Payright strengthens team, primes for growth
- Written by Six O'Clock Advisory
Payright has backed its growth aspirations in the trans-Tasman buy now pay later (BNPL) market increasing company’s workforce by almost 70 percent since July.
As a specialist in higher value transactions, from $1000 and up to $20,000 for considered purchases such as lifestyle and home improvement products and services – Payright operates in a space otherwise underserviced by other buy now pay later (BNPL) providers.
The company has attracted 28 experienced professionals across sales, technology, operations, compliance and legal in the past three months.
The hiring drive also includes senior appointments, with former Bendon Group CEO, Paul Cherny joining as an advisor on corporate strategy, and Barry Stott becoming the first New Zealand-based employee in the role of National Sales Manager.
Payright co-CEO, Myles Redward said the team’s collective experience will be invaluable as the company assumes a distinct place within the BNPL sector.
“With a growing number of consumers adopting buy now pay later as a payment option for higher price-point purchases – in the same way that the market has embraced BNPL for smaller, impulse-based items – we expect to see continued business growth despite challenging market conditions.”
Since establishing in 2016, around 50,000 customers have purchased goods and services from more than 2500 merchants across a wide range of sectors including home improvement, health and beauty, retail, education and photography.
Payright co-CEO, Piers Redward, said the company knows customers expect to walk into a store or shop online and have access to BNPL as a payment option – and the team’s caliber and deep experience enables the company to innovate and deliver value for merchants and consumers.
“We’re seeing strong demand for BNPL in Australia, with 8% of people using it as a payment method, up from 3% one year ago. And, with a forecast to reach 17% of the market by 2023, it suggests a significant growth opportunity is still to come.”[1]
[1] WorldPay FIS 2020 Global Payments Report
