Beforepay shares plunged 42 per cent upon listing on Monday, beating last year’s record for the worst first-day performance and casting doubt on the fintech’s chances of riding the pay-day lending wave.

Chaired by former Westpac boss Brian Hartzer, the Sydney-based company raised $35 million in the IPO, with brokers Shaw and E&P spruiking shares at $3.41 and valuing the business at $158.4 million.