The receivers of failed buy now pay later company Openpay have sold its B2B division, OpyPro, but the proceeds won’t go far. McGrathNicol partners Berry Kogan, Jonathan Henry and Rob Smith, who have been running Openpay since it went into receivership in February, announced yesterday that they sold OpyPro to OP Fiduciary for A$10 million, payable as a reduction against the secured debt owing to OP Fiduciary. As part of the sale, six employees will transfer to the buyer, which will operate the business as a going concern. When Openpay went bust it had a $12.5 million working capital facility, a $30 million corporate debt facility and a $110 million receivables funding facility provided by GCI Commercial Finance and Fortress Investment Group. The company had been technically insolvent since June 30 last year, when it had a net liability of $14.9 million. OpyPro is a B2B business, enabling merchants to manage their trade accounts via a software system that handles in-store and online transactions. The platform handles onboarding, account management, invoicing, remittance and reconciliation. In the year to June last year (the latest accounts available), OpyPro contributed $877,000 to Openpay’s total income of $31.1 million. It had 11,200 trading accounts and contributed $40.7 million to total transaction value of $344 million. During the 2021/22 financial year Openpay partnered with lender Lumi to offer a funded product, OpyPro+Credit.