Klarna has acquired the assets of defunct buy now, pay later firm Laybuy in New Zealand.
Laybuy entered receivership in June after failing to find a buyer for the ailing business.
Laybuy listed on the Australian stock exchange in 2020 and shares traded as high as A$2.30. It delisted last year after the share price had plumetted to A0.6 cents.
The firm was forced to cut its headcount by a third in July 2022 after failing to raise fresh capital and ditching plans to hive off its UK arm.
Klarna, which shrunk its headcount in the country from six to two people in between 2022 and 2023, says it will relaunch Laybuy in NZ in the coming weeks.
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.”
Launched in 2017, over half a million consumers in New Zealand have opened a Laybuy account, enabling them to shop at a network of 10,000+ merchants.
Laybuy last raised A$35 million in 2021 for a push into the UK market.
The UK based entities continue to trade and have not been placed in receivership.