Openpay (ASX:OPY) posts record growth in August

Company News

by Anna Napoli

Payment solution provider Openpay (ASX:OPY) has experienced record growth in August with active Plans up 237 per cent and active Customers up 147 per cent.

Total Transaction Value (TTV) in August was $22.7 million, up 88 per cent compared to the same time last year, while revenue was $2.0 million , vs $1.2 million in August 2019.

The main growth drivers behind the uptick were the continued accelerated growth in e-commerce in Australia and strong increase in UK trading volumes.

CEO Michael Eidel says the company welcomes new competition in the buy now pay later sector as it demonstrates the global potential of BNPL as a preferred new payment option.

Shares in Openpay (ASX:OPY) are trading 1.7 per cent higher at $3.03.