Klarna has acquired the assets of the defunct buy now, pay later company Laybuy in New Zealand.
Laybuy entered receivership in June after failing to secure a buyer for its struggling business. The firm was listed on the Australian stock exchange in 2020, with shares reaching as high as A$2.30 before it delisted last year, when the share price fell dramatically to A0.6 cents.
In July 2022, Laybuy had to reduce its workforce by a third due to the inability to attract fresh capital and the decision to abandon plans to sell off its UK division.
Klarna, which reduced its own workforce in the country from six to two between 2022 and 2023, plans to relaunch Laybuy in New Zealand in the coming weeks. David Sykes, chief commercial officer at Klarna, commented, “Laybuy established itself as a cherished brand in New Zealand, and we’re excited to build on those foundations to take Laybuy to new heights under the Klarna umbrella. We have some truly exciting plans and can’t wait to begin sharing them with consumers and merchants.”
Launched in 2017, Laybuy has attracted over half a million consumers in New Zealand, allowing them to shop at a network of more than 10,000 merchants. The company last raised A$35 million in 2021 to expand into the UK market. Meanwhile, Laybuy’s UK-based entities continue to operate and have not been placed in receivership.