Afterpay challenger Openpay seeks $30 million News04 Jun 2020

Buy now, pay later fintech Openpay is seeking to make the most of investor interest in the payments sector, tapping the market for $30 million in new equity.


Openpay had stockbroker Shaw and Partners lining up investors on Thursday morning, according to terms sent to fund managers.


Shaw was seeking buyers for up to 12.5 million new shares at $2.40 each which was a 20.5 per cent discount to the last close and a 9 per cent premium to the 5 day VWAP.


Funds raised would be used to accelerate expansion into the UK, expand its B2B opportunities and to beef up its balance sheet, the term sheet said.


Shaw's equities desk was calling for bids by 2pm Thursday. Its shares went into a trading halt ahead of the raising.


The placement comes only days after Openpay secured a £25 million funding facility from UK financier Global Growth Capital to support its UK business.


The raising follows a huge run in Openpay's shares. It was trading at $1.18 only one month ago and jumped above $3 on Wednesday.


It also comes amid strong investor interest in bigger payments groups Afterpay and Zip Co.


Article source: AFR, 4 June 2020

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