Cross River To Power Openpay’s US Expansion
October 6, 2021
OPY USA AND CROSS RIVER ANNOUNCE GROUNDBREAKING PARTNERSHIP INCLUDING NEW BNPL CREDIT PROGRAM
Cross River To Power Openpay’s US Expansion
SAN DIEGO - ‘Buy now, Pay smarter.' company, Opy USA, Inc., (Opy), and its parent company Openpay Pty Ltd (ASX: OPY) (Openpay), have strategically partnered with Cross River Bank (“Cross River”) a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, to offer Opy’s differentiated next-generation “Buy Now, Pay Smarter” products for consumer banking loans.
While many traditional Buy Now Pay Later (“BNPL”) programs cater primarily to small, retail purchases, Opy’s Buy Now, Pay Smarter services are aimed at a broad swath of consumers to help them afford and pay for crucial life needs with transparency and confidence. As Opy advances on its strategic plans to rapidly enter the US payments market, partnering with Cross River will accelerate Opy’s entry into the US marketplace and provides consumers access to loans ranging in amounts up to $20,000 and with terms up to 24 months.
“This foundational partnership with Cross River enables us to help consumers manage finances, preventing them from declining critical services and purchases due to costs, such as important dental care or an emergency pet surgery,” said Brian Shniderman, CEO of Opy and Chief Strategic Officer for Openpay. “Cross River is in a unique position in the lending ecosystem, and we are thrilled to choose Cross River as our partner in the US where we are already experiencing incredibly strong demand for our plans. This partnership will enable Opy to successfully fill a large void in the existing US market with our longer, larger, customized, and interest-free product.”
Cross River is known for merging the innovative offerings of a technology company with the established expertise of a bank and is currently powering many leading fintechs across the globe. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. This partnership will build upon Opy’s six centralized pillars of success in creating meaningful alliances within the US while further amplifying the Opy name in providing lending solutions for financially responsible consumers. Cross River’s technological and banking capabilities, coupled with its strong focus on regulatory compliance and consumer protection, will help power this expansion and enable more consumers with access to safe and transparent credit products.
“Opy and Cross River are aligned in delivering an exceptional consumer experience from marketing and acquisition through servicing, as well as day-to-day operations, compliance, and risk management,” said Gary Stein, Chief Product and Compliance Officer of Opy USA. “We are looking forward to rollout our launch and align with such a trusted and innovative organization that thrives on its fintech roots and its abilities to enable market evolution.”
“Cross River powers innovative and responsible technology companies like Opy, enabling consumers to gain access to transparent, safe and reliable financial services,” said Gilles Gade Founder, President and CEO of Cross River. “Utilizing our core infrastructure and embedded finance solutions, Cross River provides a complete suite of products for our partners, allowing them to focus on their growth.”
“Cross River was the perfect banking institution for this partnership as they can properly support Opy’s volumes and are well versed in using and implementing our state-of-the-art technology,” explained Efrat Yellin, CFO of Opy. “We’re excited for this important collaboration, paving the way for Opy to facilitate Cross River’s origination of closed-end consumer loans with increased operational and regulatory efficiencies. This newly founded alliance is just the start, and we look forward to what the future holds for the US payments industry.”
For more information, www.opy.com.
About Openpay and Opy
Openpay Group Ltd (ASX: OPY) is a global, fast-growing, and highly differentiated provider of 'Buy now pay later' (BNPL) payment solutions. Through its platform, Openpay delivers the most flexible BNPL plans in the market, with longer terms - up to 24 months, and with higher limits - of up to $20,000. Openpay brings fairness, transparency, and flexibility to merchants and consumers alike, and focuses on industries where it can truly make a difference: Automotive, Healthcare, Home Improvement, Memberships, and Education. The company focuses on providing a greater range of payment solutions and has created a powerful next generation BNPL solution—Buy Now, Pay Smarter—that provides transparency and control to consumers when they need it most. Openpay’s B2B offering, OpyPro, is a SaaS-based platform that enables companies to manage trade accounts end-to-end, including applications, credit checks, approvals, and account management all in one system. Openpay provides services to, payment processors, merchants, and their customers in Australia, New Zealand, United Kingdom, and in the United States, where it operates under the brand name Opy. The company was recent ranked number 318 on the Deloitte Technology Fast 500™ Asia Pacific 2020, and is ranked 41 on the Deloitte Technology Fast 50 Australia.