Klarna to resurrect BNPL fintech Laybuy in New Zealand following acquisition of assets

Klarna’s Acquisition: Swedish payments company Klarna has acquired the assets of the BNPL fintech Laybuy in New Zealand.
Laybuy’s Previous Struggles: Laybuy ceased operations in June 2023 after entering receivership due to a failed search for a new buyer, exacerbated by a downturn in the retail environment.
Relaunch Plans: Klarna plans to relaunch Laybuy’s services in New Zealand in the coming weeks, aiming to rejuvenate the brand under its management.
Laybuy’s Market Presence: Launched in 2017, Laybuy had half a million consumers in New Zealand and partnered with over 10,000 merchants.
Klarna’s Vision: Klarna’s CCO, David Sykes, expressed intentions to build on Laybuy’s established brand and elevate it under Klarna’s umbrella.
Financial Terms: The financial terms of the acquisition were not disclosed.
Klarna’s Recent Activities: This acquisition follows Klarna’s sale of its online checkout service, Klarna Checkout (KCO), to investors for an estimated $515 million in June 2023.