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BNPL startup Openpay collapses

Australian buy now, pay later provider Openpay has collapsed and entered into receivership, after voluntarily suspending trading of its shares last week.

In an ASX announcement, the company said receivers and managers from specialist insolvency firm, McGrathNicol, have been appointed to “urgently determine” the appropriate strategy for the business.

The receivers and managers are now in control of the company’s assets, operations and trading activities currently and will work with Openpay’s employees, merchants and customers to work out a solution.

Customers will not be able to access the platform to make any new purchases however, they must still pay any outstanding payments owed to the company.

Founded in 2013, Openpay offers financing and repayment plans that stretch up to 24 months and its retail clients include Bunnings, Spotlight, Glue Store, Officeworks and Kogan.

Amid market turbulence, the company suspended its operations in the US and pulled its business in the UK last year.

The company’s director Yaniv Meydan resigned on Monday.

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