New Zealand-based Laybuy launches in UK

In a manner similar to Klarna, Laybuy offers consumers to spread the cost of purchases over six interest-free payments, with the first being made at the point of sale. Footasylum is a UK-based fashion retailer focusing on the branded footwear and apparel markets

Upon completing an Experian credit check, subject to their score, Footasylum shoppers are allocated a spending limit of between GBP 60 and GBP 720. Laybuy absorbs all credit risk on any transaction.

It says retailers partnering with Laybuy have seen an average increase in order value of 60%, an increase in online and in-store conversion rates of 50% and an increase in new customer acquisitions of 30%. Initially Laybuy will allow Footasylum customers to use its service at the retailer’s online store with in-store payment option launching in Footasylum’s 70 UK high street stores later this year.