US-based buy now, pay later (BNPL) fintech firm Affirm has completed its previously announced acquisition of Canadian peer PayBright.
Last month, Affirm first agreed to acquire PayBright in a cash and equity deal worth nearly C$340m ($267m).
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Additional details of the acquisition were not divulged.
The combination of the two BNPL players has created a payment solutions platform with expanded merchant network in the US and Canada.
Founded in 2012, Affirm provides financial support to consumers without charging late fees for missed payments.
Its users can choose to pay bi-weekly and monthly on a per-transaction basis.
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By GlobalDataAffirm founder and CEO Max Levchin said: “We welcome the PayBright team to Affirm and look forward to leveraging our highly complementary merchant relationships and cultural values.
“Together, we are well-positioned to provide even more consumers with increased control and flexibility in their purchasing decisions and to bring merchants more opportunities to accelerate their businesses.”
PayBright enables users to choose from instalment options ranging from four bi-weekly interest-free payments for smaller purchases and up to 60 months for bigger purchases.
The firm has tie-ups with over 7,000 domestic and international retailers.
PayBright president and CEO Wayne Pommen has been appointed as Affirm Canada’s senior vice president.
Pommen said: “The PayBright team is excited to join forces with Affirm and bring the best of both companies to merchants and consumers.
“With this combination, we can take BNPL to a much larger scale in Canada across all retail channels.”
