Australian buy now, pay later firm Openpay collapsed in early February 2023, appointing administrators and effectively ceasing operations. The ASX-listed company, which served over 347,000 customers and 4,200 merchants like Bunnings and Officeworks, had been struggling with significant cash flow issues, reporting a net operating cash outflow of $18.2 million in its last update. While the exact number of layoffs wasn't specified, the administration process typically results in job losses across the company. The collapse reflects broader challenges in the competitive BNPL industry, leading to a trading suspension of its shares and leaving customers unable to make new purchases, though they must still repay existing debts.
