Openpay (ASX:OPY) announces partnership with Kogan.com & Nissan Australia

Highlights 

  • Openpay Group (ASX:OPY) share prices were up by 5% in the early trading hours as it announced that it has signed two agreements.
  • Openpay signed a deal with kogan.com to offer OpyPro.
  • Openpay also entered an agreement with Nissan Australia to leverage its position in the automotive sector.

Global ‘Buy now pay later’ (BNPL) market player, Openpay Group Ltd (ASX:OPY) share prices were up by 5% in the early trading hours as it announced that it has signed two agreements two new agreements through ASX.

So, what was the announcement?

Openpay’s deal with Kogan.com

As indicated in the ASX announcement, Openpay aims at enhancing its relationship with Kogan.com to offer OpyPro in the business-to-business space. With the deal, the Company will be able to deliver both B2C and B2B solutions.

The eCommerce system of Kogan.com will be integrated with OpyPro to offer simplified and enhanced transaction and buying experiences to business customers. Moreover, the funding partner of OpyPro – Lumi will extend credit to business customers of Kogan.

Michael Eidel, CEO and managing director of Openpay commented that,

Ross Metherell, Director of the strategy of kogan.com also shares his opinion on the agreement stating that,

Openpay signs an agreement with Nissan Australia

The leadership position of Openpay is leveraged in the Automotive sector as it signs an agreement with Nissan Australia. Under the agreement, Nissan will work with its network to improve the use and availability of Openpay offerings among its existing network dealerships. In brief, the targeted communication will be enhanced among the existing customer base of Nissan Australia through market campaigns.

Dion Apple, Openpay’s ANZ CEO commented on the agreement,

The shares of Openpay (ASX:OPY) closed 0.393% higher at AU$1.275 with market cap of AU$166.08 million today.

Bottom Line

The prices of Openpay were soaring high on 23 September 2021 as the Company announced two deals, one with Kogan.com and the other with Nissan Australia. Both agreements can be interpreted as OPY’s attempt to deliver their strategy to become a leader in customised payment plans in the space of B2B and B2C and generate healthy returns for shareholders. 

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