Aussie BNPL fintech Openpay enters receivership
Australia-based buy now, pay later (BNPL) provider Openpay has collapsed. The firm entered into receivership on 4 February with the firm’s assets, operations and trading activities now under the stewardship of McGrathNicol, an advisory and restructuring firm.
Openpay enters receivership
In an announcement to the Australian Stock Exchange (ASX), the firm says it will “work closely with Openpay’s employees, merchants and customers to urgently determine the appropriate strategy for the business”.
It adds customers are currently no longer able to use the Openpay platform for new purchases, “but are still required to pay any outstanding balances in accordance with their existing agreements”.
Openpay offered BNPL plans with durations varying from two months to two years and values up to $20,000.
Shares in the firm have been delisted from the ASX, with a further announcement to be made in the near future, McGrathNicol adds.
Last July, the fintech announced the decision to pause its US operations “indefinitely”, cease loan originations from its platform there, and trim its US workforce.
In January 2022, Openpay withdrew from the UK market and had also appointed US investment bank Keefe, Bruyette & Woods (KBW) as corporate advisors to assist with the search for potential investors.
