The BNPL business said it would use the increased debt facilities to help grow its UK, Australia and New Zealand loan books
Laybuy Group has signed a new $41.33 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 (BNPL) business explained the limit had moved from NZ$20 million ($14.36 million) to NZ$30 million ($21.55 million).
The company said it would use the increased debt facilities to help grow its UK, Australia and New Zealand loan books.
Laybuy Group provides technology-driven payment platform both online and in store to customers in the UK, New Zealand, and Australia.
PFG is a private specialty lending firm that provides customized debt solutions to businesses, and delivers the capital necessary to enhance growth prospects.
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.
He said: 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 ($1.44 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 ($147.96 million) while its annualised GMV hit NZ$825 million ($592.54 million).