Humm shares plunged by almost 10 per cent on Friday afternoon after the buy now, pay later provider said the corporate regulator had stopped it from issuing its product to new customers.
Humm told investors that the Australian Securities and Investments Commission had issued an interim stop order relating to concerns it has about the company’s “target market determination”.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
