Openpay shares were suspended on the ASX last week ahead of the appointment of receivers, who have now taken control of the assets, operations and trading activities of the company. The platform has been shut to new customers, although existing users still have to pay outstanding balances.

The shut down comes just a week after Openpay had boasted of record quarterly revenue of A$10.1 million, with total transaction value, active plans and active customers all rising. According to the Australian Financial Review, 80 of the company’s 140 staff have already been made redundant, with the rest staying on to collect payments and operate the Openpay B2B unit. The receivers are now working to sell assets, including the Openpay technology platform. Other fintech firms have already expressed interest in the assets, says the AFR. The receviers were called in after Openpay failed to get “funding amounts sought under a utilisation notice served under the company’s working capital facility with AH Meydan Pty Ltd”. BNPL players have felt the consequences of rising interest rates and a wider economic downturn over the last year. Openpay had burned cash trying to break the American and UK markets, but was forced into a retreat from both markets last year.