Payright sign finance partnership with O’Brien Group

30 September 2021

Media Release

Melbourne, Australia: Buy now pay later (BNPL) provider, Payright Limited (ASX: PYR) (‘Payright’ or ‘the Company’), has signed an agreement to be the primary finance partner of O’Brien Group’s Electrical & Plumbing division.

Key highlights include:

Payright to be primary finance partner with O’Brien Group’s Electrical & Plumbing division

Provides Payright with access to over 140 O’Brien Electrical & Plumbing Franchise Members

The O’Brien Electrical & Plumbing Franchise Members generated consolidated revenue exceeding $335 Million in FY21

O’Brien® is one of the most trusted brands in Australia, offering vehicle glass, glazing, electrical and plumbing services for Australian residential and commercial vehicles and properties. The Electrical & Plumbing division is growing rapidly, expanding to include over 140 Franchise Member locations in 2021 and is well positioned for further sustained growth. Their network of Electrical and Plumbing contracting business has held a strong revenue base throughout the pandemic, reflecting the trend of the reallocation of spending throughout the pandemic to home improvement and maintenance.

Co-CEO Piers Redward said, “The agreement with O’Brien Electrical & Plumbing offers many synergies with our product, giving customers another payment option that offers flexibility, and appropriate access to credit. The agreement is part of our strategy to actively pursue the home improvement sector, where there is a natural fit for our product which services higher value, considered purchases. The partnership with O’Brien Group will significantly increase our national presence and build upon our rapid growth in the sector.

Co-CEO Myles Redward added “Home improvement has seen rapid growth in our business, and shown strong resilience throughout the pandemic, seeing over 400% growth over the last 12 months. We have seen a growing trend in the reallocation of spending as Australians use built-up savings to focus on higher-value purchases in and around their home during lockdowns, and expect this trend to continue as more value is placed on the quality of living at home. This trend is also allowing Payright to gain traction where users are looking to break bills into more affordable, bite-size payments over a longer period of time.”

Ashley Clemmett, Head of Commercial & Systems at O’Brien Electrical & Plumbing said, “We’re excited to continue growing our supplier relationships with forward-thinking and innovative organisations like Payright. Buy-now-pay-later is quickly becoming a sought after payment solution in the Australian market, so we believe joining forces with Payright will provide our customers with greater financial flexibility and access to our electrical and plumbing services. We look forward to building a strong partnership and seeing both our Franchise Members and customers embrace Payright’s affordable payment solution.”

For further information, contact:

Myles Redward – myles.redward@payright.com.au

Piers Redward – piers.redward@payright.com.au

Media

Tristan Everett, Market Eye

P: +61 403 789 096

E: tristan.everett@marketeye.com.au

Investors

Eric Kuret, Market Eye

P: +61 417 311 335

E: eric.kuret@marketeye.com.au

About Payright

Payright is an Australian payment plan provider developed for merchants to accelerate return-on-effort and for making things more affordable to consumers, by spreading the cost of purchases over time. Payright provides merchants a buy-now, pay later flexible payment option to offer their customers, intended for bigger ticket items that are more considered purchases rather than smaller impulse-driven buys.

About O’Brien Electrical & Plumbing

O’Brien Electrical & Plumbing is a proud family of quality-focused trade service businesses in the electrical and plumbing industry. Their story began in 1983 as an electrical contracting business in New Zealand before branching out into the Australian market to become one of the largest electrical and plumbing contracting networks in Australia. O’Brien® acquired the electrical and plumbing network in 2018 to create an expanded service offering of expert solutions for customers. O’Brien Electrical & Plumbing now has over 140 locally owned and operated businesses nationwide committed to solving people’s problems with real care.