Gary Rohloff (Right)/Laybuy.
Laybuy raises £22m for UK expansion
The Buy Now Pay Later challenger has also added more than 5,000 merchants to its platform.
Laybuy, a listed Australian Buy Now Pay Later challenger, has raised A$35m (£22m) from investors through a share placing.
The new cash, which came from institutional and sophisticated investors, will be used to accelerate its expansion plans in the UK.
Laybuy's managing director Gary Rohloff says Laybuy has already experienced strong growth in the UK following its launch two years ago. “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,” said Rohloff. Consumers, he says, have spent more than £151m through Laybuy in the past year, up 504 per cent on the prior year. Laybuy has also revealed new strategic partnerships with Rakuten, AWIN and Sovrn, providing access to more than 5,000 merchants in the UK including ASOS, Nike, Marks & Spencer, Amazon and eBay.
The business floated on the Australian stock exchange the ASX last summer, having delayed its original IPO plans owing to the coronavirus.