Victory Park Capital provided an £80 million ($103.77 million) debt facility to Laybuy, a New Zealand buy now, pay later service partnering with more than 4,500 retail merchants. Laybuy will use the funding to expand in the UK.
“Laybuy has grown exponentially since we launched three years ago and we would not be able to continue to scale without our investors’ support and confidence in our vision,” Gary Rohloff, co-founder and CEO of Laybuy, said. “In addition to increasing our customer base in our established geographies and sectors, our expansion in the UK is a critical component of our growth strategy and VPC’s backing will enable us to strengthen our position in the market.”
Laybuy enables shoppers to pay for in-store and online purchases over six weekly payments, interest-free. Founded in New Zealand in 2017, Laybuy expanded to Australia a year later. In 2019, Laybuy officially launched in the UK market with streetwear brand retailer Foot Asylum.
“Buy now, pay later services have seen incredible rates of adoption globally. With the accelerated adoption of digital commerce, Laybuy is well-positioned to capture future growth opportunities,” Jason Brown, partner at Victory Park Capital, said. “We look forward to partnering with the strong management team and seeing the platform become a regular part of the shopping experience.”
For the 12-month period ending June 30, 2020, Laybuy had more than 5,600 active merchants and more than 470,000 active customers on its platform, representing an increase of 50% and 110% over the prior 12-month period, respectively.
