- 18 November 2021 17:15
Payright achieves record GMV month in October
Buy now pay later (BNPL) provider, Payright Limited (ASX: PYR) achieved record monthly Gross Merchandise Value (GMV) of $11.3 million for October.
The BNPL provider which provides options intended for bigger ticket items that are more considered purchases rather than smaller impulse-driven buys, increased GMV 21% on the prior month and 64% on the prior corresponding period (pcp). It also eclipsed the previous biggest GMV monthly total of $9.4 million in September 2021 by $1.9 million.
Total customers reached 61,000 in October 2021, an increase of 57% on pcp. The company said the early benefits of COVID-related trading restrictions unwinding being seen, putting the Payright on track for a strong Q2 FY22.
Co-CEO Myles Redward said, “We are extremely pleased with the record monthly GMV achieved in October, breaking through the $10 million mark for the first time with a result of $11.3 million. This was up 21.3% on the prior month and continues the very strong momentum in the business which is being further assisted by the re-opening of retail trade in NSW, Victoria and the ACT. Our annualised GMV run rate is now tracking over $135 million, surpassing our internal expectations.”
Co-CEO, Piers Redward, said, “We have also continued to strengthen our portfolio of merchant partners during the month through an agreement with Builderscrack in New Zealand, a leading home improvement marketplace where homeowners can get repair and renovation projects completed by over 43,000 trusted professional tradespeople. We are seeing the early benefits of lockdown restrictions easing, particularly within the home improvement, health & wellbeing and retail verticals and have seen positive results from recent key strategic partnerships with O’Brien Group, Masport and Service Seeking.
“Payright is quickly becoming the go-to BNPL option for high-value purchases, which is positioning us for sustained growth through FY22 and beyond.”