Klarna buys assets of collapsed BNPL rival Laybuy and promises exciting relaunch for consumers and merchants

Klarna has acquired fellow buy now pay later specialist Laybuy’s assets in New Zealand, the birthplace of the FinTech firm, and plans to relaunch the service in the coming weeks.

Laybuy ceased operations in June.

The company, launched in 2017 and once boasted around 766,000 customers across the UK, Australia and New Zealand. It was placed into receivership after an emergency sale process failed to yield a buyer.

Laybuy founder Gary Rohloff said he was “heartbroken” by the move and pointed to the “economic downturn” and a subsequent squeeze on the retail sector as the reason his firm’s collapse.

David Sykes, Chief Commercial Officer at Klarna, says: “Laybuy established itself as a cherished brand in New Zealand and we're excited to build on those foundations to take Laybuy to new heights under the Klarna umbrella”

“We have some truly exciting plans and can’t wait to begin sharing them with consumers and merchants.”

2024 RTIH INNOVATION AWARDS

Payments is a key focus area for the sixth edition of the RTIH Innovation Awards, which is now open for entries.

The awards, sponsored by CADS, 3D Cloud, Retail Technology Show 2025, and Business France, celebrate global tech innovation in a fast moving omnichannel world.

It’s free to enter and you can do so across multiple categories.

Key 2024 dates

Friday, 25th October: Award entry deadline 

Tuesday, 29th October: 2024 shortlist revealed

30th October-6th November: Judging days

Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.