Consumer lender PayBright today launched an instant consumer financing for online purchases feature in Canada, just in time for the holidays.
PayBright started out this new financing solution as a three-month pilot. Following a successful trial, PayBright said it has already approved over $5 million per month in credit for consumer shopping. The feature is the first of its kind in Canada, according to reports.
The fintech has already been a success in the Canadian market in its core business of providing financing solutions for in-person purchases at more than 2,500 merchants in the country. So far it has approved over $250 million in consumer credit.
Wayne Pommen, CEO of PayBright, said in Tuesday statement:
We’re delighted with the launch of our e-commerce solution, which fills a key gap in the Canadian marketplace. While instant financing for online shopping is available in the U.S. and other countries, Canadian retailers and consumers have not had access to it – until now. The results so far have exceeded our expectations and the feedback from merchants and consumers has been very positive.