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Openpay (ASX:OPY) - CEO, Michael Eidel - The Market Herald
CEO, Michael Eidel
Source: Finfeed
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  • Buy now, pay later provider Openpay (OPY) is looking to grow its U.S. business through a collaboration with payment processor Worldpay
  • Under a "mutually beneficial commercial relationship", Openpay's products will be integrated with the payment gateway operated by Worldpay
  • Worldpay will also be used as Openpay's merchant acquirer in the U.S. and other territories where the integration has been implemented
  • Separately, the company has entered a trading halt in preparation for a capital raising
  • Shares in Openpay last traded at a price of $2.41 each on Friday, March 26

Buy now, pay later provider Openpay (OPY) is looking to grow its U.S. business through a collaboration with payment processor Worldpay.

Purchased by Fidelity National Information Services in July 2019 for US$43 billion (roughly A$56.31 billion), Worldpay offers payment services for mail order and internet retailers, as well as point of sale transactions.

According to the agreement, Openpay and Worldpay will work collaboratively to "develop a mutually beneficial commercial relationship."

Such relationship is expected to include the integration of Openpay's product with the payment gateway operated by Worldpay. As a result, merchants using Worldpay will be able to use Openpay's buy now, pay later (BNPL) options, while Worldpay will act as Openpay's "merchant acquirer" in the United States.

The two companies will also work to provide flexible "buy now, pay smarter" payment products to merchants and customers in Openpay's operating regions.

"The agreement reached thus far demonstrates, in particular, substantial progress in OPY USA's ongoing efforts to deploy six strategic pillars — offering a differentiated BNPL solution through a large-scale, sustainable ecosystem via partnerships with banks, processors, and a large on-line marketplace," the company said this morning.

Separately, Openpay has entered a trading halt in preparation for a capital raising. While the details of the financing have not yet been revealed, the suspension will remain in place until Wednesday, March 31, or until an announcement is released to the market.

Shares in Openpay last traded at a price of $2.41 each on Friday, March 26.

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