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Openpay raises almost $6m from retail investors

Struggling buy now pay later provider Openpay has completed the share purchase plan component of its latest capital raising program, with retail investors subscribing to A$5.8 million worth of shares.

The company had been targeting to raise only $2 million from the purchase plan.The SPP offer was completed after the company raised $18.25 million from two-tranche placement with institutional investors earlier this year.

Funds raised are earmarked to support Openpay’s growth strategy in Australia and New Zealand.

Shares issued under the purchase plan will commence trading on the ASX on 17 August.

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