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December 16, 2020

Australian BNPL fintech Openpay goes live in US market

Australian buy now, pay later (BNPL) solution provider Openpay Group has launched its operations in the US.

Free Report
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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

Openpay already offers BNPL payment solutions in Australia, New Zealand, the UK.

It also offers a software-as-a-service (SaaS)-based B2B trading platform dubbed ‘Openpay for Business’.

It serves including automotive, healthcare, home improvement, memberships, and education industries.

Openpay particularly targets finance-savvy and old people that use Openpay as a cashflow management tool.

In the US, the ASX-listed firm is in advanced partnership talks with foundational partners in banking, merchant, and large payment processor sectors to help build its network.

To support the launch, Brian Shniderman has been appointed as Openpay US CEO and Openpay global chief strategy officer.

Other appointments include Gary Stein as Openpay US chief product and compliance officer and Troy Carrothers as corporate adviser. The business will also appoint a CFO with previous fintech experience.

Openpay MD and CEO Michael Eidel said: “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 are 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.”

Shniderman added: “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 have advised were contacting me to help them find a better option. Openpay is the clear solution, and they have agreed.”

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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