New Zealand-based buy now, pay later outfit Laybuy has successfully undertaken a capital raise for A$35m to further its push into the UK market.
The capital raise comes in the form of a private placement and will be used to invest further in technology, marketing and people.
Laybuy MD Gary Rohloff says: “The opportunity in the UK market should not be underestimated. The UK has a retail market approximately 2.2 times larger than the Australian market in terms of overall spending. It is also a market where a higher proportion of retail spending is online, and where BNPL is still in early stages of adoption."
He says that UK consumers spent more than £151 million through Laybuy in the past year, up 504% on prior year.
The new funding comes as Laybuy seals a number of strategic merchant partnerships with Rakuten, AWIN and Sovrn, which will give users access to over 5,000 merchants in the UK, including household brands Asos, Nike, Marks & Spencer, Amazon and eBay.