Buy Now Pay Later (BNPL) firm Opy and its parent company Openpay has expanded its global footprint with launch in the US payment market.
US consumers can now utilise Opy’s BNPL product ‘Buy now, Pay smarter’ to avail customised payment plans for their purchase.
Opy has turned to Cross River Bank (CRB) to enhance BNPL access to US consumers.
The tie-up allows the firm to provide closed-end consumer loans up to $20,000 with terms of up to 24 months.
Opy CEO and Openpay global chief strategy officer Brian Shniderman said: “Opy delivers new and improved ways for consumers to make purchases, especially when faced with unexpected expenses, such as emergency dental surgery, a sudden auto repair, or medical care for a beloved pet.
“Our flat fee is as little as one-third the cost of traditional consumer loans for the same purchases and provides marketplace expansion for merchants who accept Opy.”
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Opy is tapping ezyVet, a cloud-based platform for veterinarian care, to expand its footprint in the US healthcare market.
The firm is also catering to more than 2,500 healthcare providers in the country through a partnership with PatientNow.
Additionally, Opy tied-up with Everyware to offer Pay-by-Text capability to its US customers.
Everyware chief revenue officer Kevin Feagan said: “With Opy, we are now able to feature a differentiated BNPL offering that will enable merchants and consumers alike to have greater control over their financial decisions and payment options, which is in line with our commitment to jumpstarting the next generation of payments. We truly look forward to the success that this partnership will bring.”
Other US initiatives
To propel its expansion across the US, Opy has assembled a new team with expertise in payments, banking, fintech, regulatory, and retail.
Additionally, the firm secured $271.4m receivables warehouse facility from Goldman Sachs and Atalaya Capital Management.
The funding significantly expands Openpay’s credit facilities to support its US operations.
Opy, in partnership with Experian, has also rolled out customised risk solutions for the US market with personalised decision tools. This will enable the firm to manage risk while directing consumers to make better financial decisions.