Openpay launches BNPL service in US

Australian buy now pay later (BNPL) fintech Openpay has launched into the US market a year to the day since listing on the Australian Securities Exchange.

Openpay, which operates in Australia, New Zealand and the UK, offers two core products: a consumer-focused BNPL service for retailers, and a B2B Saas platform for managing trade accounts called Openpay for Business, both of which will launch stateside. Distinct from other BNPL firms such as Klarna, Openpay markets itself as a cashflow tool, allowing consumers to spread payments of upto $20,000 between two and 24 months, depending on the purchase.

“This is possibly the most significant announcement for Openpay since we listed on the ASX on this day, last year,” says Michael Eidel, Openpay’s CEO and Managing Director. “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’s new US division is helmed by former Deloitte executive Brian Shniderman, who will serve as Chief Executive Officer of the US operation and as Global Chief Strategy Officer. Shniderman was attracted to the role “because this is an amazing company leading the shift towards a much more consumer friendly and merchant-centric payments future,” he said.

Also joining the US executive team are Gary Stein and Troy Carrothers in the respective roles of Chief Product and Compliance Officer, and Corporate Advisor.

The fintech posted a record month in November, with a total transaction value (TTV) of $35.7m, up from the previous monthly record of $25.8m. Openpay also enjoyed a record week for TTV during Black Friday and significantly swelled the number of customers and merchants using the platform.

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Source: Openpay launches BNPL service in US | Digital Payments | Fintech Magazine