Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.
  • 15 June 2021 19:02

Payright shares increase 7 per cent after positive market update

Shares in Payright Limited (ASX: PYR) increased more than seven percent today after the company provided a positive trading update and updated guidance on key metrics for the 2021 financial year.

Shares in Australian-based buy now pay later (BNPL) provider, Payright Limited (ASX: PYR), increased more than seven percent today after the company provided a positive trading update and updated guidance on key metrics for the 2021 financial year.

Payright, which specialises in transactions between $1,000 and $20,000, achieved Gross Merchandise Value (GMV) of $16.9 million for April and May, an increase of 135% on the prior corresponding period (FY20 Apr-May: $7.2 million).

The company expects total customers to grow to about 52,500 by 30 June 2021, up 55% on the figure to 30 Jun 2020 of 33,900.

Gross Receivables are expected to increase 45% to $68.2 million by 30 June 2021 (30 Jun 2020: $47.2 million) while total merchant stores should be up 41% to 3,400 by 30 June 2021 (30 Jun 2020: 2,415).

Co-CEO Myles Redward said, “We are extremely pleased to see the continued momentum in the Payright business across all key metrics. Our product has been developed for merchants to make their customer’s considered purchases more affordable, and we’re seeing an increasing demand for our product. We are on track for another record quarter of Gross Merchandise Value in Q4, after recording year on year GMV growth of 135 per cent across April and May, with customer numbers and merchant numbers all continuing to show very strong increases.”

Co-CEO Piers Redward, said, “The growth in customer numbers is particularly pleasing, and reflects the success of the national, multi-channel brand building campaign we have undertaken across five state capitals in Australia. We have expanded the functionality of our platform to facilitate rapid customer onboarding and frictionless checkout. We have also introduced the first of our direct-to-customer features, Bill Smoothing, which allows consumers to spread the cost of their utilities bills, council rates, vehicle registration, and car and home insurance premiums, up to $1,000 over a three-month term.

With our innovative user experience technology now implemented, a growing number of merchants and customers on the Payright platform, and an increasing receivables book, we are very well placed to continue our strong revenue growth into FY22 and beyond.”

Submit a media release