- Buy now pay later group Openpay (OPY) shares are down this morning following its fourth-quarter report
- The company recorded net cash outflows of nearly $22 million on operating activities and finished the period with a cash balance of just over $52 million
- Headlining the quarter was the purchase of Payment Assist, a leading UK buy now pay later (BNPL) auto provider
- Openpay is planning to launch in the US, the biggest BNPL market, in early October
- Openpay is down 0.42 per cent and is trading at $1.20 per share at 12:42 pm AEST
Openpay (OPY) shares are down this morning following its fourth-quarter report.
The buy now pay later (BNPL) platform recorded net cash outflows of nearly $22 million on operating activities and finished the period with a cash balance of just over $52 million.
Headlining the quarter was the purchase of Payment Assist, a leading automotive buy now, pay later provider in the UK. This purchase will further accelerate UK growth and position Openpay as a global leader in the BNPL automotive market.
Over the quarter, active plans hit two million, up 141 per cent compared to the previous corresponding period. Active customers were up 69 per cent to 541,000, with 51 per cent of these from the UK.
CEO Michael Eidel called this quarter the most “pivotal” since announcing it the company will be launching in the US, the world’s largest BNPL market.
“The June quarter was perhaps the most pivotal for Openpay since we announced our US launch in December,” he said. “We are putting the finishing touches on our launch into the US market, targeting go-live in our key Healthcare vertical in early October 2021.”
“This will present another major step forward for Openpay and the first of many very significant commercial opportunities for OPY USA.”
Openpay has been accredited as a global accelerate partner in the Adobe Exchange Partner Program. As an accelerate partner, Openpay’s offering will be marketed directly to Adobe Commerce and Magento Open-Source customers around the world.
Openpay was down 0.42 per cent and trading at $1.20 per share at 12:42 pm AEST.