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OpenPay Collapses, Receivers Appointed

Aussie buy now pay later provider OpenPay is now in the hands of the receivers, with the platform closed and the company in tatters.

McGrathNicol were appointed receivers to the company over the weekend, pursuant to the security held by OP Fiduciary.

McGrathNicol partners Barry Kogan, Jonathan Henry and Rob Smith are working with employees “to urgently determine the appropriate strategy for the business.”

“At this time, customers will no longer be able to use the Openpay platform for new purchases, but are still required to pay any outstanding balances in accordance with their existing agreements,” it told investors.

“It is expected that the shares in the company will continue to be suspended until further notice while the assessment of the appropriate strategy is ongoing.

“A further announcement will be issued in this regard in due course.”

The company last traded at 20c a share, before being suspended on Friday, “pending a release of an announcement regarding its ongoing funding.”

OpenPay went public in 2019, raising $50 million in an IPO at a price of $1.60 per share, valuing the company at $150 million.

During the week, fellow lender, New Zealand’s Laybuy, delisted from the ASX, with shares last selling for 3.3 cents.

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