Business
Laybuy founder says buy now, pay later sector just getting going – The Australian Financial Review
Laybuy shares surged 52 per cent in Monday trade as its founder said he is focused on showing shareholders it will execute on its growth plan.
For the financial year to March 31, Laybuy’s net loss widened to $NZ16.2 million, versus $NZ3.6 million in financial 2019. The loss ballooned as bad debts as a percentage of gross merchant value (GMV) surged from 1.3 per cent to 4.1 per cent of $NZ226.6 million in GMV in financial 2020.
“When we went to the UK we were surprised with the level of fraud,” Mr Rohloff said. “Huge in comparison to our experience in New Zealand and Australia. We closed that gap very rapidly, but not without some pain…
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