Buy now pay later provider Payright will delist from the Australian Securities Exchange – the second BNPL company to do so this year. Payright announced yesterday that it has applied to the ASX for removal from the official list. It also plans a share consolidation and company name change to Navalo Financial Services Group. The company will hold a shareholder meeting on June 26 to approve the changes. If all goes to plan, Payright will follow BNPL provider Laybuy, which delisted in March. Payright has been 85.2 per cent owned by lender Metrics Credit Partners since March. Metrics took a 9.5 per cent stake in Payright last year, as part of a funding transaction, and has steadily increased its holding through a series of funding rounds. In February, when it released its half-year results, Payright said it would conduct a strategic review of the business, including its listing status. In yesterday’s announcement it said the reasons for seeking removal from the ASX official list included its small free float, limited trading in its shares, a share price that undervalues the company, a lack of investor interest in the stock and the cost of listing. Payright is one of the smaller BNPL players. During the December half it earned revenue of $9.1 million on receivables of $117.9 million. It lost $4.9 million.