Cross River Bank to power Openpay’s US expansion
‘Buy now, Pay smarter.’ company Openpay, and its subsidiary Opy USA, Inc., have strategically partnered with Cross River Bank, a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, to offer Opy’s differentiated next-generation “Buy Now, Pay Smarter” products for consumer banking loans.
While many traditional Buy Now Pay Later programs cater primarily to small, retail purchases, Opy’s Buy Now, Pay Smarter services are aimed at a broad swath of consumers to help them afford and pay for crucial life needs with transparency and confidence. As Opy advances on its strategic plans to rapidly enter the US payments market, partnering with Cross River will accelerate Opy’s entry into the US marketplace and provides consumers access to loans ranging in amounts up to $20,000 and with terms up to 24 months.
“This foundational partnership with Cross River enables us to help consumers manage finances, preventing them from declining critical services and purchases due to costs, such as important dental care or an emergency pet surgery,” said Brian Shniderman, CEO of Opy and Chief Strategic Officer for Openpay. “Cross River is in a unique position in the lending ecosystem, and we are thrilled to choose Cross River as our partner in the US where we are already experiencing incredibly strong demand for our plans. This partnership will enable Opy to successfully fill a large void in the existing US market with our longer, larger, customised, and interest-free product.”
Cross River is known for merging the innovative offerings of a technology company with the established expertise of a bank and is currently powering many leading fintech’s across the globe. Founded in 2008, Cross River is a New Jersey state-chartered FDIC-insured bank. This partnership will build upon Opy’s six centralized pillars of success in creating meaningful alliances within the US while further amplifying the Opy name in providing lending solutions for financially responsible consumers. Cross River’s technological and banking capabilities, coupled with its strong focus on regulatory compliance and consumer protection, will help power this expansion and enable more consumers with access to safe and transparent credit products.
“Opy and Cross River are aligned in delivering an exceptional consumer experience from marketing and acquisition through servicing, as well as day-to-day operations, compliance, and risk management,” said Gary Stein, Chief Product and Compliance Officer of Opy. “We are looking forward to rollout our launch and align with such a trusted and innovative organization that thrives on its fintech roots and its abilities to enable market evolution.”
“Cross River powers innovative and responsible technology companies like Opy, enabling consumers to gain access to transparent, safe, and reliable financial services,” said Gilles Gade Founder, President and CEO of Cross River. “Utilizing our core infrastructure and embedded finance solutions, Cross River provides a complete suite of products for our partners, allowing them to focus on their growth.”
“Cross River was the perfect banking institution for this partnership as they can properly support Opy’s volumes and are well versed in using and implementing our state-of-the-art technology,” explained Efrat Yellin, CFO of Opy. “We’re excited about this important collaboration, paving the way for Opy to facilitate Cross River’s origination of closed-end consumer loans with increased operational and regulatory efficiencies. This newly founded alliance is just the start, and we look forward to what the future holds for the US payments industry.”