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Beforepay Dives 41.6% After IPO

With the BNPL industry controlled by a pair of Aussie whiz-kid companies, Beforepay — which basically takes the Afterpay concept and flips it, allowing you to get your salary earlier than payday — no doubt thought they were onto a winner.

So did those who bought in on its initial public offering at a price of $3.41 per share. The company raised $35 million from its IPO, but has since plunged by 41.6 per cent, trading at $1.99 per share in early afternoon trading on its ASX debut.

Beforepay sports former Westpac chief strategy officer Jamie Twiss as CEO, and former Westpac CEO Brian Hartzer as its chairman.

Despite the support from the old guard, investors may be fearing this new way of lending doesn’t have long before it is clamped down on hard by regulators.



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