New Zealand buy-now-pay-later (BNPL) provider Laybuy has been recently acquired by Swedish fintech Klarna.
The AI-powered global payments network and shopping assistant announced the acquisition of Laybuy’s assets and intends to relaunch the BNPL service in the coming weeks.
“Laybuy established itself as a cherished brand in New Zealand, and we’re excited to build on those foundations to take Laybuy to new heights under the Klarna umbrella,” said Klarna chief commercial officer David Sykes.
More than half a million Kiwis have registered for a Laybuy account, with the service being accepted by over 10,000 merchants.
Klarna said it has 85 million active users worldwide and processes 2.5 million transactions daily. The company also boasts having more than 550,000 retailers worldwide, which include major brands such as Uber, AirBnB, Nike, Sephora, and H&M.
The company announced plans to start engaging with Laybuy customers to inform them about ongoing developments.
About Laybuy
Laybuy is among several buy now, pay later (BNPL) services that allow consumers to make purchases and pay for them in installments over a period of weeks, without incurring interest. The BNPL sector began gaining traction prior to the pandemic and includes prominent companies like Afterpay.
In June, Laybuy entered receivership. Founder Gary Rohloff expressed that the prolonged economic downturn had adversely affected the business more than what was expected.
The deal between Klarna and Laybuy is anticipated to revitalise Laybuy’s platform. The acquisition of Laybuy is seen as a strategic move for Klarna to bolster its operations in a competitive market while also addressing the needs of consumers who have relied on Laybuy’s services in New Zealand.