Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James & team, Just wondering if we can an update on Openpay? Obviously the BNPL space is in the naughty corner but how is the actual business continuing to progress and would you be buying at this point? Thanks Cameron F
Hi Cameron,
It’s a good question because the news flow around the actual business has been positive, the latest update being a very good partnership with AMEX in the US. I think the short answer is the market views the sector as now ‘flooded’ and regulation is on the way which is another headwind.
MM sold OPY for our Emerging Companies Portfolio back in June and we still see no reason to be hero and catch this falling knife especially as you say the BNPL space is very much in the “naughty corner”.
We would expect the next phase here to be one of consolidation. There are rumors of Sezzle and Z1p getting together and we would expect more of that. There will be a point to buy these, we just don’t think that time has come yet.
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