Openpay Group Ltd (ASX: OPY) (Openpay or the Company) today provided an update to the market regarding a material uplift in committed receivables funding from $55m to $110m, subject to customary conditions precedent. The funding will be provided by existing financier GCI Commercial Finance Fund (GCI), and Fortress Investment Group (Fortress).
This partnership is a key milestone in Openpay’s strategy to fund the current growth trajectory in its receivables book, which remains on plan to deliver cash EBITDA profitability by June 2023 (on a monthly basis), and beyond.
Dion Appel, Openpay CEO, said: “Openpay has been experiencing significant growth in receivables due to consistent and strong market demand. This increased facility reflects the confidence our long-term funding partners GCI have in the quality of our book and execution of our business model. Clubbing together with Fortress, it delivers the upsize in funding facility required to meet the growth we are experiencing, and our commitment to achieve cash profitability by June 2023.”