Sweden-based Klarna, a BNPL provider, has acquired the assets of Laybuy, a New Zealand-based BNPL provider, for an undisclosed sum. Klarna plans to relaunch the service in the coming weeks.

Through this acquisition, Klarna plans to relaunch the Laybuy brand in New Zealand and leverage its expertise and global presence to enhance payment flexibility for New Zealand consumers and merchants.

Klarna has over 85 million global users and partners with over 550,000 global merchants and notable brands including Uber, Airbnb, H&M, Sephora, Macy’s, and Nike. Laybuy has over 550,000 users in New Zealand and more than 10,000 merchant partners.

Analyst QuickTake: Laybuy went into receivership two months ago due to financial pressures and economic challenges affecting its operations in New Zealand and Australia. The company struggled to raise capital and undertook various cost minimization measures, including voluntarily delisting from the Australian Securities Exchange and laying off 10% of its employees early last year.