The Fupay buy now, pay later business was acquired in March this year by a mystery buyer, Michael Fredericks, the founding managing director of Fupay Holdings Limited told Banking Day yesterday.
The company who acquired the business does not wish to conduct PR around the acquisition yet until they launch their new business. This will occur in the coming months.
“The transaction was driven by Fupay's underlying technology platform, principally its lending as a service and payments platform capability,” Fredericks said.
The new business moving forward will utilise the Fupay platform in a B2B2C business model in a number of industry sectors.
FHL previously operated both a B2C and B2B2C business.
“The new owners did not want to continue to operate a direct to consumer B2C lending business, for a number of reasons including the current credit landscape,” he said.