BNPL firm Openpay pauses U.S. operations, to focus on Australia & More News Here

July 1 (Reuters) – Australian buy-now-pay-later firm Openpay Group Ltd (OPY.AX) mentioned on Friday it’ll “indefinitely” pause its United States operations and “materially” scale back its workforce, citing hostile macroeconomic and public market circumstances.

The improvement comes eight months after the Melbourne-based firm went stay within the United States, with expectations of the nation changing into certainly one of its greatest markets. (https://bit.ly/3y7T0an)

BNPL shares throughout the globe have been battered over the previous few months due to rising rates of interest and heightened regulatory scrutiny, with tech large Apple Inc’s (AAPL.O) entry into the market additional hurting smaller gamers.

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“This decision to shift our approach in the U.S. was not taken lightly but will now allow even greater focus on Openpay’s Australian business,” Openpay’s Australia Chief Executive Dion Appel mentioned. (https://bit.ly/3uh1D1b)

Australia accounted for 68% of Openpay’s complete transaction worth of A$339 million ($233.81 million) in fiscal 2021. (https://bit.ly/3bBV6rw)

($1 = 1.4499 Australian {dollars})

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Reporting by Sameer Manekar in Bengaluru; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

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