australia’s Afterpay, the largest-listed BNPL firm, and Minneapolis-based Sezzle.
Fred Greaves, PayBright, Max Levichin, Steve Madden, Peter Thiel’s, Australia’s Afterpay
REUTERS, Reuters, Inc, PayPal Holdings ’, Samsung, Fund
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