On December 3, 2020, PayBright Inc., one of Canada's leading buy-now-pay-later providers, announced that it has entered into a definitive agreement to be acquired by Affirm, Inc. Affirm. Under the terms of the agreement, Affirm will acquire PayBright for a total cash and equity consideration of approximately C$340 million. U.S.-based Affirm provides more than 6.2 million U.S. and Canadian consumers a better alternative to traditional credit cards, giving them the flexibility to buy now and pay over time at virtually any store.
The combination of Affirm and PayBright unites two innovators with complementary merchant relationships and deeply aligned cultural values, and creates a payment solutions platform with expanded scale and reach. Together, Affirm and PayBright will have a larger and more diverse merchant network across the United States and Canada. Additionally, PayBright's first-mover advantage in Canada provides Affirm the opportunity to continue to expand.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
