New Zealand company Laybuy listed today on the Australian Stock Exchange with an initial public offer (IPO) that raised A$80 million.

The IPO values the buy-now, pay-later (BNPL) business at A$246 million.

MD Gary Rohloff said the company has experienced rapid growth in New Zealand and is steadily expanding in Australia and the UK.

“The capital raised through this IPO provides Laybuy with the funding needed to increase our presence in the UK, continue driving a strong marketing strategy and grow our customer base and merchant partnerships,” he said.

“Laybuy has worked hard to establish a strong and recognisable brand in the UK since we first launched there in 2018, and this provides the company with a very solid platform to cement our place as the leading weekly-payment BNPL provider in that market.”

He added the company has plans to increase its market share in New Zealand and Australia as it builds new partnerships and pursues growth opportunities. Laybuy recently partnered with the financial service company, Mastercard in New Zealand. Rohloff said Laybuy helps consumers avoid falling into high-interest credit-card debt and helps families with budgeting through staggering payments without interest.

“Laybuy uses a unique, fully integrated payment platform that allows customers to buy goods, take them home and pay them off weekly with six equal payments. The real benefit of [it] is, unlike credit cards, our customers don’t pay interest, ever. At the same time, Laybuy provides retailers with a low-risk payment option that helps them gain new customers and grow sales,” he added.