A huge crash in the buy now pay later sector caused by central banks lifting their borrowing rates has led to Aussie lender Openpay suspending trading.

Openpay said the halt is “pending a release of an announcement regarding its ongoing funding.”

The stock last traded at 20c.

New Zealand company Laybuy has gone further, announcing it will delist from the ASX, with shares last selling for 3.3 cents, down from its September 2020 IPO at $1.41 a share.

The company warned that close to 4,500 shareholders will be left with shares worth less than $500.

Competitor Afterpay’s shares are down 1 per cent this morning, a modest fall considering the carnage around the sector.