Openpay

Openpay was an Australian financial-technology company that operated in the buy-now-pay-later and online payments sectors. Founded in 2013 by Yaniv Meydan and Richard Broome, the company developed a payment model that allowed consumers to divide the cost of purchases into interest-free instalments. Its approach was positioned somewhat differently from short-cycle, low-value buy-now-pay-later products: Openpay sought to support larger and more planned expenditures, including healthcare, automotive services and home improvements. This emphasis placed the brand closer to cash-flow management and structured payment planning than to purely discretionary point-of-sale credit. The company operated primarily under the Openpay trading name through Openpay Group. Its consumer offering enabled participating merchants to present instalment-payment options to customers, while Openpay provided the payment and account-management infrastructure. The model depended on merchant acceptance, consumer repayment and the company’s ability to manage credit risk and funding across its transaction portfolio. From 2019, Openpay expanded beyond consumer instalments through OpyPro, a software-as-a-service product for business-to-business credit and trade-account management. OpyPro was designed to help enterprise customers administer trade accounts, receivables and related credit processes through a cloud-based platform. Referenced enterprise users included Woolworths and HP. This B2B direction represented an effort to broaden the group’s activities beyond consumer-facing instalment finance and to develop recurring software revenues. Openpay also pursued international expansion. It entered the United Kingdom and United States markets, but withdrew from both during 2022. The retreat reduced the company’s geographic footprint to its Australian operations and reflected the challenges of sustaining a multi-market financial-services business while managing credit, regulatory and funding requirements. Openpay entered receivership on 7 February 2023. In July 2023, OpyPro’s B2B software platform was reported to have been sold to related company OP Fiduciary Pty Ltd for $10 million. Openpay was formally removed from the Australian Securities Exchange on 28 August 2023. The Openpay consumer brand therefore represents a defunct Australian fintech business, while elements of its B2B software activity continued separately through the transaction involving OpyPro Holding Pty Ltd.

Openpay was established in Australia in 2013 by Yaniv Meydan and Richard Broome. It entered the expanding buy-now-pay-later market with an interest-free instalment model for participating merchants and their customers. The company’s stated commercial emphasis differed from providers concentrated on relatively small retail purchases. Openpay pursued larger, more planned categories, including healthcare, automotive and home-improvement expenditure, where customers could use instalments to manage cash flow over a longer payment period. The operating model combined merchant payment acceptance with consumer repayment administration. Openpay provided the financial and digital infrastructure through which customers could spread eligible purchases across instalments, while merchants received a payment solution intended to support conversion and affordability. As with other consumer-credit businesses, the model required the company to balance customer demand, merchant acquisition, repayment performance, funding and regulatory obligations. In 2019, Openpay extended its activities into business software through OpyPro. The product was a software-as-a-service platform intended to help business customers manage trade accounts and credit-related processes. Its capabilities were described in terms of trade-account administration, credit management and accounts receivable. Enterprise users cited in reference material included Woolworths and HP. The B2B platform gave Openpay a potential recurring-revenue stream and broadened the group’s proposition beyond consumer instalment payments. The company also attempted international growth by entering the United Kingdom and United States. Those markets were not retained: Openpay withdrew from both in 2022. The exits preceded a major deterioration in the group’s corporate position. On 7 February 2023, Openpay entered receivership. The receivership ended the company’s operation as an independent going concern and placed its remaining assets and business activities into an external administration process. The later handling of OpyPro separated the B2B software asset from the failed consumer-finance business. In July 2023, OpyPro Holding Pty Ltd was reported to have sold the platform to related company OP Fiduciary Pty Ltd for $10 million. Openpay was subsequently removed from the Australian Securities Exchange on 28 August 2023. Accordingly, Openpay is best understood as a defunct Australian fintech brand whose principal consumer instalment business ceased following receivership, while its B2B software technology continued through a related-company transaction.

• 2023

  Receivership begins

  [1]Openpayen.wikipedia.org

  Openpay entered receivership on 7 February 2023.

• 2023

  OpyPro sold

  [1]Openpayen.wikipedia.org

  OpyPro Holding Pty Ltd sold the B2B platform to related company OP Fiduciary Pty Ltd for $10 million in July.

• 2023

  ASX delisting

  [1]Openpayen.wikipedia.org

  Openpay was officially removed from the Australian Securities Exchange on 28 August 2023.

• 2022

  Withdrawal from the United Kingdom and United States

  [1]Openpayen.wikipedia.org

  Openpay departed both its United Kingdom and United States markets.

• 2019

  OpyPro introduced for B2B use

  [1]Openpayen.wikipedia.org

  Openpay expanded into software-as-a-service with OpyPro, a platform for business trade accounts and credit-management workflows.

• 2013

  Openpay founded

  [1]Openpayen.wikipedia.org

  Yaniv Meydan and Richard Broome founded the Australian fintech company that became known as Openpay.

Openpay positioned itself as a structured, interest-free payment and credit-management provider focused on larger planned purchases and business trade-account administration rather than only small discretionary retail transactions.

• Buy now, pay later · 2013

  Openpay instalment payments

  Openpay’s core consumer service allowed customers to divide eligible purchases into interest-free instalments. The brand concentrated on larger or more planned spending categories, including healthcare, automotive and home improvements, and presented the product as a way to manage household cash flow after a purchase.

• B2B software-as-a-service · 2019

  OpyPro

  OpyPro was a cloud-based business platform for trade-account, credit-management and accounts-receivable workflows. It enabled enterprise customers to administer business credit relationships and related payment processes. Referenced users included Woolworths and HP. The platform was sold to related company OP Fiduciary Pty Ltd in 2023.

• 2023

  Entry into receivershipOther

  Background

  Openpay’s operating business was placed into receivership on 7 February 2023.

  Action taken

  Receivers were appointed, beginning the external administration of the company.

  Aftermath

  The consumer business ceased as an independent operating brand, while the OpyPro asset was later sold and Openpay was removed from the ASX.

  Source

• 2023

  Sale of OpyPro to OP FiduciaryM&A

  Background

  Following the receivership, OpyPro represented a separable B2B software asset within the broader Openpay group.

  Action taken

  OpyPro Holding Pty Ltd sold the platform to related company OP Fiduciary Pty Ltd for $10 million in July 2023.

  Aftermath

  The transaction allowed the B2B credit-management technology to continue separately from the defunct Openpay consumer-finance business.

  Reported sale price. $10 million (July 2023)

  Source

• 2022

  Exit from the United Kingdom and United StatesStrategy

  Background

  Openpay had previously expanded beyond Australia into the United Kingdom and United States, but did not retain those markets.

  Action taken

  The company departed both international markets during 2022 and concentrated its remaining operations more narrowly.

  Aftermath

  The withdrawals preceded the company’s entry into receivership in February 2023.

  Source

• 2023

  Openpay enters receivership[1]Openpayen.wikipedia.org

  Bankruptcy

  Openpay went into receivership on 7 February 2023, marking the effective collapse of the Australian fintech’s operating business.

• 2023

  OpyPro B2B platform sold to related company[1]Openpayen.wikipedia.org

  M&A

  In July 2023, OpyPro Holding Pty Ltd was reported to have sold its B2B software platform to related company OP Fiduciary Pty Ltd for $10 million.

• 2023

  Openpay removed from the Australian Securities Exchange[1]Openpayen.wikipedia.org

  Bankruptcy · Regulation

  Openpay was officially removed from the ASX on 28 August 2023 after entering receivership earlier in the year.

• 2022

  Openpay exits the United Kingdom and United States[1]Openpayen.wikipedia.org

  Other

  The company departed the United Kingdom and United States markets during 2022 as it narrowed its international operating footprint.

1. 1Openpayen.wikipedia.org
2. 2BNPL provider Openpay appoints new CIOitnews.com.au