Openpay signs HP agreement, kickstarts Lumi partnership

ASX-listed ‘Buy now. Pay smarter.’ company Openpay has announced that it has signed an agreement to deliver its OpyPro business-to-business platform to global information technology company, HP Inc.

OpyPro will enable an enhanced trading experience for HP business customers. The system manages trade accounts end-to-end – including account application processing, seamless business customer onboarding, credit checks and terms, approvals and account management.

Openpay’s CEO and Managing Director, Michael Eidel commented, “We are delighted to have signed HP as our second B2B contract win, adding another household name to our growing list of iconic parnters. This deal demonstrates Openpay’s ability to attract top tier business partners as we work to make the business-to-business payment experience easier and more efficient.

“This will also be the first time we’ve put our relationship with B2B funding partner Lumi, into action. Having Lumi in the mix enables us to continue to deliver OpyPro as a capital light, high transaction-volume SaaS play. We look forward to going live together imminently.”

In April this year, Openpay announced that Lumi Financial Management would provide SME funding to OpyPro customers, enabling OpyPro to remain a pure SaaS, capital light solution. Lumi’s financial expertise in business assessment and financing is being integrated into OpyPro to power a seamless credit limit assignment and transaction experience for businesses.

Lumi’s CEO Yanir Yakutiel commented, “We are extremely excited about our partnership with Openpay and HP. This is something that we have been working on with Openpay in the background for several months and it is always exciting when something that started as an idea comes to life. This rollout is the first of many and we are looking forward to announcing more partnerships in the weeks and months ahead.”

The agreement is for an initial term of two years with an option to extend for a further two years. Average order values for HP products are expected to be significant and Openpay expects the OpyPro product to drive strong transaction value for HP for all on account sales to HP business customers.

OpyPro is Openpay’s platform for the global B2B market, built as modern, merchant-led software that large companies can use to manage their trade accounts end-to-end in a fully digitised manner – from application to transaction and remittance.

Following the launch of OpyPro with Woolworths as inaugural customer in September 2020, OpyPro has been established as Openpay’s flagship B2B solution. Together with the business credit solution provided by exclusive partner Lumi in Australia, OpyPro will be rolled out in Openpay’s key markets in the UK and US where demand is significant. With its capital-light business model and usage-based fee structure, OpyPro is a highly value-accretive contributor to Openpay’s pathway to mid-term profitability.