RORY SALAZAR | Finance | CONTACT
FinTech entrepreneur Mr Eric Goyer (33), CEO and Founder of the innovative Buy Now Pay Never (BNPN) financial technology App ‘PayNada’, which he got off the ground using his own money, has sensationally declared bankruptcy today.
This comes after the BNPN App, the first and last of its kind, saw millions of consumers sign up as soon as it was available for download, quickly breaking records as the most downloaded App in financial services history.
However, for FinTech savant Mr Goyer, the euphoria of PayNada’s early success soon faded as problems with the App’s underlying business model began to emerge.
Benefiting from PayNada’s streamline purchasing system, millions of Australians were able to buy clothes, handbags, pets and in some cases overseas holidays, with the money that Mr Goyer himself had poured into the App to provide the finance to back purchases.
Reports confirm that less than 4 hours after the App went live, Mr Goyer’s entire $62m inherited fortune that he had used to financially support the App, had been spent by consumers across the country.
“I was a victim of my own success,” Goyer said while speaking to The Advocate, with seemingly little awareness of the fatal flaw inherent to his service offering.
“I knew it would do well. Like, there was an unmet market niche of shoppers wanting to make purchases without ever actually paying for them,” he said.
The stunning failure of the App suggests that the BNPN sector, which the enigmatic FinTech disruptor only recently touted as being “the future of money”, is now being labelled by some investors as having absolutely no commercial potential whatsoever.
The Advocate understands that as the last of Mr Goyer’s finances were spent by consumers, the CEO who still lives with his parents was forced by his Mother to contact the Australian Financial Security Authority and voluntarily declare bankruptcy.
Mr Goyer showed The Advocate an amount of $25.50 in cash that he had removed from his tri-fold, velcro closure Rip Curl wallet, explaining that, “this is it now”.
The Advocate expressed sympathy to the man, and out of a morbid curiosity asked what was next for the budding entrepreneur.
“Disrupting the analogue computer space. That’s my sole focus now.”
His mother was unwilling to provide comment.