Australian Buy now, pay later (BNPL) provider Openpay Group Ltd (ASX: OPY) commenced the launch of its operations in the US market in December 2020, and announced the appointment of its U.S. executive team.
Openpay Group Ltd (ASX: OPY) is a fast-growing and highly differentiated player in the global ‘Buy now pay later’ (BNPL) payment solutions market. The Company’s strong platform enables it to deliver the most flexible plans in the market with durations of 2–24 months and values of up to $20,000. Openpay has already built a strong U.S. pipeline, with partnership discussions with foundational partners in banking, merchant, and large payment processor sectors at advanced stages.
In the US, it will offer both its differentiated ‘Buy now. Pay smarter.’ and B2B SaaS products. Its focus will be on similar industries to Australia and the UK, including Retail to scale quickly and verticals such as Automotive and Healthcare, where Openpay is a leading BNPL provider in Australia with its flexible longer-term, and higher-value plans.
Target customers are finance-savvy and of an older demographic who use Openpay plans as a cashflow management tool. Openpay also has a unique B2B offering, Openpay for Business, a SaaS-based platform that allows companies to manage trade accounts end-to-end, including applications, credit checks, approvals and account management in the one system.
“This is possibly the most significant announcement for Openpay since we listed on the ASX on this day, last year,” CEO and Managing Director of Openpay, Michael Eidel said in a statement. “We are very excited to have commenced the launch of our consumer BNPL and B2B offerings into the US, building on our proven responsible approach, flexible products and focus on industries where we have strong confidence in our ability to deliver a differentiated value proposition. We’re entering the market with a team of highly respected US industry leaders who see great potential to bring our unique approach in BNPL and B2B to the US market.”
Openpay also announced the appointment of its U.S. executive team, led by Brian Shniderman, a 32-year veteran in the payments and fintech advisory industry. Shniderman will become Openpay US’ CEO and Openpay’s Global Chief Strategy Officer. He joins from Deloitte, where he founded and grew the firm’s globally top-ranked Payments practice. He successfully helped the C-suite of large global companies implement high-visibility, complex payments, fintech and banking strategies, mergers and acquisitions, operations, and technology initiatives. These include large credit card issuers, merchant acquirers, networks, payments processors, corporates, governments, and merchants.
“It’s clear that consumers and merchants want and need much more transparent, fair and flexible payment alternatives to traditional credit cards and BNPL options that lack transparency and charge unreasonable rates,” Shniderman said in a statement. “I joined Openpay US because this is an amazing company leading the shift towards a much more consumer friendly and merchant-centric payments future. Merchants I’ve advised were contacting me to help them find a better option. Openpay is the clear solution, and they’ve agreed.”
Also joining the US executive leadership team is Gary Stein, who joins as the US company’s Chief Product and Compliance Officer and Troy Carrothers, who will serve as a Corporate Advisor.
For more information, visit www.openpay.com.au.