Openpay (ASX:OPY) share price up 5% on Kogan and Nissan deals

Here’s why this BNPL provider’s shares are charging higher…
The post Openpay (ASX:OPY) share price up 5% on Kogan and Nissan deals appeared first on The Motley Fool Australia. –

The Openpay Group Ltd (ASX: OPY) share price is charging higher on Thursday morning.

At the time of writing, the buy now pay later (BNPL) provider’s shares are up over 5% to $1.34.

However, despite this gain, the Openpay share price is still down a disappointing 43% in 2021.

Why is the Openpay share price charging higher?

Investors have been bidding the Openpay share price higher today after it announced two new customer agreements.

According to the release, the company is leveraging its existing relationship with Ltd (ASX: KGN) in the business to customer (B2C) space to secure a new OpyPro business to business (B2B) enterprise contract win.

The release notes that OpyPro will integrate with Kogan’s ecommerce systems to deliver an enhanced and simplified buying and transaction experience for business customers.

In addition, it notes that OpyPro’s funding partner Lumi will provide credit to Kogan’s business customers.

Openpay’s CEO and Managing Director, Michael Eidel, commented: “We are thrilled to have added to our growing list of B2B customers. This deal demonstrates strong demand from businesses for an easier and more efficient payment experience. Credit term funding for business buyers in Australia will be provided by OpyPro’s funding partner, Lumi, enabling OpyPro to operate as a capital-light, SaaS-based product.”

What else was announced?

Also giving the Openpay share price a lift was news that the company has signed an agreement with Nissan Australia.

The release explains that Nissan Australia will work with its dealership network to increase the availability and use of Openpay’s consumer payment offerings among its 188 network dealerships.

The agreement includes marketing campaigns to drive new customer growth and targeted communication to Nissan Australia’s existing customer base.

Openpay’s ANZ CEO, Dion Appel, said: “We are excited to have signed with Nissan as a new customer in the Automotive vertical, further enhancing our leadership position. Through this partnership, we can help give Nissan’s customers greater payment flexibility and options for the automotive servicing needs.”

This deal follows recently announced agreements with Ford Australia, Pentana Solutions, Dunlop Super Dealers, DC Motor Group, Norris Motor Group, Thomson Motor Group, Janrule Group and Goodyear Autocare.

Management notes that the agreement delivers on its strategy of becoming a leader in its chosen verticals, primed for longer, larger and customised payment plans with healthy revenue yield.

The post Openpay (ASX:OPY) share price up 5% on Kogan and Nissan deals appeared first on The Motley Fool Australia.

Should you invest $1,000 in Openpay right now?

Before you consider Openpay, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Openpay wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

ASX 200 flat, Aussie Broadband shares halted, Openpay rises

Openpay (ASX:OPY) share price rallies on major expansions
Openpay (ASX:OPY) share price slumps as margins narrow

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended ltd. The Motley Fool Australia owns shares of and has recommended ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!