Openpay is the first buy now, pay later stock to fall victim to higher funding costs after receivers McGrathNicol were called in to close it down.
Openpay has closed for business and its shares have been suspended from trading while receivers determine who will get paid back their money, as higher interest rates strike the once-hot BNPL sector.
Openpay entered a trading halt last Wednesday admitting it was in talks with financiers about its funding arrangements. On Friday, it said it had not received “funding amounts sought under a utilisation notice served under the company’s working capital facility with A H Meydan Pty Ltd”.Openpay director Yaniv Meydan stepped down on Monday as the company said it had appointed McGrathNicol to determine who would be paid.
The receivers did not say whether merchants have been paid for transactions through the Openpay platform. In November, the company said it had secured a $110 million receivables facility fromOpenpay separately held a $10 million working capital facility from AH Meydan that was extended until October in September last year and a $30 million corporate debt facility from OP Fiduciary Pty Ltd that was extended until July at the same time.
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