Opy launches ‘Buy Now Pay Smarter’ in the US

By Edlyn Cardoza

Opy USA, Inc., and its parent company Openpay Pty Ltd, have officially entered the US payments market with the most flexible installment plans in the market as a differentiated Buy Now Pay Later (BNPL) product: ‘Buy now, Pay smarter.’

US demand for BNPL options continues to rise, with forecasted transactions expected to exceed $100 billion in 2021. Recent research from PYMNTS.com shows that 8 in 10 consumers would prefer to make high-value purchases using BNPL over personal loans or credit cards. With Opy, US consumers now have a better version of BNPL that offers customized payment plans with spending power for up to $20,000 with longer terms of up to 24 months, enabling consumers to budget better and pay smarter.

Opy partners with leading aggregators and key merchants to provide a meaningful difference in a consumer’s life. Opy provides consumers with a flat fee BNPL product with predictable payments designed for larger purchases and comes with longer terms, up to 24 months. Targeted industry verticals include healthcare, dental and veterinarian services, education, home improvement, auto repair and servicing, and big-ticket retail.

“Through our longer, larger, customized installment plans in verticals we own, we are making a true difference. Our mission is to change the way people pay for the better,” explained Brian Shniderman, CEO of Opy and Global Chief Strategy Officer for Openpay. “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.”

James Intermont, Principal at Atalaya Capital Management, said, “Opy’s BNPL product can help consumers budget and manage their expenses, providing a useful and sensible market solution. Through our credit facility, we’re excited to help support Opy’s expansion into the US payments sector.”

Unmatched Team
Opy assembled an unmatched leadership team in US FinTech that has decades of experience in payments, banking, FinTech, regulatory, and retail.

Localized Solution & Responsible Banking
Opy has Americanized its global platform, accelerating BNPL access to US consumers through its partnership with Cross River Bank (CRB). The relationship enables Opy to offer closed-end consumer loans up to $20,000 with terms up to 24 months with a mix of responsible consumer fees and flexible merchant fees.

Marquee funding
Opy is funded by Goldman Sachs and Atalaya Capital Management and their $271.4 million-dollar receivables warehouse facility triples Openpay’s credit facilities to support its US scale. This funding will enable Opy to take advantage of established and efficient capital markets and offer affordable products with reasonable financing rates for US consumers.

Customized Risk Management
In its partnership with Experian, Opy has tailor-made risk solutions for the US with customized decision tools for the US Market. The partnership enables Opy to manage risk, guide consumers to make better financial decisions, and extend low-cost, more affordable, and transparent loans to a greater number of consumers.

Scaled Distributors
At launch, Opy broadened its footprint in the US healthcare market, serving more than 2,500 healthcare providers in partnership with PatientNow and additionally, became the first BNPL provider to be partnered into a cloud-based platform for veterinarian care with ezyVet. With ezyVet, Opy’s OpyPay product will be distributed through ezyVet’s leading practice management platform and will feature full-scale integration with partner practices to deliver Opy’s flexible payment plans. With PatientNow, Opy’s OpyPay product will be distributed through PatientNow’s leading practice management platform, providing immediate access to the healthcare market to support elective and life-changing procedures. Additionally, Opy will be the first US BNPL to offer Pay-by-Text via its partnership with Everyware.

“As we are now live with ezyVet, we are accepting transactions in the US and are ready to accelerate on our growth and are poised to scale,” commented Shniderman. “Opy is committed to supporting its consumers by offering the most flexible installment plans in the market, partnering with leading payment providers, market leaders, distribution partners, and aggregators to create a diversified global fintech company that is highly differentiated for the US market.”