Affirm Agrees to Buy Canada’s PayBright for $264 Million

(Bloomberg) -- Affirm Holdings Inc., a provider of installment loans to online shoppers, agreed to acquire Canada’s PayBright for C$340 million ($264 million) in cash and stock.

Together, the companies will have a larger, more diverse network of merchants in the U.S. and Canada, according to a statement Thursday.

“PayBright shares Affirm’s goal of improving the payments experience for consumers and merchants alike, and PayBright’s base of merchants complements our own customer network,” Affirm Chief Executive Officer Max Levchin said in the statement.

San Francisco-based Affirm filed last month for an initial public offering, joining a wave of consumer technology companies expected to list by the end of the year.

Affirm works with merchants including Walmart Inc. and Peloton Interactive Inc. to let shoppers buy products on credit and pay for them at annual interest rates of 0% to 30%, according to its website.

The transaction is scheduled to close in the first quarter of 2021.

©2020 Bloomberg L.P.