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Australian BNPL firm Openpay raises $18.25 million

Source: Openpay

Openpay Group Ltd (ASX: OPY) (Openpay / the Company) is pleased to announce the completion of a $18.25 million two-tranche Placement to accelerate its pathway to profitability in the ANZ business.

Commenting on the Placement, ANZ CEO, Dion Appel said, “Openpay ANZ is accelerating its pathway toprofitability through sustainable growth, market-leading margins and business simplification. Australia is currently the engine room of the Company and we remain focused on delivering this plan. We appreciate the strong and continued support shown by existing shareholders, and new investors for the Placement and are pleased to welcome eligible shareholders to participate in the SPP on the same terms as the Placement to further accelerate our strategy.”

Proceeds from the capital raise will be used to support Openpay’s ANZ strategy, including:
* Acquisition of new merchants at scale in ANZ
* Acquisition of new customers at scale and increasing customer retention in ANZ
* Platform and technology enhancements
* Contribution to rapidly growing receivables book in ANZ
* Working capital in a rapid growth business, and facility repayment

Shaw and Partners Limited acted as Lead Manager to the Placement with Ad Astra Corporate Advisory acting as Financial Advisor and Clayton Utz acting as legal advisor.

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