TORONTO — One of Canada's top buy now, pay later finance companies is being purchased by an American rival.
San Francisco-based Affirm says it has a reached a deal to buy Toronto's PayBright for $340 million.
Affirm and PayBright both allow consumers to buy products at big-name retailers through instalment payment plans and have focused largely on brands selling products at nominal price points.
Affirm says the deal will give the company a larger and more diverse merchant network and PayBright's presence in Canada will offer opportunities to continue to expand.
Affirm says the deal is expected to close in the first quarter of 2021 and is subject to customary closing conditions.
The deal comes days after Montreal-based artificial technology firm Element AI announced it will be purchased by Santa Clara, Calif.'s cloud-based workflow company ServiceNow.
This report by The Canadian Press was first published Nov. 3, 2020.
The Canadian Press