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The Openpay Group Ltd (ASX: OPY) the stock price is up Thursday morning.
At the time of writing, shares of the provider Buy Now Pay Later (BNPL) have risen more than 5% to $ 1.34.
However, despite this gain, the Openpay share price is still disappointingly down 43% in 2021.
Why is the Openpay share price higher?
Investors raised Openpay’s share price today after announcing two new customer deals.
According to the statement, the company is building on its existing relationship with Kogan.com Ltd (ASX: KGN) in the business to customer (B2C) space to secure a new OpyPro business to business (B2B) corporate contract.
The release notes that OpyPro will integrate with Kogan’s e-commerce systems to provide an improved and simplified shopping and transaction experience for business customers.
In addition, he notes that OpyPro’s financing partner, Lumi, will provide credit to Kogan’s business customers.
Openpay CEO and Managing Director Michael Eidel commented: “We are delighted to have added Kogan.com to our growing list of B2B customers. This agreement demonstrates a strong demand from businesses for a simpler and more efficient payment experience. Credit term financing for business buyers in Australia will be provided by OpyPro’s financing partner, Lumi, allowing OpyPro to operate as a small cap SaaS product.
What else has been announced?
The announcement of the signing of an agreement with Nissan Australia also allowed the Openpay share price to rise.
The statement explains that Nissan Australia will work with its dealer network to increase the availability and use of Openpay’s consumer payment offerings among its 188 dealers in the network.
The deal includes marketing campaigns to drive new customer growth and targeted communication to existing Nissan Australia customers.
Openpay ANZ CEO Dion Appel said, “We are delighted to have signed with Nissan as a new customer in the automotive industry, further strengthening our leadership position. Through this partnership, we can help provide Nissan customers with greater payment flexibility and options for automotive service needs.
This agreement follows recently announced agreements with Ford Australia, Pentana Solutions, Dunlop Super Dealers, DC Motor Group, Norris Motor Group, Thomson Motor Group, Janrule Group and Goodyear Autocare.
Management notes that the deal is implementing its strategy of becoming a leader in its chosen verticals, ready for longer, bigger and more personalized payment plans with a healthy income yield.
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