Swedish fintech Klarna has acquired all of Buy Now, Pay Later (BNPL) competitor Laybuy’s assets.
Klarna confirmed the acquisition today whilst also announcing that it intends to relaunch the company in its native market of New Zealand in the coming weeks after Laybuy fell into bankruptcy in June.
The acquisition will see Klarna not only further its presence in the New Zealand market but also offer another BNPL firm in Laybuy through its extensive experience in the BNPL sector, offering enhanced payment flexibility and user experience.
David Sykes, Chief Commercial Officer at Klarna, said: “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.”
Laybuy has served customers and merchants with its no-interest, flexible payment options since its launch in 2017. Over half a million consumers in New Zealand have opened an account with the company to access over 10,000 Laybuy merchants.
The company however entered receivership as it could not find a buyer to acquire its assets following a period that saw it cut its staff base by a third in 2022, primarily due to the impacts of the economic downturn that same year.
From today (21 August), Klarna will begin to connect with Laybuy’s customers, informing them about what’s coming next for the payments provider.
