Henslow acted as lead advisor to PayRight (formerly Devizo) on their successful Series B Equity and Debt raising. This is the second equity and debt raising that Henslow has undertaken for PayRight and continues to support the company’s strong growth profile.
The equity funds raised will be used to expand business development and fulfil working capital requirements whilst deploying the debt funds to grow the loan book. The offer was oversubscribed and included a combination of existing shareholders along with a number of new sophisticated HNW investors.
PayRight is a point of sale, zero interest, payment plan provider that allows customers the flexibility to buy now and pay over time via customised payment plans. Founded just over 2 years ago, the company has experienced significant growth over the past 6 months driven by the implementation of an ‘industrial strength’ note (loan) program providing substantial balance sheet support. PayRight provides loans of between $1,000 – $5,000 and targets the ‘considered purchase’ health & beauty, retail and home improvement markets. PayRight is based in Melbourne and is privately owned.