Emerging buy now pay later (BNPL) provider specialising in higher value, more considered purchases

Investment Highlights


Payright Ltd (ASX: PYR) specialises in providing merchants in Australia and New Zealand with both in‑store and online buy now pay later (BNPL) solutions for the benefit of their customers. The Company’s focus is on higher‑value and more considered purchases specialising in transactions between $1,000 and $20,000, with payment plans ranging between 2 months and 60 months. Both differentiating factors compared to lower value and more impulse‑driven transactions generally associated with other parts of the BNPL sector.

With a $287 billion addressable market, Payright has formed relationships with approximately 2,400 merchants and over 30,000 customers since commencement of operations. As of 30 June 2020, the Company had over $47 million of Gross Receivables.

Payright’s current portfolio mix consists of six core industry mixes of education, retail, photography, home improvement, health and beauty, and automotive. This is regularly monitored to balance key measures of industry performance and to manage Merchant industry concentration risk. Payright is also differentiated by having the majority of its loan volume being attributed to low risk customers, with approximately 73% of the loan book written to customers older than 35.

Payright has experienced significant growth across key operating and financial metrics for example, revenue increased strongly from FY18 through to FY20, with a compound annual growth rate of 414% for the period. The Company has delivered revenue growth from FY18 through to FY20 despite the onset of the COVID‑19 pandemic and the challenging economic conditions, focusing on top‑line sustainable growth through customer acquisition and expansion in merchant volume and diversification.

Key operating metrics


Offer Overview

Payright Ltd is looking to undertake an IPO on ASX to raise between $10 million and $20 million via the issue of between 8.3 million and 16.7 million shares at an offer price of $1.20 per share.  The company will have an indicative market capitalisation of $108.4 million at maximum subscription.  

The $10 million minimum offer size is fully underwritten by the Lead Manager, Bell Potter.

Industry Overview

Payright believes the BNPL industry in Australia and New Zealand has experienced strong growth since its emergence over the past decade. In recent years, the profile of BNPL services in Australia has increased significantly, with 12.3 million Australians (59% of the population) aware of a BNPL payment option in March 2020, compared to 36.9% in September 201814.

Payright believes the BNPL industry is in the growth stage of its life cycle with an increasing number of businesses offering BNPL services to attract shoppers. Conversely, a decline in demand for and use of credit cards is likely to increase the number of users using BNPL services

The value of the identified addressable market for Payright is estimated at approximately $287 billion, across its key sectors.  Payright targets merchants selling products online and instore across a rapidly BNPL growing market. The Australian retail market spend was approximately $335 billion in FY20, which has grown at a CAGR of 2.9% from FY16 to FY20.

Total consumer purchases, Australia (A$ billion)

Competitive Differentiation

Payright differentiates itself from many other BNPL offerings through the following features:

  • targeting transaction sizes over $1,000;
  • higher average transaction size supports a wider range of industry types and a more diversified merchant mix including higher price‑point retail, home improvement, health and beauty, photography and education;
  • flexible Customer repayment terms; and
  • rapid customer on‑boarding at the point of sale in‑store or online, including enhanced credit assessment and decisioning and ID verification.

Payright’s experience with Merchants that have partnered with another BNPL provider which targets smaller transaction sizes (less than $1,000) indicates that Merchants are responding positively to the greater transaction size coverage that is available with Payright, which translates to greater selling opportunities for such Merchants.

The higher average transaction size is a key point of difference for Payright, and represents a considerably less competitive end of the BNPL market. Higher average transaction sizes also lend themselves to a wider range of industry sectors and a more diversified Merchant mix. The Company regularly monitors the loan book and weighting towards its key Merchant sectors to balance all key measures of performance. The following table provides a breakdown of key metrics for FY2020.

Key measure of performance across the loan book in FY20

Business model

The Payright platform and application process allows Customers to make in‑store and online purchases and pay for those purchases over time – without paying any interest. Payright derives revenue from Merchant fees, and Customer fees and charges, based on a fee structure that is well understood by the market. Merchant fees are charged as a percentage of the residual purchase price (sale amount minus any deposit paid by the Customer), and can vary based on the loan term and amount. Customer fees include an establishment fee (new applicants only), repeat purchase fees, account keeping and payment processing fees. Interest does not apply to any transactions. Late fees are capped at the lower of 10% of the total credit amount or $250 and represent between 1% and 2% of total revenue earned by Payright.

Revenue Model

Payright derives revenue from Merchant fees and Customer fees and charges. Merchant fees are charged as a percentage of the residual purchase price (sale amount minus any deposit paid by the Customer) and can vary based on the loan term and amount. Customer fees include an establishment fee (new applicants only), repeat purchase fees, account keeping and payment processing fees.

Practical example of Payright’s Revenue Model

Payright Customer Hub

Payright’s commitment to innovation and enhancing the Customer experience led to the launch of the Payright Customer Hub in 2019, providing Customers with the ability to access their payment plans and manage repayments via an easy‑to‑use and helpful online portal.

Customers can also locate a participating merchant via Payright’s website. In addition to this when a Customer engages with a Payright Merchant (either in store or in home) they are typically informed about Payright as a method of payment. Marketing material may also be visible in selected stores.

Customers who use the Customer hub are able to access the functions set out in the image below.

Growth Strategy

Payright is committed to positioning itself as the ‘go to’ BNPL provider for ‘considered purchases’ over $1,000 in Australia and New Zealand. This strategy involves leveraging off the strength in Payright’s current sectors and its highly scalable platform.

Local Market AU/NZ Expansion

Payright believes it has a competitive advantage in funding transactions over $1,000 across its target market and specific industries.  Payright plans to leverage off this strength and capability in markets such as Health and Wellbeing, Education and Home Improvement to attract and win new merchants as well as increasing the number of Payright Customers shopping with existing Merchants.

Consumer Acquisition

Payright plans to complement its ‘Merchant first’ philosophy, with a Customer acquisition strategy through direct to consumer marketing campaigns in conjunction with marketing campaigns focusing on merchants. Payright will also encourage the use of repeat business by Customers through direct marketing to its existing Customer base.

Enhance technology capability

Payright is exploring opportunities to expand the functionality of its platform in order to create simple Customer onboarding and frictionless checkout. It is intended that this will be achieved with the deployment of the Payright App which will ensure Customers join and interact with Payright’s platform on their smart device. It is intended that this will attract a significant increase in Customers to the platform and will assist Payright in navigating into adjacent industry sectors.

Key Offer Statistics

Use of Funds

Board and Management

Myles Redward Co‑Founder & Joint Chief Executive Officer

Myles co‑founded the Payright business in 2015 and has since served as Director and Joint Chief Executive Officer. Myles has more than 15 years’ experience in credit and risk for major corporations including Moody’s, Bank of Ireland and GE Capital. At GE Capital, Myles led the corporate level planning and analysis function.

Piers Redward Co‑Founder & Joint Chief Executive Officer

Piers co‑founded the Payright business in 2015 and has served as Director since 2017 and Joint Chief Executive Officer. Piers has in excess of 15 years’ experience working in the retail finance industry across multiple products. He was previously Customer Service and Collections Manager within ANZ’s Esanda Finance business, National Sales Manager for FlexiGroup and Head of Sales and Distribution for Wingate Consumer Finance,

Paul Cowan Non‑Executive Director and Chair

Paul has served as Director of the Company since 2017, when the Company was very much in its infancy. During this time Paul has assisted the Company with the establishment of its current funding programs, the development of corporate growth strategies, and the introduction of key relationships to support the Company’s growth aspirations. Paul has almost 40 years’ experience in the financial services industry, and serves as Executive Director with the River Capital funds management group.

Adam Tutchener Chief Financial Officer

Adam has 10 years’ experience in accounting, financial analysis and commercial management, including in ASX‑listed environments. Adam has been a key member of finance teams at Aconex, Austock and Powerwrap and has a detailed understanding of budgeting and forecasting with experience across multiple industries.

Saara Mistry General Counsel & Chief Risk Officer

Saara has more than 18 years’ post‑qualified experience in legal, risk and compliance in consumer credit, banking and financial products and services and insurance. Specialising in consumer finance, privacy and wealth management, Saara has worked as in‑house senior legal counsel to Barclays Bank in the UK, HSBC in the Middle East and NAB and Liberty Financial in Australia.

Mark Evans Chief Technology Officer

Mark comes from a 30+ year career at ANZ Bank where he held a wide range of leadership roles across technology, large‑scale operations and business management. Relevant roles included Head of Technology for the ANZ Retail Bank, Head of Operations for ANZ Cards.


You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in Payright Ltd carries risk. As set out in Section 5 of the prospectus, Payright Ltd is subject to a range of risks, including but not limited to competitors and new technology offerings, regulatory compliance and change, information technology, liquidity and funding, ability to scale business and reliance on key management personnel and COVID related issues.



Section 734(6) disclosure: The issuer of the securities is Payright Ltd ACN 605 753 535. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).


Company Releases

Prospectus 11 Nov 2020

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