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Openpay appoints Ryvalmedia as media agency of record
July 6, 2021 9:07
Ryvalmedia has been appointed as the media agency for Australian Buy-Now, Pay-Later (BNPL) company Openpay, following a competitive account review. Ryvalmedia will be responsible for buying and planning.
Openpay has appointed Ryvalmedia as it increases its advertising spend to a reported $5 million, as part of its next phase of growth and expansion in Australia.
Managing director at Ryvalmedia, Joseph Pardillo said: “The Ryvalmedia team are delighted to welcome Openpay as our partner and play an intrinsic role in helping Openpay change the way people invest in goods and services more flexibly. Working alongside such sophisticated fintech-based organisations is challenging and complex but rewarding in a world where customers want much more frictionless and contactless experiences from brands and businesses.”
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Many Buy Now, Pay Later or BNPL Fintechs in Australia are Not Properly Regulated, which Poses Serious Risks, Industry Exec Claims
Grant Halverson, CEO and MD at
McLean Roche Pty Ltd, has noted that Fintech-related risk has increased dramatically this year and has been “aided by ‘free’ central bank money, exuberant VCs, private equity and run away share markets.”
Zip will be raising as much as $150 million in capital to expand its operations globally. Many of these so-called BNPL products are not well regulated (or even unregulated) in Australia and New Zealand, Halverson claims.
He also mentioned that Australian investors are increasingly investing or have expressed an interest in publicly listed BNPL businesses. Meanwhile, Australian banks who manage securitized receivable programs are “at risk” and investors (mostly VCs) could be at risk for investing in private BNPL companies, Halverson noted.