In June of this year, Laybuy shut down and went into receivership after failing to find a new buyer.

Co-founder and managing director of Laybuy Gary Rohloff said in a statement at the time that the firm was "working hard to execute a plan to profitability, but this was impacted by a sharp deterioration in the retail environment" and that the appointment of receivers was "gut wrenching."

But according to Klarna, Laybuy is now "set to make a reenergised return in New Zealand under Klarna" after the company acquired its assets in New Zealand.

"Half a million consumers in New Zealand have opened a Laybuy account, enabling them to shop at Laybuy's 10,000+ merchants," according to Klarna, the company that launched in May 2017.

Additionally, it states that it would now "start to connect with Laybuy's customers, informing them about the payments provider's upcoming developments."

Chief commercial officer (CCO) David Sykes of Klarna says the Swedish company wants to "build on those foundations to take Laybuy to new heights under the Klarna umbrella" since Laybuy "established itself as a cherished brand in New Zealand."

The financial details of Klarna's acquisition of Laybuy's New Zealand assets are unknown, but it comes only months after the business sold Klarna Checkout (KCO), its online checkout service, to a group of investors in June for an estimated $515 million.