Payright, an Australian payment provider plan, has raised over $30 million dollars in funding as it aims to reach its goal of international expansion and the deployment of a custom digital platform.
Over $26.5 million of the total has been raised in the past 12 months, led by corporate advisory firm Henslow in partnership with wealth manager Escala Partners, and underscores a booming local market.
Myles Redward said, “In the last 12 months we have experienced significant growth and we expect that growth to continue. We’re targeting $45 million in volume in FY19 and we are well on our way to achieving that goal. On a more strategic mid to long term horizon we are looking at $200 million in volume annually. PayRight currently has over 1,000 merchants on our books with around 200 new merchants joining the platform every month and we are excited to see what the future holds.”
In addition to this, Piers Redward, co-founder and joint CEO of PayRight, said, “My brother Myles and I saw a gap in the market and identified merchants with higher price point products and services were being underserviced. Putting our heads together and drawing on our finance backgrounds, we established PayRight to provide merchants the opportunity to offer their customers a payment option to accelerate the return-on-effort.
Mr. Redward further stressed that, “We are seeing an increasing societal trend for spreading the cost of purchases and living expenses - consumers are moving away from credit cards with high fees and embracing more cost effective services such as buy now, pay later. We have also conducted extensive research around consumer spending patterns and the trend towards buy now, pay later as a form of payment rather than traditional payment methods such as cash and credit cards is on the rise - we expect that trend will continue into the future.”
Payright founders are targeting a total of $45 million in loan volumes this 2019, and ultimately see the platform lending $200 million per year.
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