Australia-based payment platform Openpay has raised A$10m ($7.7m) from real estate developer Meydan Group, asset management firm Investec and investment firm SL Investments Group, Business Insider has reported.
The round was announced in October 2016 as pre-IPO funding but the company has now cancelled the plans for its initial public offering.
Openpay was formed through the combining of several payment companies, including Jam Payments and Evoke AutoPay, which were all owned by the same investors.
The company offers payment plans that allow consumers in Australia and New Zealand to purchase products or services now and pay later with zero interest. It makes money through charging businesses for its services.
In addition to operating in retail, Openpay also offers plans for purchases in the healthcare, automotive and home improvement sectors.
Openpay chairman Avi Schechter said: “The $10m equity raising enables us to accelerate our growth plans across a range of industries where increasingly both consumers and merchants are using the Openpay payment plan technology.”