Attributes its 163% growth to its strong Australian foundation and focused global expansion strategy
MELBOURNE Australia, April 15, 2021 /PRNewswire/ — Australian Buy now, pay later (BNPL) provider Openpay Group Ltd (ASX: OPY) is delighted to announce it ranked number 318 on the Deloitte Technology Fast 500™ Asia Pacific 2020, a ranking of the 500 fastest growing technology companies in the Asia Pacific region, in a year where only 102 Australian companies were named. Rankings are based on percentage revenue growth over three years. Openpay grew 163% percent during this period.
Openpay’s CEO and Managing Director, Michael Eidel, credits strong Australian foundations, supported by a 2019 ASX initial public offering and a highly focused international expansion strategy with the company’s 163% revenue growth over the past three years, commenting:
"It is a great privilege to be recognised in Deloitte’s Technology Fast 500™ alongside such distinguished company. This ranking recognises our efforts across a three-year period, which have been like three separate lifetimes for Openpay. Through that period, we have listed on the ASX; lived through a pandemic environment and outperformed along the way. We have built on our strong Australian foundations, established a fast-growing UK business, and right at the end of 2020, launched into the United States, the world’s biggest payments market.
"We are very proud to share this achievement today, and look forward to taking the opportunity this time, next year to see how the US strategy has added to our ambitious growth plans," he finished.
"Being ranked on the Deloitte Technology Fast 500™ is an impressive achievement, especially because today’s technology companies are thriving in extraordinarily competitive and changeable environments," said Mike Horne, Asia Pacific Deloitte Private Leader. "We applaud Openpay for being a top ranked Australian company on the index."
On top of ranking on the Deloitte Technology Fast 500™, Openpay also ranked 41 on the Deloitte Technology Fast 50 Australia, which ranks the 50 fastest growing technology firms in the country.
Deloitte Technology Fast 500™ Asia Pacific selection and qualifications
The Technology Fast 500™ list is compiled from the Deloitte Asia Pacific Technology Fast 50 programs, nominations submitted directly to the Technology Fast 500™, and public company database research. To qualify for the Technology Fast 500™, entrants must have had base-year operating revenues of at least US$ 50,000. Entrants must also be public or private companies headquartered in Asia Pacific and must be a "technology company," defined as a company that develops or owns proprietary technology that contributes to a significant portion of the company’s operating revenues; or manufactures a technology-related product; or devotes a high percentage of effort to the research and development of technology. Using other companies’ technology in a unique way does not qualify.
Openpay Group Ltd (ASX: OPY) is a fast-growing and highly differentiated player in the global ‘Buy now pay later’ (BNPL) payment solutions market. The Company’s strong platform enables it to deliver the most flexible plans in the market with durations of 2-24 months and values of up to $20,000.
Openpay focuses on industries where it can make a true difference: Automotive, Healthcare, Home Improvement, Memberships and Education; and its target customers are finance-savvy and of an older demographic who use Openpay plans as a cashflow management tool.
Openpay also has a unique B2B offering, Openpay for Business, a SaaS-based platform that allows companies to manage trade accounts end-to-end, including applications, credit checks, approvals and account management in the one system.
Openpay provides services to Customers and Merchants in Australia, New Zealand, the UK and entered the US market, under the brand name Opy, in December 2020.
See more at www.openpay.com.au.
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