In an announcement to the Australian Stock Exchange (ASX), the firm says it will “work closely with Openpay’s employees, merchants and customers to urgently determine the appropriate strategy for the business”.
It adds customers are currently no longer able to use the Openpay platform for new purchases, “but are still required to pay any outstanding balances in accordance with their existing agreements”.
Openpay offered BNPL plans with durations varying from two months to two years and values up to $20,000.
