Aussie buy now, pay later company Openpay collapses

The ASX-listed company informed shareholders that Barry Kogan, Jonathan Henry and Rob Smith of McGrathNicol had been appointed as receivers of the business, rendering them control of all assets and operations.

In a quarterly update to the market in late January, Openpay told shareholders it had an active customer base of more than 347,000 users, servicing more than 4200 businesses. Like other BNPL businesses, Openpay required customers to pay an initial deposit on a purchase, followed by a repayment plan that latest six, 12 or 18 months.Customers will not be able to make new purchases with Openpay, but will still have to pay any outstanding bills.

347,000 people that show how much more education is required for finances in this country. It still amazes me people have no idea how to budget with the money and circumstances they have.

So do their customers still have to pay later?

9NewsPerth No surprises here

Best ads are when you pay the news stations,this is just advertising hidden as news..They are not just a mouthpiece for Pfizer..They will help anyones agenda with money...

Never heard of it

The market was saturated with these after the success of AFTERPAY

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