Payright – Raised AUD 12m in a Series B funding round led by Escala Partners and investors including Adcock Private Equity and Alceon.
Payright is a leading buy now, pay later payment solution provider based in Australia. The company offers customers a flexible payment option for purchases, allowing them to pay for goods and services over time, without incurring high-interest charges. Payright partners with a wide range of businesses, from small retailers to large enterprises, to provide customers with a convenient payment option that makes purchases more accessible.
Payright offers a simple, user-friendly payment process that can be completed online or in-store. Customers can easily manage their payments through a mobile app, and have the option to tailor their payment plans to suit their budget and needs. This provides customers with greater control and flexibility over their finances.
Its innovative payment solution is designed to benefit both businesses and customers. Businesses that partner with Payright can increase their sales, improve cash flow, and reduce the risk of bad debt. Customers benefit from the ability to spread the cost of their purchases over time, without having to pay high-interest rates or incur credit card debt.
In summary, Payright is a leading buy now, pay later payment solution provider that offers a flexible payment option for purchases. By partnering with businesses of all sizes, Payright provides customers with a convenient payment option that makes purchases more accessible. Join Payright today and experience the future of payment solutions.
Competitors
There are several competitors of Payright which is a buy now, pay later payment solution provider. Here are a few examples:
Sunbit: Sunbit is a US-based point-of-sale financing provider that offers financing solutions for customers of various businesses. The company provides a simple application process and fast approvals, allowing customers to make purchases and pay them off over time.
Scalapay: Scalapay is a European-based buy now, pay later payment solution provider that allows customers to split the cost of purchases over time. The company partners with various businesses across Europe and provides a simple, user-friendly payment process.
Klarna: As mentioned earlier, Klarna is a Swedish-based buy now, pay later payment solution provider that operates in Europe and the US. The company offers customers a range of payment options, including pay later and installment plans.
Zilch: Zilch is a UK-based buy now, pay later payment solution provider that allows customers to spread the cost of purchases over time. The company partners with various businesses and provides a mobile app for managing payments and tracking spending.
Divido: Divido is a UK-based point-of-sale financing provider that offers financing solutions for various businesses. The company provides a simple, fast application process and partners with businesses across various industries.
in3: in3 is a UK-based buy now, pay later payment solution provider that allows customers to pay for purchases in three equal installments. The company partners with various businesses and provides a simple, user-friendly payment process.
Afterpay: As mentioned earlier, Afterpay is an Australian-based buy now, pay later payment solution provider that allows customers to make purchases and pay them off in installments without incurring interest fees.
Funding
Payright has raised a total of $116 million in funding to date which includes the following:
Debt Funding – March 2021, Payright secured a $55 million debt funding facility from a consortium of global investors, including Victory Park Capital, Kingfisher Capital, and Regal Funds Management.
Series B – October 2020, raised AUD 12 million to support Payright’s growth and expansion plans, including expanding into new industries and markets, developing new technology solutions, and increasing its workforce. Escala Partners, an Australian investment firm specializing in private wealth management and advisory services, participated in the funding round along with Alceon Group and Adcock Private Equity.
Debt Funding – March 2019, Payright secured a $20 million debt funding facility from a corporate advisory firm, Thorney Investment Group.
Series A – August 2018, Payright raised $12 million in a series A funding round led by Escala Partners, with participation from Regal Funds Management.
Seed Round – October 2016, Payright raised $2 million in seed funding from investors including Allectus Capital, and Regal Funds Management.
Founder
Myles Redward is the visionary entrepreneur and founder of Payright. With over a decade of experience in finance and business development, Myles identified a gap in the market for flexible payment solutions that would benefit both consumers and businesses. He believed that there had to be a better way for customers to finance their purchases without having to resort to high-interest credit cards or loans.
In 2016, Myles co-founded Payright with his business partner Piers Redward. Together, they set out to create a payment platform that would offer customers affordable, transparent, and convenient payment plans. Payright’s buy now, pay later solutions enable customers to spread the cost of their purchases over time, with no hidden fees or charges. This not only benefits consumers but also helps businesses increase sales and customer loyalty.
Under Myles’s leadership, Payright has grown rapidly and has become one of the leading providers of buy now, pay later solutions in Australia. The company has received over $116 million in funding, which has enabled it to expand its customer base across various industries, including retail, healthcare, home improvement, and automotive.
Myles’s passion for innovation and customer-centric solutions has been instrumental in driving Payright’s success. He has built a team of dedicated professionals who share his vision and are committed to providing the best payment solutions for customers and businesses alike. With Myles at the helm, Payright is poised for even greater success in the years to come.”
Investors
Payright has received funding from a range of investors, including venture capital firms, financial institutions, and companies from other industries. Here are some of the notable investors in Payright:
Escala Partners: An independent financial advisory firm based in Melbourne, Australia that provides strategic advice and capital-raising services to high-growth companies.
Alceon Group: Australian investment firm located in Sydney with a focus on retail, property, and hospitality sectors
Adcock Private Equity: Australian investment firm which is headquartered in Sydney has a focus on growth-oriented businesses
Regal Funds Management: An Australian-based investment manager located in Sydney, Australia that specializes in identifying and investing in companies with high growth potential.
Apex Capital Partners: A corporate advisory firm located in Sydney, Australia that provides capital raising, mergers and acquisitions, and strategic consulting services to clients in various industries.
Thorney Investment Group: A diversified investment firm located in Melbourne, Australia that invests in a wide range of asset classes, including equities, fixed income, property, and private equity.
Victory Park Capital Advisors: An investment firm located in Chicago, USA that specializes in providing debt and equity capital to companies in the financial services and technology sectors.
Kingfisher Capital: A private investment firm located in Sydney, Australia that focuses on growth-stage companies in the fintech, healthcare, and energy sectors.
Insights
Payright is an Australian fintech company that provides a “buy now, pay later” solution for businesses and consumers. The company was founded in 2016 and has since experienced rapid growth, expanding its services across various industries including home improvement, automotive, healthcare, and more.
Payright enables consumers to make purchases with a flexible payment plan, allowing them to pay for their purchases in installments over time, rather than upfront in full. The company also provides businesses with a streamlined payment solution, offering a user-friendly platform that integrates with their existing systems.
One of the unique features of Payright is its focus on providing finance solutions for higher-ticket items, which sets it apart from other “buy now, pay later” providers that primarily cater to smaller purchases. This makes Payright a popular choice for customers looking to finance larger purchases such as home renovations, dental procedures, and automotive repairs.
Payright has raised millions of dollars in funding from various investors and has received several accolades for its innovative services, including being named a finalist in the Fintech Business Awards in 2018 and 2019.
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Recruiting for tech positions can be a challenging task, much like playing a game of Tetris. It's all about finding the right fit for the job and ensuring that they don't disappear. With the ever-evolving tech industry, it's crucial to stay up-to-date with the latest trends and skills to attract top talent. As recruiters, we must be strategic in our approach and use innovative methods to engage with potential candidates. Let's continue to build strong teams and drive success in the tech industry. #TechRecruitment #Tetris #FindingTheRightFit #TopTalent #InnovativeApproach #StrongTeams #TechSuccess
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As a business owner or manager, building a great team is crucial to success. But how do you go about finding the right people? The key is to look for individuals who complement each other's strengths and weaknesses, just like the perfect sandwich. By bringing together a diverse group of individuals with different skill sets and perspectives, you can create a team that is greater than the sum of its parts. So, next time you're hiring or building a team, think about the ingredients that will make the perfect team sandwich. ;-)
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Did you know that a whopping 84% of candidates are more likely to interview for a job if the employer actively manages their employer brand? 📈✨
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