Openpay, the Australian Buy Now Pay Later company was placed in Deloitte’s Technology Fast 500 Asia-Pacific for 2020. The fast 500 is a ranked list of the fastest growing technology companies in the Asia-Pacific region.
Deloitte’s ranking of these companiesIs based on each companies percentage revenue growth over three years. Openpay CEO and MD, Michael Eidel reported that the company achieved 163% revenue growth over the past three years.
Openpay Ranks in Fast 500
That achievement landed Openpay as number 318 In the Fast 500 list. 101 other Australian companies were named to the list this year.
Eidel noted the company’s foray into the UK supported that effort. The US launch that commenced in December 2020 under the brand name Opy may well support the company’s entry next year.
“It is a great privilege to be recognised in Deloitte’s Technology Fast 50 alongside such distinguished company,” Michael Eidel said.
“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,” Mr. Eidel said.
On top of ranking on the Deloitte Technology Fast 500™, Openpay also ranked at #41 on the Deloitte Technology Fast 50 Australia, a list of the 50 fastest growing technology companies in the Land of Oz.
Openpay’s “Buy now pay later” plans run from 2 to 24 months for amounts up to $20,000. They mainly operate in Automotive, Education, Healthcare, Home Improvement, and Membership spaces.
The company says it generally delivers flexible plans to customers in an older finance-savvy demographic, who use Openpay plans as a cashflow management tool.
The company says it 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 (https://openpay.com.au/) is based in Melbourne, and trades on the ASX under the symbol OPY, currently at around $2.30 per share, with a market cap of $289 million.
Qualifying For Deloitte’s Technology Fast 500 Asia Pacific
Deloitte says that to qualify for the Technology Fast 500, entrants must have had base-year operating revenues of at least US$ 50,000. Entrants must also be public or private companies headquartered in Asia Pacific and must be “a technology company.” Deloitte defines technology companies as those that develop or own proprietary technology that contributes to a significant portion of the company’s operating revenues; or those that manufacture a technology-related product; or devote a high percentage of effort to the research and development of technology. Companies that simply use technology from other companies, even if used in a unique way do not qualify under this definition.