Klarna rival Laybuy partners with Footasylum in UK launch
Klarna rival Laybuy, which offers a “buy now, pay later” service, has launched in the UK today in a partnership with shoe shop Footasylum.
Online Footasylum customers will be given the option to pay using Laybuy from today, and it will be rolled out in the brand’s 70 high street stores later this year.
Read more: Snoop Dogg fintech Klarna in £82m fundraising round
Laybuy, which was launched in New Zealand around two years ago, will ask customers to complete an Experian credit check before allocating shoppers a spending limit of between £60 to £720.
Shoppers will then be able to pay off the cost of their purchase over six weekly payments with no interest, and customers that fall behind on payments will have their accounts frozen immediately.
“We’re incredibly excited to be partnering with Footasylum to bring Laybuy to UK shoppers”, said Gary Rohloff, co-founder and managing director, Laybuy.
“The UK retail sector is experiencing unprecedented challenges as retailers attempt to navigate troubled waters.
Read more: Tech is the global high street’s white knight
“By providing retailers with a genuine alternative to discounts and promotions, Laybuy can not only help drive sales, but also significantly boost new customer acquisitions.”
Clare Nesbitt, Footasylum chief executive, said: “Laybuy’s track record speaks for itself and we’re delighted to be the first major UK retailer to offer it as a payment option.”