The start-up’s brokers hope to pull off an end-of-year miracle by convincing clients to buy a loss-making payday lender facing a multitude of existential threats.
If you were looking to invest in a hot new company modelled on the success of Afterpay, would you be interested in pumping cash into a start-up that built its customer base on a significant chunk of Centrelink payment recipients?
Neither did Beforepay, which has stopped lending to people on the dole as it prepares its end-of-year dash to list on the ASX.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Michael Roddan is a Walkley Award-winning national correspondent based in Sydney. He is a former business and economics reporter for The Australian. Connect with Michael on Twitter. Email Michael at m.roddan@afr.com
