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- Openpay (OPY) signs a US partnership deal with Kyriba to expand its OpyPro business through an initial pilot program
- Openpay says the new agreement will open up immediate access to hundreds of target business clients in the US
- The buy now-pay later company ended the financial year with strong growth, seeing active customers up 69 per cent compared to the previous year and a strong cash position going into 2022
- Openpay is down 4.44 per cent, trading at $1.40 at 12:25 pm AEST
Buy now, pay later company Openpay (OPY) has signed a US partnership deal to expand its OpyPro business.
Openpay penned a referral agreement with US-based treasury and payable solutions company Kyriba to expand its business-to-business (B2B) platform to the company’s client base through an initial pilot program.
Openpay said the deal will facilitate an enhanced trading experience for Kyriba’s customers; a variety of large corporations that often see a minimum annual turnover of $500 million.
The Kyriba partnership is also set to provide OpyPro access to over 2000 enterprise clients globally, and a pathway to significantly reduce acquisition costs with shorter sales cycles.
The system manages trade accounts end-to-end and allows corporate clients to digitise and automate their onboarding, allow acquisitions at scale, and see a reduction in fraudulent transactions, reconciliation time and costs.
Openpay’s US CEO, Brian Shniderman, said the company is thrilled to have signed Kyriba as a referral partner.
“Their extensive and deep customer relationships, including key enterprise clients in the United States, is highly attractive to Openpay as we continue to expand the reach of our OpyPro B2B solutions,” Mr Shniderman said.
Openpay says its new agreement with Kyriba will open up immediate access to hundreds of target business clients in the US, and open the possibility of spreading its product to other countries.
Meanwhile, Openpay ended the financial year with strong growth, seeing active customers up 69 per cent compared to the previous year to 541,000, and a strong cash position going into 2022.
FY21 also saw a significant funding package approved by shareholders, raising $37.5 million equity via an oversubscribed institutional placement, $25 million debt facility, and an $8.7 million share purchase plan.
Openpay was down 4.44 per cent, trading at $1.40 at 1:31 pm AEST.
