A major Australian art fintech is teetering on the brink of collapse after being forced to shut down its business operations.
Art Money, a ‘buy now, pay later’ platform for the art world used in more than 50 countries, revealed it had made the ‘difficult decision’ to ‘cease operations’.
Paul Becker, the company’s Sydney-born founder and CEO, said he needed another US$5 million ($7.6 million) to stay afloat.
“The company I founded, Art Money, has run out of operating capital and I have let down many people who believed in it, and in me,” he wrote in an email to clients, seen by news.com.au.
More to come.
