ASX Announcement
29th July 2022

Openpay Q4 Results


Embedded lending and payments fintech Openpay delivered another record-breaking quarter with market-leading margins and low bad debts

Q4 FY22 Key highlights:

Solid growth across leading indicators:

  • Active Plans of 1.8m, an increase of 50% compared to pcp (Q4 FY21)
  • Active Customers of 321k, an increase of 21% compared to pcp
  • Over 4,100 Active Merchants, compared to 3,700 in Q4 FY21
  • A quarterly TTV record of $97.6m, an increase of 54% compared to pcp

Continued Market – leading margins, that continue to improve.

  • Revenue Margin has improved from 7.3% in Q4 FY21 to 8.1% in Q4 FY22
  • Net Transaction Margin (NTM) has improved from 2.0% in Q4 FY21 to 3.4% in Q4 FY22 
  • Net Transaction Loss (NTL) has improved from -1.5% in Q4 FY21 to -1.1% in Q4 FY22

Continued strong trends in arrears and bad debts.

  • Arrears down to 1.1% from 1.9% in Q4 FY21
  • Net Bad Debts down to 1.5% from 2.3% in Q4 FY21

OpyPro delivered another record quarter with strong customer validation of the platform

 Pausing US operations as a result of current macroeconomic and market conditions, to focus capital and resources on delivering core profitability in Australia by June 2023

Openpay will continue to look for commercialisation opportunities for both the Openpay US and UK platformsin a capital-light manner

MELBOURNE Australia, 28 July 2022: Openpay Group Ltd (ASX: OPY) (Openpay or the Company) is pleased to release its quarterly business update for the period ended 30 June 2022 (Q4 FY22).

Dion Appel, Openpay CEO, said: “This last quarter saw Openpay take some further tough but important decisions which has allowed the Company to focus on its core operating platform in Australia (across both B2C but also B2B via OpyPro). As these quarterly results highlight, the ability to focus our capital, people and strategy on Australia (which has always been our home 8market) versus multiple jurisdictions is delivering the outcomes we are seeing in the continued growth in TTV and revenue, the strength of our gross and net margins (arguably the strongest in our peer set), whilst at the same time continuing to deliver and improve our extremely low arrears and bad debts. This focus has allowed us to target hitting cash flow profitability by June 2023 and we remain committed to that target. We will continue to optimise the business on an ongoing basis as well as look for opportunities to accelerate to profitability should they present themselves. Sometimes being the smaller guy in the room allows you to adapt and pivot quicker to the market environment we operate in than our larger peers. We think we have been decisive in our decision making and quick to then execute on those decisions and this remains one of our key advantages.”

Authorised by:
The Board of Directors
Openpay Group Ltd

For the full report please click here.

For further information, please contact:

Investors & Media

Aline van Deventer
Head of Investor Relations
Mobile: +61 423 55 34 34

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