LayBuy, a prominent Buy Now Pay Later (BNPL) firm operating in the UK, New Zealand, and Australia, has encountered severe financial difficulties, leading to the appointment of administrators. Despite having an estimated 500,000 users globally, with over half based in the UK, the company failed to secure additional investments, causing it to halt new transactions and disable its website. BNPL services like LayBuy offer consumers the ability to purchase products and pay in installments, a popular alternative to traditional credit cards due to its convenience and fewer fees. LayBuy, founded in 2017, provided interest-free payments over six weeks for e-commerce purchases, significantly benefiting online merchants and consumers alike. Existing users are still required to fulfill their payment obligations, though no new accounts or transactions are being processed. The appointment of administrators signals a critical juncture for LayBuy, aiming to manage its debts and sustain operations. The outcome for LayBuy remains uncertain; its future hinges on the administrators' forthcoming strategies and potential buyers.
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