A major Australian arts fintech is on the brink of collapse after being forced to halt business operations.
Art Money, a “buy now, pay later” platform for the art world used in more than 50 countries, revealed that it had made the “difficult decision” to “pause business operations.”
Sydney-born Paul Becker, the company’s founder and chief executive, said it needed another $5 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 me,” he wrote in an email to clients, seen by news.com.au.
The platform was designed to allow customers to purchase artwork costing between $500 and $1 million through interest-free payment plans.
It was launched over a decade ago and had partnered with over 2,000 art galleries.
More to come.