ASX Announcement
14th February 2022

Openpay Q2 Results

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Openpay delivers record growth and reduced cost base accelerating pathway to profitability in Australia with focus on the US as key growth market.

Q2 FY22 Key highlights:

Strong growth across the leading indicators in Q2 FY22:

Total Active Merchants of 4.4k up 60% compared to pcp (Q2 FY21)

  • ANZ Merchants up 57% to 4.2k vs pcp
    Total Active Customers of 614k up 33% compared to pcp
  • ANZ Customers up 23% to over 300k vs pcp
    Total Active Plans hit 2.5m, up 71%, compared to pcp
  • ANZ Plans up 61% to over 1.5m vs pcp
    Total Group TTV a record high of $118m, up 22% compared to pcp
  • ANZ TTV of $87m up 41% compared to pcp
  • ANZ TTV last 3 quarters TTV CAGR of 16% quarter on quarter (Q2 FY22 quarterly growth of 19%)
    Total quarterly revenue reached $8m, up 30% on a comparable basis* to pcp
  • ANZ Revenue of $6.3m, up 37% on a comparable basis* to pcp 

Strong and growing gross revenue margin and net transaction margin (NTM), particularly in ANZ
o Global NTM has improved from 0.8% in Q2 FY21 to 1.2% in Q2 FY22

  • ANZ NTM was 2.4%
    Continued strong improvement trend in arrears and bad debts
    Total Net Bad Debts down from 2.3% in Q2 FY21 to 1.9% in Q2 FY22 (from a peak of 4% in Q1 FY21)
  • ANZ Net Bad Debts down to 1.2%

In the UK, Openpay and Payment Assist agree to a strategic partnership

Opy US has signed and commenced onboarding dentists, veterinarians, and auto dealerships

Strong pipeline for B2B SaaS platform OpyPro. Continues solid trading activities with existing enterprise customers with a growing and maturing pipeline.

MELBOURNE Australia, 25 January 2022: global diversified payments and lending fintech, Openpay Group Ltd (ASX: OPY) (Openpay or the Company) is pleased to release its quarterly business update for the period ended 31 December 2021 (Q2FY22).

Openpay’s Non-Executive Chairman, Patrick Tuttle, commented: “In Q2 FY22, Openpay delivered record TTV and very strong operating and financial results in a competitive market whilst keeping costs down and implementing additional efficiency measures to continue this trend. In ANZ, we delivered record operating performance as we manage the business to profitability, and in the US, Opy now has all the building blocks in place to monetise this significant opportunity.

 Earlier this month, the Board provided a strategic update where we highlighted furthering our focus in the US and accelerating the path to profitability in ANZ within 12 to 18 months. In addition, we are entering into a partnership agreement with Payment Assist in the UK. This clear strategic direction will promote strong financial performance and long-term value creation for the Group’s shareholders.”

* On a like-for-like comparison basis for Q2 FY22 and Q2 FY21 when adjusting for EIR accounting treatment.

Authorised by:
The Board of Directors
Openpay Group Ltd

For the full report please click here.

For further information, please contact:

Investors

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

Ed Bunting
Company Secretary
Email: investors@openpay.com.au

Media

Australia
Keep Left
Email: openpay@keepleft.com.au

USA
Stefan Pollack
The Pollack Group
Mobile: 310-7802364
Stefan@pollackgroup.com

About Openpay

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 brings fairness, transparency, and flexibility to merchants and consumers alike, and focuses on industries where it can truly make a difference: Automotive, Healthcare, Home Improvement, Memberships, and Education.

The company focuses on providing a greater range of payment solutions and has created a powerful next-generation BNPL solution—Buy Now, Pay Smarter—that provides transparency and control to consumers when they need it most.

Openpay’s B2B offering, OpyPro, is a SaaS-based platform that enables companies to manage trade accounts end-toend, including applications, credit checks, approvals, and account management all in one system.

Openpay provides services to, payment processors, merchants, and their customers in Australia and the United States, where it operates under the brand name Opy. Openpay also provides services in the UK and New Zealand.

The company was recently ranked number 318 on the Deloitte Technology Fast 500™ Asia Pacific 2020 and is ranked 41 on the Deloitte Technology Fast 50 Australia. For more information, visit www.opy.com.

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