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Lending & Credit | Toronto, ON | Founded: 2009 | Employees: 11-50 |

PHONE: (877) 276-2780 | LINKEDIN PROFILE

Last updated January 14, 2019 | To download a PDF version, click here

Company Overview

PayBright is a Toronto-based fintech company that enables installment payments at the point of sale, both for e-commerce and in-store transactions. By offering consumers a fast and convenient option to pay with installments, they can get the product immediately and pay for it over time. PayBright will pay the funds to the merchant upfront and the monthly payments from the customer go directly to PayBright, which carries all the credit risk. Consumers can apply for a payment plan at any of PayBright’s ~4,000 merchant partners, either on an e-commerce site, or in-store. Thus, PayBright operates within B2B and B2C.[1]


Senior Management

Wayne Pommen: President and CEO (2015-Present). Previously: Associate/Vice President/Principal, TorQuest Partners (2009-2015); Consultant, Bain & Company (2006-2009). Education: Directors Education Program (2012-2013), University Of Toronto; PhD (2006), University Of Cambridge; BA (1998-2002), Harvard University.

Vassil Chalashkanov: Senior Vice President and Marketing & Business Development (2015-Present). Previously: Vice President – Business & Product Development, Flexiti Financial (2013-2015); Divisional Vice President - Retail Banking, Sears Canada (2011-2013). Education: MBA, General Management (2003-2005), Indiana University – Kelley School of Business; BA, Philosophy Political Science (1991-1995) Belmont Abbey College.

Finbarr Smith: Vice President and Finance (2016-Present). Previously: Vice President/Controller, Public Mobile (2008-2014); Controller - Central Canada, Bell Aliant (2006-2008). Education: Institute of Chartered Accountants in Ireland (1988-1991).

Alex Thomson: Vice President and Operation & Credit (2009-Present). Previously: Senior Credit Manager & Director of Credit Adjudication Canada, Citi (2001-2008); Credit Manager, Avco Financial Services (1987-2000). Education: Diploma, Business Administration (1987-1990), Georgian College.

Gurpreet Dhadda: Vice President and Technology (2015-Present). Previously: Software Developer, U Weight Loss Clinics (2012-2015); Tools Developer, BlackBerry (2011-2011). Education: MS, Computer Science (2010-2012), University Of Ottawa; B. Eng., Computer Science (2005-2009), Punjab Technical University.

David Jiang: Vice President Strategic Initiatives (2018-Present). Previously: Associate, Birch Hill Equity Partners (2015-2018); Consultant, Bain & Company (2012-2015). Education: HBA, Business Administration, Ivey School of Business, Western University (2009-2012).

Hailey Adams: Vice President People Operations (2019-Present). Previously: Director, People Operations, #paid (2018); People Operations Manager, Loopio (2016-2018); Head of People & Operational Excellence (2014-2016). Education: BA, Western University (2006-2010).


Founded as an affiliate of a healthcare clinic as Health Smart Financial Services in 2009.[2] The initial business provided payment methods for only healthcare products and services. With Pommen and other executives onboard, the business also expanded to retailers outside the healthcare sector. In January 2017, the brand PayBright was launched.[3] Later that year, PayBright became the first Canadian company to offer consumer financing on e-commerce platforms.[4]

[3] Phone correspondence with CEO, Wayne Pommen (Oct. 4th 2018)


PayBright’s institutional equity investors include the Canadian Business Growth Fund (CBGF) and iA Financial Group.[6] PayBright is a private company and the latest equity funding round took place in November 2018. For funding of consumer receivables, PayBright uses a hybrid lending on- and off-balance sheet model. Its main lender is CWB Financial Group, a Schedule I Canadian bank.[7]


Key Corporate Developments

Nov 27, 2017: PayBright launches a new way for Canadians to pay for online purchases, closing a gap with the U.S. and Europe
Apr 24, 2018: PayBright announces the first e-commerce financing integration for Salesforce Commerce Cloud in Canada


Business Highlights


PayBright uses technology to make point-of-sale financing more flexible and easier, both for retailers and consumers. By partnering with in-store and online retailers, PayBright can reach large numbers of end consumers. The benefit for retailers is increased sales through enhanced product affordability, increased conversion rates, higher average order values, and increased customer loyalty. The majority of PayBright’s installment plans are at 0% interest to the customer, where the cost of the program is borne by the merchant as a promotion. PayBright also offers interest-based financing options, resulting in a monthly interest expense for consumers.[8]



PayBright does not charge customers penalty interest, hidden fees, or prepayment penalties, nor do they ask customers to sign up for credit cards. This transparent process is critical for both merchant and consumer adoption. If a merchant uses PayBright’s payment plans, it can either choose a free payment plan that will charge customers interest rates (starting from 7.95%), or a promotional option with a 0% interest rate for customers. Loans terms can be as short as 6 weeks and as long as 60 months, depending on the merchants’ average order values and the financing strategy chosen.

Consumers apply for a payment plan in the final checkout process in an e-commerce site, in-store, or online on PayBright’s website. The applicable loan terms may vary with a consumer’s personal credit profile, the transaction amount, and the financing plans offered by a given merchant. As an example, a $1,200 purchase at 0% APR over 12 months results in a monthly payment of $100. A $1,200 purchase at 7.95% APR over 24 months results in a monthly payment of $54.


PayBright’s technology allows instant credit approval, instant credit fraud detection and instant delivery of loan documents. It is a fully automated loan process using object-oriented programming and AI fraud detection. The process typically takes 60-90 seconds.[9]

[9] Phone correspondence with CEO, Wayne Pommen (Oct 4th 2018)


PayBright has partnered with over 4,000 merchants all over Canada and is fully integrated with well-known e-commerce platforms such as Shopify, Magento, IBM Websphere, SAP Hybris, Salesforce Commerce Cloud, and many more.[11] Through this network, PayBright can reach customers both directly but also through merchants. PayBright is fully integrated with major e-commerce retailers, such as Wayfair, to simplify user experience, order processing, refunds, financial reporting and reconciliation.



PayBright provides its products mainly through merchants. This reduces the costs associated with B2C marketing. However, still being a B2C actor, the company does put effort into marketing, especially online advertisement and engagement of existing customers.



PayBright was the first Canadian e-commerce player in the POS lending industry. Direct competitors are international firms such as Swedish Klarna and Australian AfterPay. There are few direct domestic competitors, however one partial competitor is:

  • Flexiti Financial - (Toronto, ON) FlexitiFinancial targets merchant customers by offering them payment solutions on private labeled credit cards. Consumers can apply for credit and be approved within minutes, both online and in-store.

Corporate Profile Created By: Ebba Sjöstrand, Ivey HBA
Ebba Sjöstrand

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