goeasy Ltd. (TSX: GSY), a provider of financial services for non-prime Canadians, announced earlier this week it has formed a new partnership and invested in PayBright, a Canadian fintech platform focused on instant point-of-sale consumer financing and installment payment plans.
goeasy reported that through the partnership its consumer lending division, easyfinancial, will become the primary provider of non-prime financing within PayBright’s point of sales payments platform. The company further explained:
“By partnering with PayBright, retailers provide their customers with additional spending power and experience increased sales through higher checkout conversion, increased average order value, and greater customer loyalty. By integrating goeasy’s non-prime installment loan product into the PayBright platform, the companies together now offer Canada’s leading instant point-of-sale payment solution that serves the entire credit spectrum of Canadian consumers in a single, seamless user experience.”
While sharing more details about the partnership, Jason Mullins, goeasy’s President and CEO, stated:
“Expanding our point-of-sale financing business, as part of the plan to develop our channels of distribution and make credit more accessible to non-prime customers, has been a key pillar of our strategy. We are excited about our strategic partnership and investment in PayBright, which will enhance their instant point-of-sale payment platform through the introduction of financing to more non-prime consumers. After a thorough review of the market, PayBright was an obvious partner.”
Wayne Pommen, PayBright’s President and CEO, added:
“Our partnership and technology integration with goeasy will maximize the number of Canadian consumers eligible for our payment plans and help our merchants drive sales through exceptional approval rates and increased conversion at checkout. goeasy has proven to be a leader in the non-prime lending market and is an ideal partner for our platform.”