This comes following the sale of the company earlier this year to a new fintech that is yet to make a formal announcement. 

The Queensland-based fintech was well-known for its entry into the buy now, pay later sector in 2021, offering an app that allowed users access to BNPL services as well as the ability to manage and spend their money.

That app, alongside FuPay’s current website, has now been pulled from Apple and Google app stores. 

Previous founder of FuPay Michael Fredericks said the FuPay business operated both a business-to-consumer (B2C) app and a business-to-business-to-consumer (B2B2C) business model leveraging the company’s platform. 

“[The new company] is focused on a B2B2C model and has recently closed [FuPay’s] direct to consumer app,” Mr Fredericks said. 

“The new product and platform is pending and will be launched later this year.” 

Mr Fredericks will join Chemist Warehouse Founder Jack Gance on the board of the new fintech with further announcements said to be made in the coming months. 

Payments expert Grant Halverson opined that FuPay’s closure of its BNPL offering occurred as a result of funding costs. 

“Given BNPL listed on the ASX was once worth $58 billion (briefly) to now worth $928 million today, it's one of Australia's biggest stock market collapses with $57 billion gone up in smoke,” the former Citi and Diners Club executive told Savings.com.au.

FuPay’s exit from the BNPL market joins the likes of Affirm, LatitudePay, OpenPay who have all departed in the early stages of 2023. 

Despite the growing trend of decline in the BNPL sector, Westpac announced in February the launch of its own BNPL product, ‘PartPay’.

All major banks now offer a pay in four instalment product - CommBank with StepPay, ANZ with installment plans on credit card purchases, NAB with NAB Now Pay Later and Westpac with PartPay. 

Read more: Every buy now, pay later provider in Australia

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Rates
Features
Conditions
Other
Provider
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    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 27, 2024. View disclaimer.

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