Latitude closes its BNPL service in Australia and New Zealand

Latitude has made the decision to close its BNPL offering in Australia and New Zealand, effective immediately, after completing an extensive strategic review of the service.

BNPL has achieved its aim by attracting more than half a million customers to Latitude but is an immaterial part of the business, representing approximately 0.3% of receivables.

Given this, and as a consequence of the uncertainty surrounding the future regulatory environment, Latitude believes now is the right time to exit the sector.

Latitude remains fully supportive of regulating BNPL as a credit product.

Latitude is in the process of contacting customers and merchants of LatitudePay in Australia and Genoapay in New Zealand to explain what this means for them.

Latitude is focused on supporting the more than two million customers and 5000 merchant partners that it serves through its main instalments products, Latitude GO, Latitude Gem and CreditLine.

Media contact

Mark Gardy
Mark.Gardy@latitudefinancial.com
+61 412 376 817