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Australian buy now, pay later company OpenPay has gone under after a disastrous three months saw the company lose $18million.
The company has entered receivership, the Australian Securities Exchange revealed on Monday.
OpenPay’s collapse, the first of any BNPL service, will cause concern for customers of some of its retailers, Bunnings Warehouse, online marketplace Kogan.com, Officeworks, Spotlight and clothing store Glue.
Its receivers insolvency firm McGrathNicol, are yet to confirm whether these retailers will get their money back.
Customers will still have to pay off their debts in installments.
More to come