A fast-growing FinTech company based in Altrincham has bagged an additional £15 million in funding to support its growth plans.

PayBreak specialises in innovative digital point-of-sale finance through online retailers, allowing customers to spread the cost of payments on purchases through its afforditNOW online lending platform.

The firm, which has enjoyed extensive growth in recent years, uses advanced analytics, flexible finance solutions and technology to enable real-time lending decisions. Its clients include health and life insurance firm Vitality.

The financing was secured from specialist banking group Paragon.

"This additional support from Paragon will only help us go from strength to strength and achieve our plans to reach more clients," said managing director Julia Throop.

"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."

PayBreak raised £24.5 million of equity in June 2017.

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