Openpay, an Australian BNPL player, reported its Q1 FY2023 financial update. The key findings from the filing are listed below. 

Openpay reported a total transaction volume (TTV) of AUD 114 million (~USD 78 million), reflecting a 56% YoY growth. Its B2B product OpyPro reported AUD 32 million (~USD 22 million) in TTV, growing more than 5x from a year ago while adding over 7,000 new accounts in the process. 

The Q1 FY2023 TTV growth was primarily supported by an 18% YoY increase of active customers to 332,000. Active plans amounted to 1.9 million compared with 1.3 million a year ago, with 66% of customers reported to have multiple active plans. Retention was strong with 93% of repeat customers holding new plans.  

Openpay’s revenue rose 84% YoY to AUD 9.7 million (~USD 7 million), while its take rate (revenue as a % of TTV) increased to 8.5% from 7.2% in the previous year. The company also reported significant improvements in asset quality with net bad debt reducing to 1.4% of TTV vs. 1.6% in Q1 FY2022.