Major Buy Now Pay Later company Art Money has paused operations after its CEO and founder Paul Becker revealed he had “fallen short” on one of his key jobs: “Don’t run out of money.” The company, founded in Australia in 2015, will not finance any new art purchases or accept any new applications for art credit as it looks for new funding, it said on Friday.
” But the company would need another US$5m in equity investment to remain profitable until the end of next year. It confirmed that “all galleries, artists and art sellers have been paid, or will be shortly” — the money for which, it clarified, comes from “a different bucket of money.” Professionals with high disposable incomes are the main Art Money customers, and Becker said the BNPL model “is about psychology, not affordability.” “Most of our clients actually have the money.
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Source: 7NewsSydney - 🏆 16. / 63 Read more »