Aussie B2B BNPL fintech BizPay cuts 30% of workforce

Australian B2B buy now, pay later (BNPL) firm BizPay has cut 30% of its workforce due to volatility in the tech sector and a “challenging market” for fintechs.

BizPay CEO and founder David Price

The firm aims to solve cash flow issues associated with paying business invoices, enabling businesses to split bills into four monthly instalments.

BizPay CEO and founder David Price says in a statement that uncertainty in the global markets, “particularly in the tech sector, and current market conditions”, means the company has made the decision to streamline its operations and workforce to support its next growth phase.

Price adds the fintech is undergoing an “operational transformation”, which has seen a number of processes automated across the company.

The firm hopes these will yield improved efficiencies within the business, making it more competitive and agile.

“Unfortunately, as part of this process, we’ve had to make some reductions to our staff level to adapt to these changes,” says Price.

The company is reportedly in the middle of a Series C funding raise which commenced in March of this year, with a view to raising $20 million. To date, BizPay has raised more than $45 million since 2019.

“In terms of our capital raise, we are working closely with our investment bankers on the timings and size of the raise,” Price says, with a “portion of funds raised successfully”.

“However, it is a challenging market, especially for fintechs. We believe the measures that we have put in place and the automation capabilities will be well received by the market and support us in scaling the business.”