Openpay expands it’s B2B and B2C solutions

Openpay signs online retailer, Kogan.com extending the enterprise partnership to OpyPro (B2B), and enhances leadership position in Automotive, signing Nissan (B2C)

  • Openpay extends existing BNPL partnership (B2C) with Kogan.com to now offer OpyPro (B2B) -the deal sees Openpay deliver to a single merchant partner both B2B and B2C solutions
  • Kogan.com will offer OpyPro to their business customers who transact on terms, with Lumi providing credit
  • This deal delivers on the OpyPro strategy to remain capital light
  • The OpyPro platform is now servicing over 7,000 business customers, with expected growth of a further 6,000 business customers over the next year
  • Openpay continues to enhance Auto vertical with Nissan Australia partnership

MELBOURNE Australia, 23 September 2021: ‘Buy now. Pay smarter.’ company, Openpay Group Ltd (ASX: OPY) (Openpay) is pleased to announce that it has signed an agreement to deliver its OpyPro business to business (B2B) platform to on-line retailer, Kogan.com and continues to enhance its leadership position in Automotive with new agreement with Nissan.

Openpay signs on-line retailer, Kogan.com as new enterprise partner for OpyPro (B2B)

Openpay leveraged its existing relationship with Kogan.com in the business to customer (B2C) space to secure a new OpyPro (B2B) enterprise contract win.  OpyPro will integrate with Kogan.com’s ecommerce systems to deliver an enhanced and simplified buying and transaction experience for business customers.  In addition, OpyPro’s funding partner Lumi will provide credit to Kogan.com’s business customers.

Openpay’s OpyPro SaaS solution helps empower businesses to self-serve through dedicated buyer and supplier portals, reducing administration cost and time and to purchase goods and services.  The OpyPro solutions allows businesses to maintain compliance with account and receivables management rules, with 24/7 real-time access to account features for greater accuracy and control of business spend.  

Openpay’s CEO and Managing Director, Michael Eidel commented, “We are thrilled to have added Kogan.com to our growing list of B2B customers.  This deal demonstrates strong demand from businesses for an easier and more efficient payment experience.  Credit term funding for business buyers in Australia will be provided by OpyPro’s funding partner, Lumi, enabling OpyPro to operate as a capital-light, SaaS-based product.”

Kogan.com’s Director of Strategy, Ross Metherell said, “We have a longstanding relationship with Openpay in BNPL for B2C and we are pleased to be expanding our relationship with Openpay to OpyPro for B2B. We look forward to using OpyPro platform as part of our offering to our business customers.”  

OpyPro is Openpay’s platform for the global B2B market, built as modern, merchant-led software that large companies can use to manage their trade accounts end-to-end in a fully digitised manner – from application to transaction and remittance. 

This announcement follows B2B partnerships with Woolworths, HP and Kyriba and provides Openpay the unique opportunity to become a provider of choice in the multi-trillion dollar Australian and international markets for B2B payments.

Openpay enhances leadership position in Automotive sector with agreement with Nissan

Openpay has secured a key agreement with Nissan Australia, which includes marketing campaigns to drive new customer growth and targeted communication to Nissan Australia’s existing customer base.  Nissan Australia will work with its dealership network to increase the availability and use of Openpay’s consumer payment offerings among its 188 network dealerships.

Openpay’s ANZ CEO, Dion Appel said, “We are excited to have signed with Nissan as a new customer in the Automotive vertical, further enhancing our leadership position. Through this partnership, we can help give Nissan’s customers greater payment flexibility and options for the automotive servicing needs.”

Nissan Australia Director of Aftersales, Michael Hill said: “We are delighted to partner with Openpay, a leader in the Automotive space.  They offer our customers new payment options, which will also assist with customer retention and satisfaction.”

Openpay continues to deliver on its strategy to become a leader in its chosen verticals, primed for longer, larger and customised payment plans with healthy revenue yield.  This announcement follows recently announced agreements with Ford Australia, Pentana Solutions, Dunlop Super Dealers, DC Motor Group, Norris Motor Group, Thomson Motor Group, Janrule Group and Goodyear Autocare.  Openpay will continue to focus on further partnerships with leading OEMs, distributors, and importers in the automotive sector to further entrench itself as a market leading Buy Now, Pay Smarter provider in the Automotive vertical.

For further information, please contact:

Investors

Aline van Deventer
Head of Investor Relations
Mobile: +61 423 55 34 34
Email: alined@openpay.com.au

Ed Bunting
Company Secretary
Mobile: +61 401 555 333
Email: investors@openpay.com.au

Media

Australia:
Keep Left
openpay@keepleft.com.au

About Openpay

Openpay Group Ltd (ASX: OPY) is a fast-growing and highly differentiated player in the global ‘Buy now pay later’ (BNPL) payment solutions market. The Company’s strong platform enables it to deliver the most flexible plans in the market with durations of 2–24 months and values of up to $20,000.

Openpay focuses on industries where it can make a true difference: Automotive, Healthcare, Home Improvement, Memberships and Education; and its target customers are finance-savvy and of an older demographic who use Openpay plans as a cashflow management tool.

Openpay also has a unique B2B offering, OpyPro (formerly Openpay for Business), a SaaS-based platform that allows companies to manage trade accounts end-to-end, including applications, credit checks, approvals and account management in the one system.

Openpay provides services to Customers and Merchants in Australia, New Zealand, the UK and entered the US market, under the brand name Opy, in December 2020.

HP a new enterprise partner for OpyPro

Openpay signs computer hardware company, HP as new enterprise partner for OpyPro, Openpay’s B2B SaaS platform for trade accounts

  • Openpay secures another OpyPro B2B enterprise contract win, with global information technology company, HP
  • OpyPro will integrate with HP’s ecommerce systems to deliver an enhanced and simplified buying and transaction experience for business customers
  • HP 30 day credit term funding for business buyers in Australia will be provided by OpyPro’s funding partner, Lumi, enabling OpyPro to operate as a capital-light, SaaS-based product
  • HP will commence B2B transacting using OpyPro during the current quarter
  • The OpyPro platform is now servicing over 5,000 business customers. Between HP and Woolworths, growth of a further 2,000 business customers is expected over the next year

MELBOURNE Australia, 23 August 2021: ‘Buy now. Pay smarter.’ company, Openpay Group Ltd (ASX: OPY) (Openpay) is pleased to announce that it has signed an agreement to deliver its OpyPro business to business (B2B) platform to global information technology company, HP Inc. (HP).

OpyPro will enable an enhanced trading experience for HP business customers. The system manages trade accounts end-to-end – including account application processing, seamless business customer onboarding, credit checks and terms, approvals and account management.

Openpay’s CEO and Managing Director, Michael Eidel commented, “We are delighted to have signed HP as our second B2B contract win, adding another household name to our growing list of iconic parnters. This deal demonstrates Openpay’s ability to attract top tier business partners as we work to make the business-to-business payment experience easier and more efficient.

“This will also be the first time we’ve put our relationship with B2B funding partner Lumi, into action. Having Lumi in the mix enables us to continue to deliver OpyPro as a capital light, high transaction-volume SaaS play. We look forward to going live together imminently.”

In April this year, Openpay announced that Lumi Financial Management would provide SME funding to OpyPro customers, enabling OpyPro to remain a pure SaaS, capital light solution. Lumi’s financial expertise in business assessment and financing is being integrated into OpyPro to power a seamless credit limit assignment and transaction experience for businesses.

Lumi’s CEO Yanir Yakutiel commented, “We are extremely excited about our partnership with Openpay and HP. This is something that we have been working on with Openpay in the background for several months and it is always exciting when something that started as an idea comes to life. This rollout is the first of many and we are looking forward to announcing more partnerships in the weeks and months ahead.”

The agreement is for an initial term of two years with an option to extend for a further two years. Average order values for HP products are expected to be significant and Openpay expects the OpyPro product to drive strong transaction value for HP for all on account sales to HP business customers.

OpyPro is Openpay’s platform for the global B2B market, built as modern, merchant-led software that large companies can use to manage their trade accounts end-to-end in a fully digitised manner – from application to transaction and remittance.

Following the launch of OpyPro with Woolworths as inaugural customer in September 2020, OpyPro has been established as Openpay’s flagship B2B solution. Together with the business credit solution provided by exclusive partner Lumi in Australia, OpyPro will be rolled out in Openpay’s key markets in the UK and US where demand is significant. With its capital-light business model and usage-based fee structure, OpyPro is a highly value-accretive contributor to Openpay’s pathway to mid-term profitability.

For further information, please contact:

Investors

Aline van Deventer
Head of Investor Relations
Mobile: +61 423 55 34 34
Email: alined@openpay.com.au

Ed Bunting
Company Secretary
Mobile: +61 401 555 333
Email: investors@openpay.com.au

Media

Australia:
Keep Left
openpay@keepleft.com.au

About Openpay

Openpay Group Ltd (ASX: OPY) is a fast-growing and highly differentiated player in the global ‘Buy now pay later’ (BNPL) payment solutions market. The Company’s strong platform enables it to deliver the most flexible plans in the market with durations of 2–24 months and values of up to $20,000.

Openpay focuses on industries where it can make a true difference: Automotive, Healthcare, Home Improvement, Memberships and Education; and its target customers are finance-savvy and of an older demographic who use Openpay plans as a cashflow management tool.

Openpay also has a unique B2B offering, OpyPro (formerly Openpay for Business), a SaaS-based platform that allows companies to manage trade accounts end-to-end, including applications, credit checks, approvals and account management in the one system.

Openpay provides services to Customers and Merchants in Australia, New Zealand, the UK and entered the US market, under the brand name Opy, in December 2020.

Openpay teams with Adobe to further global expansion of Buy Now Pay Later

Openpay has cemented its relationship with Adobe and furthered the global expansion of Buy Now Pay Later (BNPL) by becoming an Accelerate partner in the Adobe Exchange Partner Program.


Openpay is an Australian fintech providing savvy buyers around the world a smart and responsible way to manage their cash flow by spreading the cost of retail, healthcare, home improvement and automotive purchases over longer and more flexible payment terms.


Adobe Commerce is a robust commerce platform that blends digital commerce, order management, and predictive intelligence to enable online shopping across a wide array of industries and business models (B2C, B2B and hybrid). Adobe offers an enterprise-level, cloud-hosted application, Adobe Commerce, and a free ecommerce solution, Magento Open Source, serving the needs of companies of all sizes with flexible, digital commerce solutions to successfully sell across channels.

Adobe is a global leader in digital commerce, and this partnership aligns with Openpay’s objective to reach merchants and their customers across our global markets to deliver a smarter way to pay.

Dion Appel, Chief Executive Officer ANZ and Group Chief Commercial Officer at Openpay.

With more businesses able to offer consumers flexible payment options, BNPL is helping retailers reach new heights. As an Accelerate partner, Openpay’s larger and transparent payment plans, up to $20,000, will be marketed directly to thousands of Adobe Commerce and Magento Open-Source customers around the world.


Dion Appel, Chief Executive Officer ANZ and Group Chief Commercial Officer at Openpay says, “Adobe is a global leader in digital commerce, and this partnership aligns with Openpay’s objective to reach merchants and their customers across our global markets to deliver a smarter way to pay. With partners like Adobe, we are well on our way to making Openpay the preferred buy now, pay smarter solution of choice for merchants globally.”

The BNPL category has seen enormous growth and we are proud to collaborate with Openpay to make this easier for the next wave of business owners”

Cody Crnkovich, Head of Partner Programs at Adobe.


“Small and medium businesses are embracing eCommerce at a growing pace to diversify their business in the wake of Covid, attract new customers and improve their customer experience. Because of these market shifts, the BNPL category has seen enormous growth and we are proud to collaborate with Openpay to make this easier for the next wave of business owners,” said Cody Crnkovich, Head of Partner Programs at Adobe.

Openpay’s instalment payment platform is available now in Australia, New Zealand, UK and US for merchants to register for the new digital payment capabilities. Openpay (magento.com)

Openpay signs on as an official partner for Melbourne Storm.

[Melbourne, 10th June 2021] Australian fintech, Openpay has just signed on as the official buy-now-pay-later (BNPL) partner of the Melbourne Storm Rugby League Club.


The new partnership includes category exclusivity, partnership and signage rights at all home games, as well as access to the Storm’s one million plus social media fans.

Offering BNPL to local sporting clubs is something quite unique to Openpay, and we believe this partnership helps support our commitment from professional level through to grassroots sports.

Dion Appel, Openpay Chief Commercial Officer.

Openpay CCO, Dion Appel said the partnership would further position Openpay to an engaged national demographic and highlights the brands respective commitment to fans and sporting memberships from the highest order through to grassroots.


“Openpay is head-quartered in Melbourne, alongside the Storm who are a four time premiership, high performing team and the only Melbourne based NRL club, in a league that is dominated by New South Wales and Queensland. But that’s not the only reason we’re excited to be their partner, offering BNPL to local sporting clubs is something quite unique to Openpay, and we believe this partnership helps support our commitment from professional level through to grassroots sports.”
Appel said.


“We’re passionate about enabling Aussies to participate in sport, whether that’s helping people spread the cost of buying merch at a games, getting sporting equipment to train with friends and family or signing up for a local sports club, we enable important purchases in their life.


The Storm partnership will amplify Openpay’s brand at home games via LED signage and Big Screen TVCs, in the Club’s changeroom as the proud partner of the clubs team song plus benefit from a strong share of voice over all digital and social channels for the remainder of the 2021 season.

Partnering with Openpay, we see great potential and benefit for our commercial partners, members and fans and hope to see this partnership grow for years to come.”

Justin Rodski, Storm CEO.


Storm CEO, Justin Rodski, said it was exciting to have a global fintech company partner with the Club.


“Storm is fortunate to have such great support from and connections with the Victorian community, so we are very excited to have another partner born and bred right here in Melbourne join the Storm family.” Rodski said.


“When we sit down with partners, we talk to them about an alignment not just in our commercial opportunities but in our values and benefits that we can deliver together to the Storm community.


“Partnering with Openpay, we see great potential and benefit for our commercial partners, members and fans and hope to see this partnership grow for years to come.”


Last month, Openpay announced The Openpay Community Fund, and a new nationwide pilot program to support grassroots sporting organisations.


The fund will award $50,000 in total, with 200 grants, each grant valued at $250 to be used for community events, upgrading club facilities, equipment, or club merchandise.

We’re here to clear up credit confusion

  • Did you know three out of four consumers say they don’t have enough information on how BNPL impacts their credit scores? *
  • 37% of current BNPL users don’t understand how their BNPL plans could be affecting their credit score*

* Source: Pollfish

What is a credit check ?

When we want more information to help us decide if we should provide you with credit or not, we ask credit reporting bodies (also known as credit bureaus) to share a copy of your credit report. This is only done if you provide us consent to do so.

The credit report includes information on how you manage loans or debt and shows your repayment history. This allows us to assess your creditworthiness – i.e. are you able to manage the Openpay plan we’re providing to you?

To find out more on what is included in your credit report, have a read of the OAIC website. It has lots of helpful information about this process.

Do you conduct a credit check on all customers? Will you do this each time I apply for a plan?

When you open an account with Openpay you receive an initial spending limit, which is calculated using our own decisioning process based on a range of factors. Only if you request an increase to this initial spending limit would we conduct an external credit check – and only if you provide us consent to do so.

If you then ask for this higher limit to be further increased, we use our internal credit decisioning process to look at data such as your purchasing history and spending patterns on our platform to come to an informed decision. This is a thorough process, ensuring we limit the number of requests on your credit report.

All external credit checks on you are listed on your credit report. If several of these checks are showing, especially in a short period of time, it could have a negative impact on your credit score and ability to access credit elsewhere.

Will a credit check reduce my ability to make a purchase using BNPL?

A credit check allows us to better understand your financial position and helps us make a responsible decision. Your credit report may show you’re in a strong financial position and are a responsible borrower, which would mean we’d be comfortable providing you with a higher spending limit.

On the other hand, if the report displays potential financial difficulties, it could limit the amount of lending we extend to you. We take our responsible approach seriously and put a lot of effort into ensuring that we set up people with plans they can afford.

What is a credit score and how do I find out what my score is?

A credit score is a numeric indicator of your creditworthiness – your eligibility to be given credit – and is calculated using the information within your credit report. Heads up – each credit bureau uses their own scoring system so the numerical value can change between bureaus.

You can request a free copy of your credit report at any time from the credit bureaus (without affecting your credit score). Visit the OAIC website here for more information on how to access your free credit report.

Is using Openpay ‘bad’ for my credit score?

A BNPL payment does not show up directly on your credit report, as the payments are deducted from your bank account (via a debit card) or your credit card. However, if you default on a BNPL payment, there is a chance the lender could flag this on your credit report – in turn this could have a negative impact on your score. But this is dependent on the provider in question. We’d recommend taking a look at the provider’s terms and conditions and privacy policy if you have any concerns – you can find Openpay’s here.

At Openpay we’re all about providing flexibility and we appreciate your circumstances may change over time. If you’re ever in a position where you cannot make a payment, we’d encourage you to contact us via phone or email before your payment due date to proactively reschedule a payment, to avoid a default situation.

Will Openpay make it harder for me to get a home loan or a credit card?

This is dependent on the individual lender you’re applying to for a home loan or credit card and how they evaluate your creditworthiness. Each lender will have their own requirements however they all have to follow a similar assessment process. This does include examining all your outstanding liabilities (including BNPL plans). We’d recommend having a read of the CreditSmart website to find out more.

If I don’t have a credit card, will BNPL help me get a better credit score?

No, because a BNPL payment does not show up directly on your credit report, as the payments are deducted from your bank account (via a debit card). For more information on how to manage and improve your credit score, we recommend visiting CreditSmart website.

Michael Eidel CEO on Openpay ranking as one of APAC’s fastest growing tech companies.

Last year, we were proud to make Deloitte’s list of the 50 fastest growing tech companies in Australia.

We’re prouder still to have made the APAC Tech Fast 500 this time around following a big year for us expanding internationally.

In this ranking we are competing with some of the largest and fastest growing economies in the world, including China and India.

It’s a real accolade for our teams in all markets, who delivered this through tenacity and creativity – and hopefully had fun along the way.

The award was based on revenue growth from July 2018 to the end of June 2020, during which time we grew in our local Australian market as well as in the UK – in FY20 our active subscriptions trebled!

Meanwhile our auto business almost doubled, healthcare was up 127% and retail grew by a huge 260%. We’re especially proud of our work in the auto and healthcare markets where our differentiated long and flexible payment plans deliver real value to customers.

So far FY21 offers more still to be proud of, with our team having:

  • Delivered a record trading day, week and month, thanks to a combination of Black Friday, Click Frenzy and Cyber Monday
  • Commenced US expansion – led by our US CEO and 32-year fintech veteran Brian Shniderman
  • Signed several major agreements (Officeworks and Ford Australia)
  • Become the first BNPL provider to sign a hospital agreement in Australia
  • Entered the US and UK healthcare markets through a partnership with EzyVet
  • Secured a ~$67.5 million funding package to support our growth

Needless to say, our mission to change the way people pay for the better does not stop here.

Investment into our product and key markets is on the cards, as well as the development of new partnerships.

We’ll also continue to put our customers first by taking an active role in designing the rules that govern our sector.

And sticking to our smart and simple roots when designing our products with and for the people that use them.

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Choose To Challenge – International Women’s Day.

In the lead up to International Women’s Day, we’re celebrating some of the incredible women in the Openpay community who are breaking down barriers, challenging the status quo and sharing a little bit of wisdom with us. We will be delving deeper into what it’s like working for Openpay and what this year’s theme of IWD means to them.

Read the full article below to get an insight into Georgina Whalley; mum, Openpay CMO, and proud owner of her darling cat, Whisky!

Georgina Whalley

Why do you love working at Openpay

It has to be a combination of the people, the company culture and my role. Openpay is one of the most inclusive businesses I have worked for and the amount of energy invested in people and well-being is fantastic. Many companies talk the talk but not all of them walk the walk, Openpay does. As my role is global, I have the pleasure of working with teams in Australia, USA and the UK on a daily basis and not just with marketing but also with tech, growth, compliance and more, meaning no two days are the same. I love that, it keeps me on my toes, helps me learn new things and means you really feel the impact you can make as part of a fast-growing fintech brand.

What excites you most about the BNPL sector?

The pace at which it is growing and how innovative the sector is. It i’s so exciting to be part of the next generation of payments and be helping to shape the future of the sector.

What is your ideal morning routine?

Now that depends on which time zone I need to deal with first as I am often online very early, but ideally I would wake up naturally, have a strong coffee and some porridge with honey, do some video calls and emails and then go for a run or do a bootcamp session before getting on with the rest of the day.

Favourite quote or mantra to live by?

I actually have this one on my wall by my desk – “Your mind is a powerful thing. When you fill it with positive thoughts your life will start to change.’ Guatama Buddha. I also like ‘Be kind whenever possible. It is always possible.’

Who is another woman that has helped you in your life or career and why?

My sister-in-law, I have known her since I was 12 and she was 18 and she has gone on to be an extremely successful CFO, mother and wife. She has championed me from my teenage years, always telling me I can achieve whatever I want in work and life, not to have self-doubt, that my life is in my control and that woman are equal to men and no one should ever be made to feel different. And she’s right.

Tell us something that is important to you outside of work.

Obviously my family, my daughter Erin in particular, she’s nearly 11 and it’s amazing watching her grow up (but also quite scary). Oh, and my cat Whisky who has epilepsy so he’s quite time consuming.

What does this year’s theme #choosetochallenge mean to you?

I hope it means more people will have to courage to call things out without fear of repercussion, be that in their work or personal lives. If we don’t all speak up nothing with change. I know I haven’t always had the confidence to do that in my earlier years, but I absolutely do now. I do it because it’s the right thing to do, because I am in a position where I can drive change and because I want to build a better world for my daughter to grow up in.

Theresa Abela

Meet Theresa Abela Openpay’s Chief Risk Officer and Chief Operations Officer who juggles not one but two major departments at Openpay, a mum of 3 children who has a keen passion for travel and mentoring others.

Why do you love working at Openpay?

The people! I have an amazing global team with super talented individuals that inspire me to bring my best to work every day.

What excites you most about the BNPL sector?

It’s a fast growing, innovative and fast paced industry (you just never know what’s already the corner!)

What has been your biggest challenge or success being a female leader in the tech industry?

Building the global Risk function and Operations function at Openpay from the ground up whilst balancing a young family (particularly during the hard lockdown of COVID).

Favourite quote or mantra to live by?

“A leader is one who knows the way, goes the way, and shows the way.”

Who is another woman that has helped you in your life or career and why?

There have been so many incredible women that I deeply respect and have supported me across all aspects of life including the amazing women I have worked with in the UK and in Australia. I’ve also been lucky enough to build strong relationships with women in the financial industry that have ended up becoming my mentors. Each of these women have taught me an incredible amount, but in particular the values of humbleness, thought leadership, resilience and perseverance.

In saying that, above all, the woman who has been the greatest pillar of support, and continues to be, is my mum. She migrated to Australia in the 1960s to start a new life with very little, and worked extremely hard to give me the opportunities in life to achieve my goals and I’m so grateful for that.

What does this year’s theme #choosetochallenge mean to you?

Embracing diversity, raising awareness around unconscious bias and supporting and celebrating woman in the workforce.

What advice would you give your younger self about navigating the tech/corporate world as a woman?

Never assume that someone can read your mind, speak up (nicely)!