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
Image by Camille Brodard via Unsplash