Buy-Now-Pay-Later agency in Australia Openpay has terminated US operations and dismissed most of its staff, Reuters reports. 

The lender is the latest BNPL participant to experience the effects of rising interest rates and a wider economic slowdown, leading it to stop issuing loans in what it had recently called its major growth area.

Openpay blamed its growing losses on investments in an "Americanized" platform. It's leaving after failing to find a US investor. 

It quit the UK market this year after a three-year drive that failed to erode other brands' market dominance. The resignation followed an FCA crackdown on unfair and confusing BNPL contract terms. 

The BNPL industry, a dominant driver in recent years, faces rising interest rates. Klarna is nearing a fundraising round that will reduce its valuation from $45.6 billion to $6.5 billion. 

Another lender, Sezzle, has cut 20% of its US personnel.