Openpay has shed more than half its staff and receivers will sell off assets, including its technology platform, to return whatever they can to secured creditors, as doubts grow about the viability of the buy now, pay later industry.

It is understood that 80 of Openpay’s 140 staff have been made redundant, with the remainder kept on board to keep collecting customer payments, and to service the business-to-business unit that connects trade sellers.