Innovation is GREAT - Australia & New Zealand

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New Zealand payment platform scales global presence with UK launch

Country: New Zealand

An innovative New Zealand-based ‘buy now, pay later’ service has boosted its global growth by establishing a foothold in the UK.

Founded in May 2017 by father-and-son duo Gary and Alex Rohloff in New Zealand, Laybuy partners with retailers to enable customers to spread the cost of purchases across weekly interest-free payments, paying just a sixth of the cost upfront.

The business has emerged as one of Australasia’s biggest success stories in the retail and digital sectors. Since launching in New Zealand two years ago, it has forged partnerships with over 4,000 online and physical stores and served over 500,000 customers.

With the aim of building a global brand, the founders chose to relocate to the UK from New Zealand as part of a team of twelve to enable them to expand into the Western market.

Another example of how the UK brings innovation to life

As a hotbed of innovation, the UK fintech sector has attracted more than £4.5bn in investment over three years and boasts a highly-skilled talent pool, employing over 75,000 people. With UK fintech firms generating £7billion in revenue annually, the move has offered Laybuy an ideal platform to extend its global reach.

Since launching in the UK in October 2018, Laybuy is growing rapidly and has already partnered with UK retailers, including leading footwear retailer, Footasylum, and fashion brand, ALEXACHUNG

After recently engaging the support of the UK’s Department of International Trade (DIT), Laybuy is set to build on its early success. Through introductions and access to major British retailers, the business will be provided with valuable opportunities to build further partnerships and expand its customer base.

Commenting on the expansion opportunities the UK offers to overseas companies, CEO Gary Rohloff said: “The UK offers world-leading retail, technology and financial services sectors and a sophisticated customer base – providing disruptive businesses like Laybuy with access to a wealth of opportunities.”

“It also boasts an impressive pool of technical and entrepreneurial talent, and progressive, open-minded regulators. These are all key ingredients for creating a thriving start-up ecosystem, which we are very proud to now be part of”.

“We’re now also well-placed geographically for future global expansion, with the UK serving as a gateway to both Europe and the US.”

To broaden Laybuy’s reach and open up new opportunities in the UK market, DIT is working closely with the business to facilitate introductions to its valuable network of contacts.

“We have every confidence that support from DIT will enable us to roll out quickly and gain the confidence of consumers and retailers in the lucrative UK market and beyond, by providing us with valuable access to key retailers and decision-makers.”

The UK Government’s Department for International Trade (DIT) helps connect international buyers with UK goods and services to meet their needs, supports overseas companies to locate and grow in the UK, drives both inward and outward investment, negotiates market access and trade deals, and champions free trade.