Laybuy, a New Zealand-based BNPL provider, has gone into receivership due to financial pressures and economic challenges affecting its operations in New Zealand and Australia.

Laybuy stated that Laybuy Group Holdings Limited, Laybuy Holdings Limited, and Laybuy Australia Pty Limited were placed for receivership on 17 June and that its UK entities remain unaffected.

Analyst QuickTake: Leading up to Laybuy’s receivership, the company reported a 16% YoY decline in gross merchandise value for Q3 FY2023 . It has been struggling with raising capital and undertaking various cost minimization measures, including voluntarily delisting from the Australian Securities Exchange and laying off 10% of its employees in early 2023.