Klarna to resurrect BNPL fintech Laybuy in New Zealand following acquisition of assets
Swedish payments unicorn Klarna has acquired the assets of buy now, pay later (BNPL) fintech Laybuy in New Zealand and says it plans to “relaunch the service in the coming weeks”.
Klarna snaps up Laybuy’s New Zealand assets
Laybuy ceased operations in June this year, entering into a receivership after its search for a new buyer fell flat.
Speaking at the time, Gary Rohloff, co-founder and managing director of Laybuy, described the appointment of receivers as “gut wrenching”, adding that the company was “working hard to execute a plan to profitability, but this was impacted by a sharp deterioration in the retail environment”.
However, following the acquisition of its New Zealand assets, Klarna says Laybuy is now “set to make a reenergised return in New Zealand under Klarna”.
Launched in May 2017, Klarna says “half a million consumers in New Zealand have opened a Laybuy account, enabling them to shop at Laybuy’s 10,000+ merchants”.
It adds that it will now “begin to connect with Laybuy’s customers, informing them about what’s coming next for the payments provider”.
David Sykes, chief commercial officer (CCO) at Klarna, states that Laybuy “established itself as a cherished brand in New Zealand” and the Swedish firm is aiming to “build on those foundations to take Laybuy to new heights under the Klarna umbrella”.
Klarna’s acquisition of Laybuy’s New Zealand assets, the financial terms of which remain undisclosed, follows closely on the heels of the company’s June sale of its online checkout service, Klarna Checkout (KCO), to a consortium of investors for an estimated $515 million.
