Laybuy, a New Zealand-founded buy now, pay later (BNPL) firm, has raised AUD 35 million ($27 million) in an effort to speed up its UK growth. The start-up last raised debt financing in late July 2020. The round includes is made up of a share purchase plan to existing eligible shareholders in Australia and New Zealand. It will take place in two tranches, the second to be held in June 2021. At AUD 0.50 per share, the first tranche will raise AUD 13.1 million, with the second raising a greater AUD 21.9 million. Why the UK? The start-up last raised £80 million of debt financing in late July 2020, led by Victory Park Capital. Its latest funds will underpin the firm’s technology, marketing, and new hires – with a focus on the UK market. “The opportunity in the UK market should not be underestimated,” says managing director, Gary Rohloff. “The UK has a retail market approximately 2.2 times larger than the Australian market in terms of overall spending,” he continues. Australia is often seen as the birthplace for BNPL giants. Last year, Aussie-founded Afterpay experienced 292.78% growth, achieving a $34.29 billion capitalisation. “[The UK] is also a market where a higher proportion of retail spending is online, and where BNPL is still in early stages of adoption,” Rohloff adds. Access to 5,000 new merchants Laybuy, which launched in the UK market in late 2019, says it’s on track to hit a gross merchandise value (GMV) of NZ 1 million ($718…
BNPL Laybuy raises m for UK growth drive
BNPL Laybuy raises $27m for UK growth drive
