In January 2022, Openpay had decided to withdraw from the UK market and had also appointed US investment bank Keefe, Bruyette & Woods (KBW) as corporate advisors to assist with the search for potential investors.
“However, given the current macroeconomic and public market conditions, together with the likely ongoing capital investment required in the US to fund its progress for an extended period, Openpay has decided to pause its existing US operations indefinitely,” the company says.
Openpay adds that there will be no further investment in its existing US operations “in the near term, subject to one-off costs associated to restructuring”.
