UK Fintech firm PayBreak has secured funding for growth via £15m from Paragon.
PayBreak, based in Altrincham, specialises in digital point of sale finance through online retailers, allowing customers to spread the cost of payments on purchases through its afforditNOW online lending platform.
Its clients include health and life insurance firm Vitality.
To expand its lending capacity, PayBreak has worked with the structured lending team at Paragon, which provides senior secured funding to help other UK-based, non-bank lenders grow their activities.
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.”
Paragon’s structured lending team is one of the banking group’s newest divisions, created in October 2017.