AUCKLAND, New Zealand & CHICAGO--(BUSINESS WIRE)--Laybuy, a global leader in 'Buy Now, Pay Later' (BNPL) technology, announced today that it has secured a £80 million debt facility from Victory Park Capital (“VPC”), a leading global alternative investment firm. With plans for continued international expansion, the funding from VPC will fuel Laybuy’s growth in the UK.
“Laybuy has grown exponentially since we launched three years ago and we would not be able to continue to scale without our investors’ support and confidence in our vision,” said Gary Rohloff, co-founder and CEO of Laybuy. “In addition to increasing our customer base in our established geographies and sectors, our expansion in the UK is a critical component of our growth strategy and VPC’s backing will enable us to strengthen our position in the market.”
Fast-growing Laybuy enables shoppers to pay for in-store and online purchases over six weekly payments, interest-free. Founded in New Zealand in 2017, Laybuy experienced early success and expanded to Australia a year later. In 2019, Laybuy officially launched in the UK market with streetwear brand retailer Foot Asylum.
“Buy now, pay later services have seen incredible rates of adoption globally. With the accelerated adoption of digital commerce, Laybuy is well-positioned to capture future growth opportunities,” said Jason Brown, partner at VPC. “We look forward to partnering with the strong management team and seeing the platform become a regular part of the shopping experience.”
For the 12-month period ending June 30, 2020, Laybuy had more than 5,600 active merchants and over 470,000 active customers on its platform, representing an increase of ~50% and ~110% over the prior 12-month period, respectively.
Launched in 2017, Laybuy is New Zealand’s leading buy now, pay later service partnering with over 4,500 retail merchants across the country. Laybuy is also available in the UK and Australia. The unique, fully integrated payment platform is helping to revolutionise the way we spend. Laybuy is simple. Customers can shop now, receive their purchase straight away, and pay it off over six weekly payments without paying interest.
About Victory Park Capital
Victory Park Capital invests in emerging and established businesses across various industries in the U.S. and abroad, who are often unable to access traditional sources of capital. The firm’s differentiated offerings leverage an extensive network of industry relationships, disciplined deal origination, creative financing capabilities, broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional resources in New York, Los Angeles and San Francisco. VPC is privately held and a Registered Investment Advisor with the SEC. For more information, please visit www.victoryparkcapital.com.