Australia-based BNPL provider Openpay, reported its Q2 of FY 2023 financial update. The key findings from the filing are listed below. 

Openpay reported a record high total transaction volume (TTV) of AUD 126 million (~USD 83 million), reflecting a 45% YoY growth. Its B2B product, OpyPro, reported AUD 44.1 million (~USD 29 million) in TTV, growing more than 5x from a year ago while crossing 15,000 accounts in the process. 

The Q2 of FY 2023 TTV growth was primarily supported by peak retail activity within the quarter, resulting in a 15% YoY increase of active customers to 347,000. Active plans amounted to 2.1 million compared to 1.5 million a year ago, with 67% of customers reported to have multiple active plans. Retention remained stagnant from the previous quarter, with 93% of repeat customers continuing to hold new plans.  

Openpay’s revenue rose to a record high of AUD 10.1 million (~USD 7 million), a  59% YoY increase, while its take rate (revenue as a % of TTV) increased to 8% from 7.8% in the previous year. The company also reported a deterioration in asset quality with net bad debt rising to 2.2% of TTV versus 1.2% in Q2 of FY 2022. 

During the quarter, the company ceased operations in New Zealand (NZ), with TTV and revenue generated from NZ in the financial year being immaterial to date.