The Openpay Group Ltd (ASX: OPY) share price is rising up after it announced multiple new partnerships and launch in UK healthcare.
Openpay new automotive partnerships
Openpay announced that it has signed major partnerships with Goodyear & Dunlop Tyres Australia. The deal includes 160 Beaurepaires stores to offer Openpay as a payment option for customers from October 2021. Openpay has an existing partnership with 143 Goodyear Autocare Centres and 148 Dunlop Super Dealer stores.
The company also said that it has secured “preferred buy now, pay later (BNPL) status” with the Victorian Automobile Chamber of Commerce (VACC) and Bosch Car Service Australia. This means that their respective customers will offer Openpay at the point of sale as the preferred BNPL.
Management said that between the VACC and Bosch Car Service it will add over 5,000 locations offering Openpay as the preferred BNPL.
Openpay Managing Director and Group CEO Michael Eidel said: “Automotive is at the core of our verticalised strategy as this is a sector where we can make a meaningful difference to both merchants and customers.”
Openpay enters UK healthcare sector
The company announced that it has signed an agreement with global dental practice management software company Software of Excellence, which is part of the Henry Schein Group.
Openpay said that Software of Excellence has over 6,000 sites in the UK. This will accelerate Openpay’s ability to reach nearly half of the UK’s dental market.
Veterinaries in the UK
Openpay’s partnership with ezyVet veterinary software went live in the UK with several veterinary practices signed and ready to transact in early September. This is an extension of Openpay’s Australian partnership with ezyVet.
Nexus partnership
Openpay said that it has signed a partnership with Nexus Hospitals in Australia. Under the agreement Openpay will be introduced to self-funded patients through their private hospitals and specialists network.
Final thoughts on Openpay and the share price
After a mammoth announcement of multiple partnerships and launches, it is no surprise that the Openpay share price is up over 3% at the time of writing.
Openpay has also been steam rolling ahead with its business-to-business software recently. It’s impressive to see the business’ growth strategy coming to fruition with the number of partnerships it announced.
However, BNPL is an incredibly competitive industry with a lot of hype. The big BNPL players like Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) have seen their share prices decline substantially from an early 2021 peak.
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