goeasy Ltd. Announces Strategic Partnership & Equity Investment in PayBright, Canada’s Leading Provider of Instant Point-of-Sale Financing
Through this new strategic partnership, goeasy’s consumer lending division, easyfinancial, will become the primary provider of non-prime financing within PayBright’s point-of-sale payments platform. Each year in
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. Each consumer purchase is paid for with a straightforward, easy-to-understand installment payment plan. Unlike other point-of-sale financing providers, PayBright and goeasy do not require consumers to sign up for a credit card and do not charge hidden fees, revolving interest, or retroactive interest for late payments. The easyfinancial non-prime offer will be rolled out on the PayBright platform beginning in November of this year.
In connection with the strategic partnership, goeasy will acquire a minority equity interest in PayBright for an aggregate price of
“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,” said
“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,” said
goeasy Ltd., is a Canadian company, headquartered in
goeasy Ltd.’s. common shares are listed on the TSX under the trading symbol “GSY” and goeasy’s convertible debentures are traded on the TSX under the trading symbol “GSY-DB”. goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody’s. Visit www.goeasy.com.
PayBright is a Canadian lending and payments platform focused on providing consumers with pay-later solutions at their favourite retailers, both online and in-store. By selecting PayBright as a payment method, consumers can spread the cost of purchases over time. PayBright’s installment plans range from 4 bi-weekly payments for smaller purchases up to 60 months for larger purchases, with interest rates as low as 0%. PayBright was the first company to launch instant financing for e-commerce purchases in
This press release includes forward-looking statements about goeasy and the proposed transactions described herein, including, but not limited to, its business operations, strategy, anticipated relationship with PayBright, expected benefits of the strategic partnership with and equity investment PayBright, expected integration with PayBright’s platform, and expected timing of closing. In certain cases, forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions, and/or can be identified by the use of words such as ‘expects’, ‘anticipates’, ‘intends’, ‘plans’, ‘believes’, ‘budgeted’, ‘estimates’, ‘forecasts’, ‘targets’ or negative versions thereof and similar expressions, and/or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved.
Forward-looking statements are based on certain factors and assumptions and are inherently subject to, among other things, risks, uncertainties and assumptions. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those expressed or implied by forward-looking statements made by the Company, due to, but not limited to, developments affecting Company’s and PayBright’s operations, economic factors and the industry generally, as well as those factors referred to in the Company’s most recent Annual Information Form and Management Discussion and Analysis, as available on www.sedar.com, in the section entitled “Risk Factors”.
The reader is cautioned to consider these, and other factors carefully and not place undue reliance on forward-looking statements, which may not be appropriate for other purposes. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.
President & Chief Executive Officer