Laybuy (ASX:LBY) share price jumps over 2% in early trade; here’s why

December 14, 2020 06:16 PM PST | By Team Kalkine Media

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Laybuy (ASX:LBY) share price jumps over 2% in early trade; here’s why

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Summary

Laybuy (ASX:LBY) launches Tap to Pay service in New Zealand after its launch in Australia.

Laybuy initiates Beta testing of its offering in the US.

Collaboration with Prezzee announced; it will enable customers to Pay in 6 for gift cards across Australia and the UK.

On 15 December 2020, Laybuy Holdings Ltd (ASX:LBY) announced three major business milestones achieved that are boding well with the market participants.

To start with, the company announced that its Tap to Pay (6 instalments at selected retailers) facility had been released in New Zealand after the launch in Australia in mid-November. The company has collaborated with Mastercard as part of Mastercard’s Fintech Express program to launch this initiative.

The second major announcement is related to the initiation of the beta testing of Laybuy in the US through Laybuy Global product with selected retailers. Following the completion of the initial beta testing period, Laybuy plans a full launch across the US in April 2021.

Image Source ©Kalkine Group 2020

Read More: Laybuy (ASX:LBY) clocked NZ$71 million of GMV in November

The third major growth milestone announced is about the collaboration with Prezzee. With this, the BNPL provider will offer its customers the opportunity to ‘Pay in 6’ for gift cards, initially across Australia and the UK. The customers can now buy gift cards from merchants such as ASOS (AU), Bunnings, Catch, Dymocks, Freedom, Ikea, among others using the Laybuy shop directory.

Image Source: Shutterstock

Commenting on the developments, Managing Director, Gary Rohloff, said that the company looks ahead to announcing more product feature enhancements in the first quarter of the calendar year 2021. Rohloff also said that the strong trading momentum seen in November has continued in December as customers use Laybuy as a budgeting tool ahead of Christmas.

Stock Movement

Laybuy Holdings Ltd (ASX:LBY) share price is up over 2 per cent in the early trade following its three major announcements ahead of Christmas. Shares of buy now pay later (BNPL) firm are trading at A$1.28, up 0.034 points, or 2.811 per cent as against the last closing on Monday (14 December 2020), at 12:57 PM (AEDT). The stock has given YTD negative returns of 39.02 per cent. The scrip was listed at ASX on 7 September this year.

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