- Laybuy Group (LBY) is signing a new £30 million (A$55.3 million) debt facility with US specialist lenders Partners for Growth
- The buy now pay later business says it’s also increased its Kiwibank debt facility limit from NZ$20 million (A$19.2 million) to NZ$30 million (A$28.7 million)
- The fintech stock plans to use the increased debt facilities to help grow its UK, Australia and New Zealand loan books
- Laybuy ended September with 11,700 merchants, 889,000 active customers and a quarterly gross merchandise value of NZ$206 million (A$197.4 million)
- Company shares are trading up 8.25 per cent at 52.5 cents each
Laybuy Group (LBY) has signed a new £30 million (A$55.3 million) debt facility with US specialist lenders Partners for Growth.
The company released a wide-ranging funding update on Friday, revealing it also increased its Kiwibank debt facility.
The buy now pay later business explained the limit had moved from NZ$20 million (A$19.2 million) to NZ$30 million (A$28.7 million).
The fintech stock said it would use the increased debt facilities to help grow its UK, Australia and New Zealand loan books.
Managing Director Gary Rohloff said it would also enable the business to hit its gross merchandise value goals.
“Laybuy was pleased to confirm a new debt facility has been signed with Partners for Growth, a US-based specialist lending provider with a global reach,” Mr Rohloff said.
“This new debt facility will enable Laybuy to further accelerate growth in the UK market.
“Combined with the increased facility limit on the Kiwibank facility, Laybuy is in a strong
position to continue to deliver exceptional growth — with the ability to support GMV of up to NZ$2 billion (A$1.92 billion).”
Laybuy ended the September quarter with 11,700 merchants, a 57 per cent increase year on year, and 889,000 active customers — an 86 per cent rise on Q1 FY21.
The company’s quarterly gross merchandise value (GMV) for the quarter totalled NZ$206 million (A$197.4 million) while its annualised GMV hit NZ$825 million (A$790.4 million).
Laybuy Group shares were trading up 8.25 per cent at 52.5 cents each at 1:49 pm AEDT.