Altrincham Fintech firm secures £15m funding
Altrincham-based Fintech firm PayBreak has secured an additional £15m of funding with specialist banking group Paragon to fuel its growth plans.
PayBreak specialises in digital point of sale finance through online retailers, allowing customers to spread the cost of payments through its afforditNOW lending platform.
The firm, which has seen extensive growth in recent years, uses advanced analytics, flexible finance solutions and technology to enable real-time lending decisions at the point of sale. Clients include health and life insurance firm Vitality.
Julia Throop, Managing Director of PayBreak, said: “This additional support from Paragon will only help us go from strength to strength and achieve our plans to reach more clients.
“By using innovative ideas and technology, we have found a fresh and useful way to help retailers provide flexible finance to their customers and we want to tap into a growing demand for that.”
Lewis Fitzsimons, a Director in the Structured Lending team at Paragon, added: “Our aim at Paragon is to help UK non-bank lenders reach their potential, so we are delighted to support PayBreak with its continued significant growth.
“Paragon finances specialty lenders with excellent management teams and our relationship with PayBreak is a great example of how we are supporting this sector.”
The latest funding follows a deal with SME lender Liberis, which was part of an overall £57.5m funding package to support UK small businesses.