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.
“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.”
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“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.
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