The Openpay Group Ltd (ASX: OPY) share price has started the week in a positive fashion.
In morning trade, the buy now pay later (BNPL) provider’s shares are up 5% to $2.82.
Why is the Openpay share price charging higher?
This morning Openpay announced its entry into the US$55.8 billion US and UK veterinary markets via new partnerships with ezyVet.
The release explains that ezyVet is the next generation in cloud-based practice management software for veterinary professionals who want to save time, grow their business, and deliver excellence in all aspects of veterinary care.
It supports clinical data across the workflows of over 40,000 licensed users and 2,000 practices across several countries. From these, more than 1,200 practices are in the US, accounting for 25% of the veterinary cloud software market in the country.
What are the agreements?
According to the release, under the agreements, Openpay will be integrated as a payment option within the ezyVet vet practice management software, and ezyVet will introduce vet practice clients to Openpay.
This partnership will enable any of ezyVet’s practices in the US and those in the UK to offer payment plans to pet owners seeking to spread the cost of their veterinary procedures and treatments.
Management expects Openpay to be made available on the ezyVet platform to consumers in the UK before the end of FY 2021 and in early FY 2022 in the US.
Openpay’s CEO, Michael Eidel, commented: “We launched with ezyVet in September last year in Australia to enable pet owners and their fur babies to access Openpay. With a surge in the number of pets being brought into families through COVID-19 lockdowns, this relationship really took off as people sought smarter ways to budget and pay for pet care.”
“We’re delighted to be taking the successful model and trusted partnership with ezyVet to our US and UK operations. This is an important milestone for us – it signifies our first significant US partnership and our entry into the UK healthcare vertical.”
Openpay’s USA CEO and Global Chief Strategy Officer, Brian Shniderman, added: “In the US, owners spend an average of around US$1,380 annually on their dogs which make up the majority of pets in US households. We plan to be just as loyal to our customers as dogs are to their human families by giving them the ability to pay for unexpected illnesses and injuries that afflict all of their cherished pets.”