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Klarna rival Laybuy turns its attention to the UK’s buy now pay later market
Chief executive Gary Rohloff speaks to City A.M. about Laybuy s plans for the UK.
The buy now pay later market has exploded in recent years and now a New Zealand company is trying to make its mark in the UK.
Laybuy was set up by Gary Rohloff, his wife and his two sons in 2018 and launched in the UK in early 2019. The likes of Klarna and Clearpay have paved the way for more buy now pay later (BNPL) firms to move into the UK, where the market is fairly young.
Woolard review: FCA cracks down on £2.7bn buy-now-pay-later market
The Financial Conduct Authority said it would share infomation with its Jersey counterpart regarding Neil Woodford
Interest-free buy-now-pay-later credit agreements will be regulated by the City watchdog after the market swelled to £2.7bn last year.
The plans, drawn up by the Financial Conduct Authority (FCA), have been designed to protect consumers, after the use of buy-now-pay-later (BNPL) transactions tripled in 2020, as shoppers looked for ways to spread their money further during the pandemic.
The decision was made as part of an FCA review into the unsecured credit market, carried out by former interim chief executive Christopher Woolard.