Clearpay expands in Europe as peer Laybuy plans stock market float
The importance of buy now, pay later (BNPL) services to global retail has been thrown into sharp relief this week as two companies specialising in this area show the strength of demand.
Clearpay announced that it’s expanding into Europe via an acquisition and it emerged that rival Laybuy is planning a stock market float.
Clearpay (known as Afterpay in the US, Australia and New Zealand) said it has entered into an agreement with NBQ Corporate to acquire Pagantis SAU and PMT Technology SLU for a minimum of €50 million. Pagantis is a European company that offers payment services for e-commerce merchants across Spain, France, and Italy.
The buy means Clearpay can boost its expansion into Europe and “capitalise on a market primed for buy now, pay later services,” it said.
Southern Europe has an addressable e-commerce market that exceeds €150 billion across Spain, Italy and France.
“With large millennial populations, a strong fashion and beauty market, and significant consumer debit card usage, there is a strong opportunity to offer BNPL services,” the company added.
Meanwhile, Laybuy is to float on the Australian stock exchange for about £115 million next month, The Times reported.
The three-year old firm is based in New Zealand and launched in the UK last year. It currently has deals with a wide variety of retailers including Boohoo, Footasylum and JD Sports.
Its float points to the growth opportunities investors see in the BNPL market as more and more consumers pay for their fashion purchases and other buys in instalments.
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