Openpay Raises $18.25m to accelerate “pathway to profitability”
- Buy now pay later group Openpay (OPY) completes its two-tranche placement and raises $18.25 million
- Roughly 76 million new fully-paid ordinary shares will now be issued to new and existing sophisticated institutional investors at 24 cents
- The platform is also planning a share purchase plan (SPP) to raise a further $2 million with eligible shareholders able to subscribe for up to $30,000 worth of shares
- The money from the placement and SPP will be used to acquire new merchants and customers in Australia and New Zealand and enhance OPY’s technology and platform
- The platform ends the day 8.47 per cent in the red with shares trading at 27 cents
