UK Fintech firm PayBreak has secured an additional £15m of funding with specialist banking group Paragon as part of its growth plans.
PayBreak, based in Altrincham, specialises in innovative digital point of sale finance through online retailers, allowing customers to spread the cost of payments on purchases through its afforditNOW online lending platform.
To expand its lending capacity, PayBreak has worked closely with the Structured Lending team at Paragon, which provides senior secured funding to help other UK-based, non-bank lenders grow their activities.
Using extensive experience in banking, payments, and e-commerce, PayBreak has seen extensive growth in recent years as it uses advanced analytics, flexible finance solutions and technology to enable real-time lending decisions to retailers at the point of sale along with individual customers. Its 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 said: “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.”
Paragon’s Structured Lending team is one of the banking group’s newest divisions, created in October last year. This latest funding follows soon after its first high profile deal with SME lender Liberis, which was part of an overall £57.5m funding package to support UK small businesses and protect an estimated 100,000 jobs by 2020.