Business
Why the Openpay (ASX:OPY) share price is crashing 13% lower
The Openpay Group Ltd (ASX: OPY) share price has come under pressure on Thursday.
In morning trade, the buy now pay later (BNPL) provider’s shares are down a sizeable 13% to $2.53.
Why is the Openpay share price crashing lower?
The catalyst for the Openpay share price weakness was the release of its second quarter update this morning.
According to the release, the Afterpay Ltd (ASX: APT) rival experienced a further strong uplift in all leading indicators during the three months ended 31 December.
The company reported a 213% increase in active plans to 1,447,000 and a 123% jump in active customers to 461,000. Management notes that 77% of new plans were generated from repeat customers and 49% of active customers now have more than…
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