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.
  • 8 July 2021 09:13

Payright shares rise 5% on record quarter trading update

Buy now pay later (BNPL) provider, Payright Limited (ASX: PYR) shares rose 5 per cent after the company issued a trading update to the market outlining a record fourth quarter.

Buy now pay later (BNPL) provider, Payright Limited (ASX: PYR) shares rose 5 per cent after the company issued a trading update to the market outlining a record fourth quarter.

The result was led by a record quarterly Gross Merchandise Value (GMV) of $26.1 million, up 134% on the $11.2 million in FY20. The June GMV alone was a record monthly figure of $9.2 million.

A record 6000 new customers were added in the June quarter to take total customers at 30 June 2021 to about 53,400, up 58% on the prior corresponding period. Total merchant stores of 3,400 at 30 June 2021, was also up 41% on the 2,415 merchants of a year ago.

Co-CEO Piers Redward said, “ In what has been a record quarter for the business, we are pleased to have surpassed guidance in all key metrics, reiterating our ability to deliver on our growth strategy. We are experiencing an increased interest and awareness of Payright’s business offering as a result of our ongoing national marketing campaign, which is helping the company build its presence in Australia and New Zealand.

“Throughout the quarter, Payright has continued to invest in its technology, people and business development processes, driven by a number of exciting achievements including signing flagship partners Masport, Service Seeking and Stratco to the platform. These strategic partnerships allow us to expand our merchant footprint in key verticals such as the home improvement and outdoor leisure sectors, driving further growth across the business.”

Co-CEO, Myles Redward, said, “A key part of our growth strategy is our investment in new technologies and a commitment to continuously improving the overall user experience for our rapidly growing customer base. In the quarter, we added 308 new stores to the platform and welcomed a record ~6,000 new customers – further demonstrating the need for our technology to keep up with demand and support a frictionless customer onboarding process.

“We have successfully delivered on platform upgrades to our merchant dashboard, customer application and checkout processes in the quarter, with a healthy pipeline of new innovations, including our ‘Tap & go’ card technology, expected to be rolled out in the coming months. The continued growth in customer and merchant numbers provides us further validation of the need and demand for Payright’s targeted offering, and we remain very optimistic about Payright’s growth outlook.”

Submit a media release