New Zealand-based BNPL player Laybuy released its Q3 FY2023 financial update. The key findings from the filing are listed below. 

Laybuy reported a gross merchandise value (GMV) of NZD 231 million (~USD 139 million) in Q3, a decline of 16% YoY, translating to an annualized GMV of NZD 924 million (~USD 557 million). The decline in GMV growth could be attributed to a decline in spend per active customer (GMV per active customer) in Australia and New Zealand (ANZ) to NZD 299 (~USD 180) from NZD 324 (~USD 195), and the decline in total active customers to 771,000 from 930,000 in the previous year. 

The UK GMV, which accounted for the bulk (~62%) of GMV in Q3, fell by 15% YoY to NZD 144 million (~USD 87 million), outmatched by the 18% YoY GMV decline in the ANZ market. UK operations reported 484,000 active customers (~63% of the total), a 20% YoY decline from last year. ANZ continued to lead in terms of active merchants with 10,100 (~72% of the total). 

Laybuy’s revenue fell by ~29% YoY බ්attributable to challenging macroeconomic conditions and return to normalcy from higher e-commerce activity due to lockdowns in the Auckland region in Q3 FY 2022. Laybuy recorded its lowest-ever default rate (1.74% of GMV in Q3 FY 2023 vs ~4.0% in Q3 FY 2022) driven by the UK market. The company reaffirmed that it was on track to achieve positive EBITDA by financial year end, with it terminating a number of sponsorship arrangements and investment decisions to ensure financial sustainability in the future. In January 2023 , Laybuy announced its decision to voluntarily delist from ASX.