View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
October 29, 2021

BNPL player Opy expands into US payments market

By Shalini mani

Buy Now Pay Later (BNPL) firm Opy and its parent company Openpay has expanded its global footprint with launch in the US payment market.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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.”

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.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International