Openpay Group (ASX:OPY)
are an Australian-based company with operations in the US, UK and NZ. The fintech company operate in the ‘Buy now, Pay Later’ (BNPL) field. Openpay allow customers to make in-store and online purchases, offering different payment plans stretched out over time, with zero interest.
The digital-online purchasing sector has significantly grown over the years. The $149 million dollar company are faced with strong competitors. Openpay Group have struggled in the last 12 months. Their share price has slowly come down from near $5.00 per share last winter to $1.58 per share now.
The company have proposed to increase Openpay's UK presence by acquiring Payment Assist, UK’s leading BNPL provider in the automotive sector. The transaction would establish Openpay as a major player in the UK BNPL Market, and would grow Payment Assist outside of the automotive sector and into healthcare, home improvement and retail verticals.
The proposed acquisition supports Openpay’s market differentiation from competitors.
Shares in Openpay Group (ASX:OPY)
are trading 12.1 per cent higher at $1.58.