Buy Now Pay Smarter Opy launches in the US

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The first of its kind, the highly differentiated payment solution provides consumers with payment options for unexpected and meaningful purchases and increases merchant revenue

A new and improved version of Buy Now, Pay Later officially enters the US payments market without the gimmicks and with longer, bigger, and personalized installment plans for healthcare, education, repair automotive, home improvement and wholesale ticket retail

SAN DIEGO, 28 October 2021 / PRNewswire / – Opy United States, 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 on the market as a differentiated product Buy Now Pay Later (BNPL): “Buy now, pay smarter. “

(PRNewsfoto / Openpay)

U.S. demand for BNPL options continues to rise as expected trades exceed $ 100 billion in 2021. A recent study by PYMNTS.com shows that 8 in 10 consumers would rather make high-value purchases with BNPL rather than personal loans or credit cards. With Opy, US consumers now have a better version of BNPL that offers personalized payment plans with purchasing power of up to $ 20,000 with longer terms of up to 24 months, allowing consumers to budget better and pay smarter.

Opy partners with leading aggregators and key merchants to make a meaningful difference in a consumer’s life. Opy offers consumers a BNPL lump sum product with predictable payments designed for larger purchases and with longer terms, up to 24 months. Targeted verticals include healthcare, dental and veterinary services, education, home improvement, auto repair and maintenance, and wholesale ticket retail.

“With our longer, larger personalized payment plans in the verticals we own, we are making a real difference. Our mission is to change the way people pay for the better,” explained Brian Shniderman, CEO of Opy and Global Chief Strategy Officer of Openpay. “Opy offers consumers new and improved ways to shop, especially when faced with unforeseen expenses, such as emergency dental surgery, sudden auto repairs, or medical care for a well pet. -love. cost of traditional consumer loans for the same purchases and provides market expansion for merchants who accept Opy. “

To ensure success in the United States, Opy completed its strategic launch plan, paving the way for Opy’s growth into the world’s largest market.

Unequaled team
Opy has assembled a leadership team unmatched in US fintech with decades of experience in payments, banking, fintech, regulation and retail.

Localized Solution & Responsible Banking
Opy Americanized its global platform, accelerating BNPL’s access to U.S. consumers through its partnership with Cross River Bank (CRB). This relationship allows Opy to offer closed consumer loans up to $ 20,000 with terms of up to 24 months with a mix of responsible consumption fees and flexible merchant fees.

Brand financing
Opy is funded by Goldman Sachs and Atalaya Capital Management and their $ 271.4 million The receivables warehouse facility triples Openpay’s credit facilities to support its US scale. This funding will allow Opy to take advantage of established and efficient capital markets and provide affordable products with reasonable funding rates to US consumers.

Personalized risk management
As part of its partnership with Experian, Opy offers tailor-made risk solutions for the United States with custom decision tools for the American market. The partnership enables Opy to manage risk, help consumers make better financial decisions and provide lower cost, more affordable and transparent loans to more consumers.

Scale distributors
Upon launch, Opy expanded its presence in the U.S. healthcare market, serving over 2,500 healthcare providers in partnership with PatientNow and further became the first BNPL provider to partner with a platform. cloud for veterinary care with ezyVet. Along with ezyVet, Opy’s OpyPay product will be distributed through ezyVet’s leading practice management platform and will feature large-scale integration with partner law firms to offer Opy’s flexible payment plans. Along with PatientNow, Opy’s OpyPay product will be delivered through PatientNow’s leading practice management platform, providing immediate access to the healthcare market to support elective and life-changing procedures. In addition, Opy will be the first American BNPL to offer Pay-by-Text via its partnership with Everyware.

“As we now live with ezyVet, we are accepting transactions in the United States and are ready to accelerate our growth and are ready to scale,” commented Shniderman. “Opy is committed to supporting its consumers by offering the most flexible payment plans on the market, partnering with major payment providers, market leaders, channel partners and aggregators to create a global fintech company diversified and highly differentiated for the US market ”.

Jacques Intermont, Director 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 are delighted to help support Opy’s expansion into the US payments industry. “

Pete brown, Director of Growth at ezyVet, said, “We have had tremendous success working with Openpay in both Australia and the UK and are excited to partner with Opy here in the US. The vets we partner with care deeply about their consumers and are excited to offer alternative payment solutions to help provide care to their most loyal companions. “

Charles Layne, CEO and Director of PatientNow, said, “Opy’s product is ideal for broader healthcare coverage rather than limiting both providers and patients to one option. Opy’s larger, longer and more personalized plans have created a powerful next-generation BNPL solution for those who need it most. “

Kevin feagan, Director of Revenue at Everyware, said, “With Opy, we are now able to deliver a differentiated BNPL offering that will allow merchants and consumers to have better control over their financial decisions and payment options, which is in line with our commitment to launch the next generation of payments. We look forward to the success this partnership will bring. “

Craig boundy, CEO of Experian North America, said, “We share Opy’s vision to inform and empower consumers in a positive way, and we are excited to provide the Experian tools to enable them to function in many industries, including healthcare and retail. . We are 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 focused on solutions. Too many consumers are deprived of innovative, but responsible, means of obtaining financial lifelines to pay for basic living needs. We are proud to partner with OPY in providing our best-in-class core infrastructure. and integrated financing solutions that allow them to provide consumers with the financial products they want and need. “

For more information visit www.opy.com.

About Openpay and Opy
Openpay Group Ltd (ASX: OPY) is a global, fast growing and highly differentiated provider of Buy Now, Pay Later (BNPL) payment solutions. Thanks to its platform, Openpay offers the most flexible BNPL plans on the market, with longer durations – up to 24 months, and with higher limits – up to $ 20,000. Openpay brings fairness, transparency and flexibility to merchants and consumers, and focuses on areas where it can really make a difference: automotive, healthcare, home improvement, memberships and education. The company is focused on providing a wider range of payment solutions and has created a powerful next-generation BNPL solution – Buy Now, Pay Smarter – that provides transparency and control for consumers when they have it most. need. Openpay’s B2B offering, OpyPro, is a SaaS-based platform that enables businesses to manage end-to-end commercial accounts, 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, UK, and in United States, where it operates under the Opy brand. The company was recently ranked 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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