SAN DIEGO (October 28, 2021) – Opy USA, Inc., (Opy), and its parent company Openpay Pty Ltd (ASX: OPY) (Openpay), have officially entered the US payments market with the most flexible installment plans in the market as a differentiated Buy Now Pay Later (BNPL) product: ‘Buy now, Pay smarter.’
US demand for BNPL options continues to rise, with forecasted transactions expected to exceed $100 billion in 2021. Recent research from PYMNTS.com shows that 8 in 10 consumers would prefer to make high-value purchases using BNPL over personal loans or credit cards. With Opy, US consumers now have a better version of BNPL that offers customized payment plans with spending power for up to $20,000 with longer terms of up to 24 months, enabling consumers to budget better and pay smarter.
Opy partners with leading aggregators and key merchants to provide a meaningful difference in a consumer’s life. Opy provides consumers with a flat fee BNPL product with predictable payments designed for larger purchases and comes with longer terms, up to 24 months. Targeted industry verticals include healthcare, dental and veterinarian services, education, home improvement, auto repair and servicing, and big-ticket retail.
“Through our longer, larger, customized installment plans in verticals we own, we are making a true difference. Our mission is to change the way people pay for the better,” explained Brian Shniderman, CEO of Opy and Global Chief Strategy Officer for Openpay. “Opy delivers new and improved ways for consumers to make purchases, especially when faced with unexpected expenses, such as emergency dental surgery, a sudden auto repair, or medical care for a beloved pet. Our flat fee is as little as one-third the cost of traditional consumer loans for the same purchases and provides marketplace expansion for merchants who accept Opy.”
To ensure US success, Opy has completed its strategic launch plan, setting the stage for Opy’s growth within the largest market in the world.
Opy assembled an unmatched leadership team in US fintech that has decades of experience in payments, banking, fintech, regulatory, and retail.
Localized Solution & Responsible Banking
Opy has Americanized its global platform, accelerating BNPL access to US consumers through its partnership with Cross River Bank (CRB). The relationship enables Opy to offer closed-end consumer loans up to $20,000 with terms up to 24 months with a mix of responsible consumer fees and flexible merchant fees.
Opy is funded by Goldman Sachs and Atalaya Capital Management and their $271.4 million-dollar receivables warehouse facility triples Openpay’s credit facilities to support its US scale. This funding will enable Opy to take advantage of established and efficient capital markets and offer affordable products with reasonable financing rates for US consumers.
Customized Risk Management
In its partnership with Experian, Opy has tailor-made risk solutions for the US with customized decision tools for the US Market. The partnership enables Opy to manage risk, guide consumers to make better financial decisions, and extend low-cost, more affordable, and transparent loans to a greater number of consumers.
At launch, Opy broadened its footprint in the US healthcare market, serving more than 2,500 healthcare providers in partnership with PatientNow and additionally, became the first BNPL provider to be partnered into a cloud-based platform for veterinarian care with ezyVet. With ezyVet, Opy’s OpyPay product will be distributed through ezyVet’s leading practice management platform and will feature full-scale integration with partner practices to deliver Opy’s flexible payment plans. With PatientNow, Opy’s OpyPay product will be distributed through PatientNow’s leading practice management platform, providing immediate access to the healthcare market to support elective and life-changing procedures. Additionally, Opy will be the first US BNPL to offer Pay-by-Text via its partnership with Everyware.
“As we are now live with ezyVet, we are accepting transactions in the US and are ready to accelerate on our growth and are poised to scale,” commented Shniderman. “Opy is committed to supporting its consumers by offering the most flexible installment plans in the market, partnering with leading payment providers, market leaders, distribution partners, and aggregators to create a diversified global fintech company that is highly differentiated for the US market”.
James Intermont, Principal at Atalaya Capital Management, said, “Opy’s BNPL product can help consumers budget and manage their expenses, providing a useful and sensible market solution. Through our credit facility, we’re excited to help support Opy’s expansion into the US payments sector.”
Pete Brown, Chief Growth Officer at ezyVet, said, “We’ve had enormous success working with Openpay in both Australia and the UK and are delighted to roll out in partnership with Opy here in the US. The veterinarians we partner with deeply care about their consumers and are ecstatic to offer alternative payment solutions to assist in providing care for their most loyal companions.”
Charles Layne, Chief Executive Officer and Director at PatientNow, said, “Opy’s product is a perfect fit for larger healthcare treatment coverage instead of limiting both providers and patients alike to a single option. Opy’s larger, longer, and customized plans created a powerful next-generation BNPL solution for those who need it the most.”
Kevin Feagan, Chief Revenue Officer at Everyware, said, “With Opy, we are now able to feature a differentiated BNPL offering that will enable merchants and consumers alike to have greater control over their financial decisions and payment options, which is in line with our commitment to jumpstarting the next generation of payments. We truly look forward to the success that this partnership will bring.”
Craig Boundy, CEO of Experian North America, said, “We share Opy’s vision to inform and enable consumers positively, and we’re thrilled to provide Experian’s tools to enable their operation in many sectors, including healthcare and retail. We’re excited to deepen our relationship with Opy to create new business opportunities and significant success for all stakeholders.”
Gilles Gade, Founder, President, and CEO of Cross River, said, “Our partnership with OPY is solution driven. Too many consumers are left without innovative—yet responsible—ways to obtain financial lifelines to pay for crucial life needs. We’re proud to partner with OPY by providing our best-in-class core infrastructure and embedded finance solutions that enable them to offer consumers the financial products they want and need.”
For more information, visit www.opy.com.
Openpay Group Ltd (ASX: OPY) is a global, fast-growing, and highly differentiated provider of ‘Buy now pay later’ (BNPL) payment solutions. Through its platform, Openpay delivers the most flexible BNPL plans in the market, with longer terms – up to 24 months, and with higher limits – 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-to-end, including applications, credit checks, approvals, and account management all in one system. Openpay provides services to, payment processors, merchants, and their customers in Australia, New Zealand, United Kingdom, and in the United States, where it operates under the brand name Opy. The company was recent 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, www.opy.com.
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