Klarna acquires assets of Laybuy in New Zealand

Klarna has acquired the assets of Laybuy, a buy now, pay later firm in New Zealand that entered receivership in June. Laybuy, which listed on the Australian stock exchange in 2020 with shares once trading as high as A$2.30, was forced to cut its workforce by a third in July 2022 after failing to raise new capital. Klarna, which also downsized its headcount in New Zealand between 2022 and 2023, plans to relaunch Laybuy in the coming weeks. David Sykes, Klarna’s chief commercial officer, expressed excitement about building on Laybuy's established brand and expanding its reach under Klarna.

Launched in 2017, Laybuy has over half a million New Zealand consumers and a network of 10,000+ merchants. The UK-based entities of Laybuy continue to trade and have not been placed in receivership.

Source: Finextra