FinTech: Aussie “Buy Now Pay Later” (BNPL) Openpay Launches In The U.S.
Openpay is the BNPL solution for more finance-savvy customers.
Openpay (ASX: OPY), which calls itself a highly differentiated player in global BNPL, announced its US launch on Wednesday. The ASX-listed company already operates in Australia, New Zealand, and the United Kingdom. (Openpay)
Interestingly, the company’s BNPL product is geared more towards selected sectors such as automotive, healthcare, home improvement, memberships, and education. It’s choosy about its customers too – target customers are older, financially smarter people who may be inclined to use the app as a cash management tool.
Openpay: A year of trading on the ASX
Openpay strategically announced its US launch on the day that it completed a year of listing on the Australian Stock Exchange.
“This is possibly the most significant announcement for Openpay since we listed on the Australian Securities Exchange on this day, last year,” said Michael Eidel, CEO & Managing Director.
The same day it reported record trading results for November. Total transaction value (TTV) during the month amounted to $35.7 million, up from the company’s previous record of $25.8 million. Strong Black Friday and Cyber Monday sales provided a healthy boost. Black Friday 2020 represented the best day of trading in the fintech’s history.
In the UK, too, it reported torrid growth, with active plans up 1919% in November compared to the previous year. Active customers surged 961% year-on-year.
Openpay will use the same successful playbook in the US as it did in Australia and the UK. It will focus on flexible, longer-term, and high-value plans for both the consumer and B2B sectors.
Note that the company has an innovative B2B offering, Openpay for Business, a SaaS-based platform that allows companies to manage trade accounts.
The company prefers to call its US offering “Buy now. Pay smarter.”
The company’s US team will be led by Brian Shniderman, a 32-year veteran in the payments and fintech advisory industry.
Mr. Shniderman will become Openpay US’ CEO and Openpay’s Global Chief Strategy Officer.
“It’s clear that consumers and merchants want and need much more transparent, fair, and flexible payment alternatives to traditional credit cards, and to the current BNPL options that lack transparency and charge unreasonable rates,” Shniderman said.
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