Payright
PayRight is an Australian financial technology company.[2][3] The company was founded in 2016 and is headquartered in Melbourne. It currently has around 1500 retail partners and 20,000 customers in Australia.
It has written over $45m (AUD) of loans between 2016 and 2019..[1] and is privately owned.
History[edit]
In 2016, the company was founded by brothers Myles and Piers Redman and is still privately owned.
In 2019, Payright raised $30m (AUD) through a Series D funding round[2]. $23m of this round is debt funding to expedite growth in Australia and New Zealand.[3]
Total funds raised exceed $55m [4].
In August 2019 Payright relaunched its website with new branding and also launched an e-commerce solution to encourage a stronger retailer base.
Business model[edit]
Payright is competing with Afterpay and Zip Co Limited in the online interest free credit market.
It's point of difference is a higher value loan offering, allowing customers to spend up to $20,000 at partner retailers[5].
It's competitors focus on short term repayment plans while Payright allows consumers to repay loans over longer periods of time (up to 36 months).
Payright is aiming to write $200m of loans per year [2] and makes revenue by charging retailers a commission on every transaction.
Revenue is also collected by charging establishment fees (from $60), monthly account fees ($3) and late fees ($50) to its customers[6]
Average transaction size is ~$2,500 and terms can vary from two months to 36 months.[7]
References[edit]
- https://www.afr.com/technology/afterpay-rival-payright-targets-larger-purchases-with-30m-funds-raised-20190310-h1c7bp
- https://www.crunchbase.com/organization/payright
- ↑ "Payright rebrands to 'Make Easy Happen' - AdNews". www.adnews.com.au. Retrieved 2019-09-11.
- ↑ 2.0 2.1 "Buy-now-pay-later startup PayRight raises $30 million for filling a gap left by Afterpay and Zip". SmartCompany. 2019-03-12. Retrieved 2019-09-11.
- ↑ Masige, Sharon (2019-07-30). "Australia's buy-now-pay-later sector continues to heat up as Sezzle lists on the ASX and Payright raises more than $55 million". Business Insider Australia. Retrieved 2019-12-17.
- ↑ "Payright hopes funding now pays off later". Payright. 2019-07-29. Retrieved 2019-09-11.
- ↑ "What is Payright and how does it compare to Afterpay?". mozo.com.au. Retrieved 2019-09-11.
- ↑ Horne, Bria (2019-08-08). "Payright buy now, pay later review - Fees & features | Finder". finder.com.au. Retrieved 2019-09-11.
- ↑ Writers, Staff (2019-11-15). "Payright Sets Its Sights on Global Expansion with First Leap into New Zealand". Which-50. Retrieved 2019-12-17.
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