Laybuy closes pre-IPO round and announces Mastercard partnership

Buy now, pay later outfit Laybuy has closed its pre-IPO fundraising round, pulling in $15 million of fresh equity.

According to a report by Financial Review: “Laybuy's advisers are still working through allocations, which will be finalised within the fortnight. Then it will be full steam ahead to an Australian stock exchange (ASX)-listing, which is expected to see the company hit the boards with a $200 million market cap.”

Mastercard

Laybuy’s ANZ region customers can now use their accounts at any retailer that accepts Mastercard contactless technology. “The partnership will help support our growth globally and is also great for our merchants,” says Gary Rohloff, Co-founder and Managing Director at Laybuy.

“This product development suits the highly engaged, technologically driven Millennial customers seeking alternatives to traditional interest-bearing credit cards. It is beneficial for merchants as the contactless solution speeds up integration and in-store processing times significantly. It’s a win-win for all Laybuy users.”

WHSmith

Last week, we reported that WHSmith had teamed with Laybuy to offer its UK customers a buy now, pay later solution. The option is available on WHSmith.co.uk, allowing people to spread purchases over six weekly interest free instalments.

Hitting the UK

Last year, Laybuy launched in the UK in a partnership with Footasylum. The company started life in New Zealand and is majority owned by investment firm Pioneer Capital.