Shaws presents new buy now, pay later float contender News11 Oct 2019

Meet now, buy later.


That's the message from Shaw and Partners as it introduces fintech Openpay to potential investors ahead of an initial public offering slated for late November.


Openpay is a fast-growing buy now, pay later provider servicing customers and retailers in Australia and the UK.


It has more than 310,000 customer payment plans on its books and 1700 merchants. Both numbers are up more than 100 per cent year-on-year for the past three years, according to a pitch to fund managers.


It is seeking to raise $60 million for an IPO via Shaw – and plans to use proceeds to make the most of its platform at a time when the buy now, pay later market is booming thanks to a generational shift in spending habits.


While there's better known buy now, pay later platforms such as Afterpay and Zip, Openpay also offers flexible repayment plans for purchases up to $20,000 and stretching as far as 24 months. It specialises in the retail, automotive, healthcare and home improvement payments.


As a result, Openpay's customers are typically a bit older than other buy now, pay later providers, have higher average transaction values and longer repayment terms.


Openpay is run by former CBA banker Michael Eidel, who joined the company in March. Its backers include Investec, which has a 15 per cent stake, and has been helping to fund the business.


It comes after a strong year for listed buy now, pay later companies. Despite some concerns about their business models or the regulatory environment, Afterpay is up about 120 per cent this year, Zip is up more than 350 per cent and Sezzle's has doubled since its IPO in July.


It is understood this week's meetings are non-deal in nature, with funds told Openpay was working towards a late November sharemarket float.


Article source: AFR, 10 October 2019

Related Articles
News24 Feb 2020 Shaw and Partners Race Team Member Danielle McKenzie wins the 2020 Investec Bridge to Beach
On Sunday 23 February, the 2019/20 Australian Ocean Racing Series (AORS) concluded the season in Sydney with the Investec Bridge to Beach race. For the fourth year running, Shaw an... Read More
News18 Feb 2020 EFG Global Sport Ambassador Tiffany Chan visits the Shaw and Partners office in Adelaide.
Shaw and Partners was delighted to have professional golfer Tiffany Chan visit our Adelaide office last Friday.    Tiffany is Global Sport Ambassador of our parent company EFG In... Read More
News17 Feb 2020 Shaw and Partners appointed Co-Manager to the NAB Capital Notes 4 offer
National Australia Bank Limited (NAB) today announced its intention to raise $750 million through the offer of NAB Capital Notes 4, with the ability to raise more or less.   Shaw... Read More
News17 Feb 2020 Matt Bevilacqua and Brielle Cooper win the second edition of the Shaw and Partners Shannon Eckstein Ironman Classic
Over the weekend, the second edition of the Shaw and Partners Shannon Eckstein Ironman Classic took place at BMD Northcliffe Surf Life Saving Club on the Gold Coast, showcasing one... Read More
A - Z  % Change  
{{data.Symbol}} {{data.CompanyName}} {{data.Close}} {{data.AsAt | date :'shortTime'}} {{data.Movement | number : 2}} {{data.MovementPercent | number: 2}}%