Home ANTBITES (Media Releases) This Aussie fintech has raised a total of $55 million after a...

This Aussie fintech has raised a total of $55 million after a $27 million Series D round

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Piers Redward and Myles Redward, cofounders Payright

Innovative payment plan provider and Australian fintech Payright has completed a $27 million Series D fundraise through a mix of debt and equity, bringing its total capital raise efforts so far to over $55 million.

Led by corporate advisory firm Henslow in partnership with wealth manager Escala Partners, Payright’s most recent debt and equity raise was oversubscribed and included professional, sophisticated and institutional investors. 

Payright is in discussions to accelerate its growth profile and this latest capital raise will be used to fuel the company’s next phase of growth, expand operations and enter into new markets, and continued investment in technology.

What does this latest round of funding mean for the company?

Co-founder and joint CEO of Payright Myles Redward said the company has secured sophisticated funding to enable growth in the loan book and increase volume.

“We are grateful for the support received from our key strategic partners and investors who have all made a significant contribution to the emergence of Payright as a meaningful participant in the buy now pay later sector.

Payright has grown quite quickly in a short amount of time with a near-doubling of revenue quarter-on-quarter over the last 18 months and annualised volume now tracking at over $60M based on recent monthly run rate.

“Our team has expanded from three people to over 40, including a dedicated sales, technology and integration team, and operations and finance teams.”

Piers Redward, co-founder and joint CEO of Payright, said, “Payright has focused on growing the business development arm of the company and the next 12 months will be about scaling the business and looking at international expansion with the first move into the New Zealand region in the coming months.

“With merchant awareness and consumer confidence in alternative payments at an all-time high, Payright is well placed to capitalise on new merchant opportunities.

“There is a clear growth in the buy now, pay later space in the addressable market – the opportunity is close to $300 billion in retail alone, and only a very small portion of this is currently being serviced by other players in the market.”

Piers Redward and Myles Redward, founders and joint CEOs Payright

What prompted investors to offer more support to the fintech outfit?

Andrew Woodmore, Director at Henslow, said, ”The Payright team has done a great job delivering on the business plan, and this has attracted strong investor support for the company’s further growth. We are delighted to be supporting the company in this success.”

Dr. George Nassios – Product Solutions Group at Escala Partners, said, “Escala and its clients have been happy to support Payright on its growth journey by raising capital via equity and loan notes.

“The recent raising has been particularly well received with two institutions now on the register along with a number of Escala’s sophisticated client base.”

Paul Cowan, Executive Director at investment firm River Capital and Payright non-executive Director, said “I am full of admiration for the Redward brothers and their achievements in both attracting a committed and experienced team well versed in the buy now pay later sector, and generating substantial growth in the number of merchants and customers now utilising the Payright service.

“The Payright team is committed to building on its growing presence, and to providing a positive experience to its merchant partners, customers, staff and financial stakeholders.”

What exactly does Payright do?

Payright is an Australian payment plan provider developed for merchants to accelerate return-on-effort and for making things more affordable to consumers, by spreading the cost of purchases over time, without ever paying interest.

It provides merchants with access to a flexible buy now, pay later flexible payment programme to offer their customers, intended for bigger ticket items that are more considered purchases rather than smaller impulse-driven buys.

Payright is partner-led and has a consultative partnership approach with merchants. Aspects of the product and process are tailored to merchants, which ultimately benefits them, as well as their customers.

Merchants transactions are settled the same day, upfront and in full and Payright manages the customer’s repayment obligations, mitigating any risk for the merchant, improving their cash flow and helping to increase profit for their business.

In its first three years of lending, Payright has partnered with over 1,500 merchants with around 100 new merchants joining the platform every month and written 18,000 plans totalling approximately AU$45 million. Payright’s end customer base is around 20,000.

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