PayBright Launches Securitization Facility
PayBright, a provider of installment payments for consumer purchases at the point-of-sale, has launched a highly scalable securitization facility. The committed facility was arranged by a major Canadian bank and provides PayBright with substantial extended funding capacity on a non-recourse basis. As a ‘Buy Now, Pay Later’ provider, PayBright has partnered with over 6,000 domestic and international merchants to offer Canadians flexible payment options for online and in-store purchases. At checkout, consumers can buy products and pay over time in bi-weekly or monthly installments. The new facility complements PayBright's existing warehouse and private securitization facilities provided by Canadian banks. The company also continues to expand these existing facilities in line with business growth. PayBright has seen particularly strong growth during COVID-19, as Canadian consumers have shifted their purchasing to digital channels.