Opy and its parent company, Openpay Group, signed $271.4 million secured debt facility with Goldman Sachs and investment advisory firm Atalaya Capital Management. Opy will use the funding to accelerate its expansion in the U.S., enabling the company in providing its buy now, pay later (BNPL) products to U.S. consumers.
“This transaction is a major opportunity for Opy and our BNPL product offering,” Brian Shniderman, CEO of Opy and global chief strategy officer for Openpay, said. “In establishing this funding facility, our strategic rollout is accelerated, advancing our momentum in working with leading payment processors and merchant aggregators nationwide. We are creating a lasting loan program that changes the lives of U.S. consumers who, until now, could not afford crucial life purchases, such as important medical procedures or paramount servicing to their commuter cars. We are steadily revolutionizing the BNPL industry and now with this facility, we are set to grow our U.S. business at an entirely new scale.”
“We are excited and honored for Goldman Sachs and Atalaya to serve as our foundational funding financial institutions. Working with these funders allows us to scale quickly to provide Opy products to U.S. consumers with alternative payment options for meaningful life purchases,” Efrat Yellin, CFO of Opy, said.
“Opy’s BNPL product can help U.S. consumers budget and manage their expenses and will provide a financial solution that is needed in the market,” James Intermont, principal at Atalaya Capital Management, said. “We’re excited to support Opy’s expansion into the U.S. payments sector with this credit facility.”
“Goldman Sachs and Atalaya have a strong financial existence and paired with our commitment to bringing innovation to the payments industry, we’re grateful to be aligned on this collaboration,” Shniderman said. “We are defining the future of payments, and we are excited by the disruption being created within the fintech landscape. We have designed Opy from the ground up, and with it, we are creating the next generation buy now, pay later solution.”
