Australia-based BNPL group Openpay has secured USD 18.25 million to accelerate profitability.
Openpay will use the money from the placement and SPP to acquire new merchants and customers in Australia and New Zealand and enhance its technology and platform. Company representatives stated that their is accelerating the pathway to profitability through sustainable growth, margins, and business simplification.
The company delivers an omnichannel financing solution that extends beyond traditional Buy Now, Pay Later in the form of their next generation ‘BNPL 2.0’ product. BNPL 2.0 provides the gateway to complete transactions, up to USD 20,000 with payback terms of up to 24 months, across underserved BNPL verticals, including automotive, healthcare, home improvement, memberships, education, and retail.
Openpay has developed its products for both consumers and merchants, providing transparent terms with quick credit decisions and customisable payment plans for consumers, along with a B2B payments offering that facilitates end-to-end trade account management. Openpay operates in Australia and in the United States (operating as Opy) and serves New Zealand and the United Kingdom.
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