Managing director Andy Harding said that the company wants to establish itself as the leading player in the growing “buy now, pay later” finance market. Openpay entered the UK last summer and its competitors include Klarna, Clearpay and Payl8r.
“Our competitors have first-mover advantage, but we can overhaul them, we have the better product,” Harding said.
Openpay makes its money by charging retailers, such as TV shopping channel Ideal World, to use its platform. Shoppers spread the cost of their purchases over two to three months and there are no interest payments or fees.