Payright’s record quarter

Payright announced today that it surpassed guidance in all key metrics during the last quarter.

The company delivered a record gross merchandise value (GMV) of $26.1 million for the quarter, up 134 per cent on the prior year period (pcp).

Total customers were up by 58% on pcp to around 53,400, while total merchants signed up increased by 41% to 3,400.

Highlights from the quarter included the addition of new merchants to the platform — among them Masport, Service Seeking and home improvements company Stratco.

Payright is an emerging player in the BNPL space, and operates within the Australia-New Zealand market.

It targets higher value transactions, with an average transaction size on the Payright’s platform of around $3,000.

Payright says there is a growing need for a BNPL option on larger purchases.

According to its research, 55% of respondents wanted a BNPL option for purchases over $1,000, and 40% wanted a BNPL option for purchases between $2,000-$5,000.