Local buy now pay later platform Laybuy said it wants to continue to its international expansion and that new funds from Victory Park Capital will help to make it possible.
The alternative investment firm recently injected £80 million (NZ$155.5 million) into the BNPL business via a debt facility. VPC is based in the UK, where Laybuy launched last year through a partnership with the streetwear brand Foot Asylum.
In addition to the UK, Laybuy also operates in Australia.
The platform had more than 5,600 active merchants and over 470,000 active customers as at June 30, 2020, representing increases of around 50 per cent and around 110 per cent over the prior 12-month period, respectively.
“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.”
According to The Australian Financial Review‘s Street Talk column, Laybuy is in its second pre-IPO fundraising round and has an implied valuation of A$175-200 million. (NZ$188-215 million).