Laybuy is a New Zealand buy-now-pay-later fintech that offers interest-free, weekly instalment plans while customers receive purchased items immediately. The platform takes the credit risk for weekly payments and provides merchants with up-front payments for a small commission. Laybuy works with Experian to set responsible credit limits for customers. The company says UK consumers spent over £151 million via Laybuy in the last year, a 504% increase versus the prior year. Laybuy has secured merchant partnerships with Rakuten, AWIN and Sovrn, giving customers access to more than 5,000 UK merchants, reportedly including Asos, Nike, Marks & Spencer, Amazon and eBay, and previously partnered with WHSmith. Management plans to use new capital to enhance its technology stack, marketing and HR as it expands UK operations. Laybuy operates a fully integrated buy-now-pay-later platform that lets customers receive purchases immediately and repay over six weekly, interest-free instalments. The company was founded in New Zealand in 2017 and has expanded to Australia and the UK, launching in the UK in 2019 with retailer Foot Asylum. Laybuy reports strong merchant and customer growth: for the 12-month period ending June 30, 2020 it had more than 5,600 active merchants and over 470,000 active customers (≈+50% and ≈+110% year-over-year, respectively). The company also partners with thousands of retail merchants across New Zealand (the release cites over 4,500 retail merchants domestically). Management says it will use new capital to continue international expansion, with the UK identified as a critical component of its growth strategy. The platform focuses on in-store and online commerce and aims to become a regular part of the shopping experience as digital commerce adoption accelerates.

Total raised

$130M

Funding rounds

2

Latest round

Equity

Latest activity

May 2021