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[Audio Gap] to join this call today where we will discuss Openpay's results for the quarter ended 30 September 2021. Presenting today will be group CEO and Managing Director, Michael Eidel; group CFO, Jussi Nunes; and U.S. CEO and Global Chief Strategy Officer, Brian Shniderman. Michael, Jussi and Brian will present from the presentation that was lodged at the ASX this morning. The formal part of this session will be followed by Q&A. [Operator Instructions]I would like to hand over to Openpay's CEO, Michael Eidel. Thank you, Michael.
Thank you very much, Aline, and good afternoon, everyone. Thank you for making time to attend today's Q1 FY '22 results presentation. Just to start with the Board statement, Q1 FY '22 was an extremely eventful quarter as we have not only delivered very solid growth in our core business of Buy Now, Pay Smarter, but also made significant progress in converting our strong pipeline for our OpyPro B2B platform. And we have pivoted our strategy in the U.K. towards our target verticals, and the U.S. platform has successfully made its debut in the largest consumer market in the world with some first loans. Let's now turn our attention to the investor presentation on Page 4, the highlights of the first quarter of FY '22. Thank you. So starting on the top left with some of the key achievements in Australia and the U.K. Across both markets, we have been able to sign a record number of key merchants, major platform and aggregator partners to enable merchant growth, which will support growth of TTV and revenue in the upcoming peak season, the December quarter and beyond. Significant examples of merchant and partner wins in Australia are Goodyear & Dunlop Tyres Australia and Nissan in auto; Nexus Hospitals and Healthe Care in health care; and Till Payments, a world-leading end-to-end payment solution provider in automotive, retail and home improvement, so specialized on our verticals. And this is greatly in line with our aggregator strategy to scale our business more quickly. We are also very pleased with merchant acquisition in our new verticals, sports memberships, with sporting clubs in golf, cricket and football and in education with reputable schools such as Berlitz Australia or Coder College. In the U.K., we have achieved a milestone to enter in one of our global target verticals, health care, by going live with first transactions in veterinary based on the ezyVet integration. In dental, we have signed several dental practices right across the country from Cornwall to London and Manchester and Scarborough, helping the U.K. smile when it comes to managing the cost of their dental care. In the U.K., we also made great progress to pivot from fast-moving to bigger-ticket retail. This means we have actively reduced the volumes with one major enterprise retailer where we had experienced higher early-stage losses but added on the other side significant brands for luxury fashion, bathrooms and furniture, all benefiting from our differentiated longer, larger payment plans with average transaction values in that space during the quarter of around GBP 1,400 and a very healthy risk profile. Leading B2C to address some major wins in B2B, our SaaS platform, OpyPro, providing large enterprise businesses with an end-to-end solution for the onboarding and trading of their business customers. Starting with Woolworths, our inaugural client in Australia, they continue to deliver robust growth during the quarter, with more than 8,000 accounts of their business customers onboarded and trading. In August, we announced HP, formerly Hewlett Packard, as a new OpyPro client in Australia. And we announced our partnership with Kyriba, a leading provider of treasury management solutions, with 2,000 of these enterprise clients such as Woolworths and HP in the U.S. and globally. The HP integration is now completed and first transactions have been successfully processed through the platform this quarter. With Kyriba, we are currently evaluating specific client opportunities, with pilots expected to produce corporate customer sign-ups over the next few months. As announced in September, we have also signed Kogan, who is on track to go live with the platform in this Q2 FY '22. The deal sees us providing 30-day invoice terms to Kogan's business customers through our partnership with Lumi, who provide trade credit on their own balance sheet through our software. This is then informing our product, OpyPro + Credit. Kogan is a great example of client acquisition synergies between B2C and B2B, providing them with all they need to deliver an outstanding outcome for their consumer and business customers from the one provider, Openpay. So OpyPro is on its way to claim a very significant share of the group's future business performance for revenue, but even more so, profit. And it is, as we have heard before, a capital-light no-risk tech solution with high margins and only marginal incremental cost to roll out. Moving now to the right, Opy, our U.S. brand and business. Brian will provide a detailed update on the recent groundbreaking partnership wins and our transaction go-live in the U.S. I just want to share here how proud my team and I are of what we have achieved in the recent few quarters to go live with our first consumer loans embedded in our payment plans in the U.S. in health care earlier this week. It is such a groundbreaking achievement and milestone for the company and will fundamentally change the shape and size of our business going forward. As we talked about before, the U.S. market for health care, auto repair, home improvement and education, which we'll initially focus on, are so big in volume, combined USD 450 billion, that if we get this right, it will mean multiples of TTV, total transaction volume, and revenue of what we have built over years in Australia and more recently, in the U.K. And size is everything in a tech platform and network economy like ours to scale and create operating leverage to make this not only a massively growing but also profitable business. And strategically, we have now aligned our approach globally across our home market, the U.K. and the U.S. to focus in B2C on verticals where we know we have a competitive advantage with our longer, larger customized interest-free post-lending product. And in B2B, we have our unique trade account management platform, OpyPro, which has proven global potential as well. The clarity of our strategic direction as a diversified payments and lending fintech and the consistent performance across our key metrics going forward will also help investors to capture the great investment opportunity with Openpay. But before I pass on to Brian for more color around the U.S., let's turn pages and look at the performance of our key metrics on group level on Page 5. Thank you. Reflecting on the year-on-year growth rates, we are particularly pleased with the 87% increase of active merchants, which is a record for us. The one-to-many aggregator strategy to sign one deal with a payments processor, e-commerce platform or practice management software provider, integrate technically once and be available to hundreds and thousands of merchants in one go for onboarding and go-live really pays off. And it is our leading indicator for active customers, number of plans and subsequently a strong growth in TTV and revenue as well. We have also recorded the highest-ever percentage, 85%, of plans being held by repeat customers, with 55% of our now 579,000 active customers holding multiple active plans, many across different verticals. Active plans increased 110% versus PCP, reaching 2.2 million, driven by a comparatively stronger contribution from the retail vertical due to lockdowns, which, in Q1, affected the automotive and even more the health care plan growth. Despite the temporary mix shift, Openpay's plan mix remains comparatively longer term and high value, with 87% of TTV from plans 3 months or longer Q1 FY '22. And we have also seen a very strong improvement in our revenue yield, net transaction margin and loss performance, which Jussi will cover in his part. To keep us going, I will not dive too much deeper into our AU and U.K. performance as I touched on the main drivers already. But just briefly on Page 6, thank you, you'll find a very solid continued contribution of our home market to the overall performance. Our very strong presence in e-commerce platform has allowed us to master the lockdown prices with a record TTV performance of $73 million. For the first time in our history, the online business has surpassed in-store sales, a trend which we see already reverting in October since New South Wales and, lately, Victoria have loosened their tight restrictions and the health and auto sectors are picking up again quite greatly. In the U.K., on Page 7, I want to point you to the solid 62% year-on-year growth rate of total transaction value as we very clearly focus on quality growth, rightsizing the volumes according to our target loss rates of between 1.5% and 2.5%. We have well stayed within that range after a significantly heightened loss performance in Q3 and Q4 FY '21 due to early losses with one large retailer, as mentioned before. To pivot our U.K. strategy towards our verticals, the integration and go-live with ezyVet and signed agreements with some first dental clinics will hopefully soon be complemented by the FCA's approval to conclude the acquisition of Payment Assist, the U.K. leader in automotive post-finance. So overall, we are building on a solid basis business performance across all levers and key metrics to enter our usually biggest quarter, Q2, where the expected strong growth during the peak season in retail will be supported and strengthened by a number of go-lives of large aggregator partnerships and major deals, particularly in auto and health, after the technical integration has been completed. With this, I will hand over to Brian for his U.S. update. Thank you.
Thank you, Michael, and hello, everybody, from New York in the United States, where I am so excited to share with everybody we went live in the United States with our first plan. And as we had originally communicated to all of you, all of our investors during the first year results, I'm going to look at Page 8 here, and I want to share that we put together a very precise plan for our U.S. success. And we have completed all of the milestones that we put in place over the last year to successfully launch and have everything we need in place. I want to share with you what some of those things are and recap them. The first thing that you may recall, if you've been following along in my 6 pillars of success for our launch, was to bring on an unmatched team. And so we have very successfully assembled a team that I don't think you'll see at any other fintech, let alone buy now pay later, that has in many, many cases, 20 to 30 years of experience in the areas of payments and banking, in regulatory with very senior people joining us from the U.S. OCC and CFPB, in fintech and in the verticals. We have people that join us from having over 20 years in areas like health care and auto. So that team is all in place and is operating very, very effectively now. So that's very exciting. We've also localized our solution. We've, as we like to say, Americanized both the platform and the product. And that's really important so that we can be a responsible lender and align with all of the requirements that are in place, not just on the U.S. level. But each of the states where we have to have requirements met, regulatory requirements, statutory requirements, we've checked all the boxes there. Our approach to doing that includes using one of, if not, the most advanced digital bank in the world, Cross River Bank. And they -- and their platform enable us to accelerate much, much faster the rollout of our loans across all of the states. Those loans, of course, up to $20,000 with terms up to 24 months and very, very responsible consumer fees and very flexible merchant fees. Another thing that we needed to do is check the box on the funding that would help with those loans. And so we have quite the marquee funding from some of the most elite providers in that space in the world. We are backed by Goldman Sachs and Atalaya Capital Management for a total of $271.4 million in receivables warehouse facility. That actually triples our existing credit facilities in order to support the U.S. scale. That funding is going to enable us to take advantage of established and very efficient capital markets and to offer very, very affordable products with very reasonable financing rates for U.S. consumers. I'd love to remind people that, in some cases, our U.S. product will cut the cost of financing things like health care by as much as 66%. That is amazing. We have customized our risk management solutions for the U.S. We've announced a partnership with Experian, where we have very bespoke, tailor-made risk solutions, where we integrate our solutions with 20 of experienced solutions that include solutions both for looking at the consumers as well as the merchants. And these customized decision solutions and tools are now being used in the United States as of yesterday. That partnership is going to allow us to manage risk in a very controlled type way, and it's going to guide the consumers to make much better financial decisions and extend these super low-cost, much more affordable and transparent loans to a much larger number of consumers across the U.S. We, of course, are basing our strategy around a very scaled distribution model with very large aggregators. So at launch, this week, as you've heard, we have agreements with aggregators like with ezyVet. ezyVet, for those of you that don't know, in the U.S. alone has 1,200 veterinary clinics with that -- with their solution where we are integrated. There's a second aggregator partnership with 2,500 health care providers, a company called Patient Now. With ezyVet, our OpyPay product is going to be distributed through their practice management platform. It's very important. It makes it very fast and easy for a merchant for one of these practices to implement in a matter of minutes the solution, and that allows us to be very easy for them to start using. And it's a full-scale integration with their practices, and consumers can, with 5 steps, quickly start using our plans, accessing our plans, very, very elegant solution. We're also going to be going through, as I said, Patient Now's practice management platform, and that gives us access to the health care market to support elective procedures and many life-changing procedures. Additionally, Opy will be the first buy now pay later to offer pay by text via a partnership that we announced with Everyware. So we're making it easier than all of our competitors to actually access and use our Buy Now, Pay Smarter solution. OpyPay distribution commenced via this rollout with ezyVet this week. And in summary, our launch is going to transform the profile of Openpay Group over the course of time. And we're looking forward to providing you with regular market updates regarding the substantial growth plans and partnerships that we're rolling out in the U.S. Turning to Page 9, our OpyPro product that Michael was discussing a little bit earlier. That differentiated B2B, business-to-business, software-as-a-solution platform, continue to deliver very robust growth during the quarter, with more than 8,000 accounts onboarded and trading. In August, we announced a partnership with a treasury management solution company based in San Diego, California but operating all around the world, Kyriba. Kyriba has one of the leading treasury management solutions that CFOs and treasurers and controllers use around the world to manage their finances and cash positions. Kyriba is not only a global leader in TMS and cloud treasury and finance solutions. They have over 2,000 enterprise customers globally. Each of them is similar to the individual announcements that we made with the customers we're currently working with. So you think about Woolworths. Each one of these is an example of a Woolworths. So each one has thousands, in some cases tens of thousands, of buyers that work with them using this solution once it's rolled out and integrated with all of Kyriba's participating customers. We're actually doing training and education sessions with the Kyriba team. We started those, and we are currently evaluating the specific client opportunities with pilots that will be producing those corporate customer sign-ups in the very near term. The opportunity for our B2B product in the U.S. is quite incredible, and we're thrilled with the potential that it brings to the company. Over to you, Jussi, for the financial update.
Thank you very much, Brian and Michael, and good afternoon, everyone. Look, firstly, I want to echo both Michael and Brian's pride in the transformational point that the year so far represents to us. We've started transacting in the U.S. as well as entered the health care vertical in the U.K. And with regards to that first point, we've enabled business launch in the U.S. in a very disciplined and efficient way there in public. We are now able to offer our highly differentiated licensed products through partnerships with leading organizations in their own fields such as Goldman Sachs and Atalaya for funding, Cross River Bank for banking services as well as compliance and Experian for risk management and portfolio management. Now Michael mentioned earlier the importance of size in a platform business like ours and the criticality of delivering scale through our increasing geographic presence. This is critical for success. But in addition to that, I also want to add that we do so with discipline and a clear understanding of what needs to be done from the perspective of quality of earnings and eventual profitability. Also, entry into the U.S., as Brian mentioned, will be controlled, meaning that this quarter or the Q1 FY '22 will be the last one that reflects metrics from the existing AU and U.K. regions only. Next quarter, we'll start showing both a further diversified source of TTV from U.K. verticals as well as from the U.S. launch plan, which means through pilots and other stable rollouts. This is then to be followed by the second half of the FY '22 financial year where we expect scale-up to commence. So if I turn our attention back to the first quarter and Page 11, thank you, where we summarize our KPI outcomes for the period. Actually, Page 11, please, the previous one. Thank you. So TTV brought the $100 million mark for the first time with a revenue margin of 6.7% and an NTM, or net transaction margin, of 1.3%. And whilst these represent year-on-year [indiscernible], it is important to note that this is purely due to portfolio mix toward the retail vertical for the last 1.5 years to 2 years, but more importantly for me is the trend that we're seeing within our portfolio of strengthening revenue margins on a quarter-on-quarter basis as well as net transaction margin, or NTM, toward what we expect them to be over the longer term. Revenue margins have improved and continue to do so early into Q2 due to portfolio management and pricing initiatives, with the remaining source of continued -- sorry, of improved NTM being driven by the reversion to more normal credit settings in the U.K. This actually delivered a net transaction loss rate in the quarter of only 1.4%. This is an expectation that we communicated during the second half of last year, which has materialized exactly as expected, with still some benefits to be evident in the second quarter of this financial year, so between October to December. The only other point I wanted to mention from this page was a robust funding runway that the group still has in the form of $187 million at the end of the quarter, with a significant increase to be introduced in the second quarter by the new funding facility announced in the U.S., as I mentioned earlier. Then if we look to Page 12, we can see the actual -- we can actually see most of the points I just summarized with trends included over the last -- over the past 12 months. Apologies. The graphs confirm the strengthening trend in financial returns I just mentioned, nicely moving toward the longer-term objectives we set ourselves, which, just as a reminder, what Michael and I always mentioned, is 9% plus on revenue margin and 2.5% more in net transaction margin. On this page as well and the final point that I wanted to cover was to provide some further clarity around our operational cash burn reported in the 4C report over the last 12 months and what we can expect going forward. The graph on the bottom right clearly outlines that the intensity of the burn over the past year has been mainly driven by getting the platform and organization ready for launch in the U.S. and, to a certain extent, expansion in the U.K. The recurring use of funds in existing geographies has been relatively flat, as you can see, with the majority of growth going to one-off costs related to growth and readying the business for a U.S. launch. We have now incurred a majority of required nonrecurring costs, with most of it dropping off in the next quarter or 2. This will deliver a noticeable flattening to the burn with a further modest transitioning -- or transition between geographies from existing ones to those of high growth. For us, this is an area we've managed very, very closely and will also report on an ongoing basis as relevant. Okay. That's all I wanted to cover from a financial perspective. Over to you, Michael, for strategic outlook and wrap-up before Q&A. Thank you.
Thanks very much, Brian and Jussi. And indeed, a very packed first quarter, with significant merchant partner wins in B2B and B2C, a positive momentum throughout Q1, particularly since the end of the lockdowns and the successful strategic pivot in the U.K. and very recent go-live in the U.S. All this is setting us up for a really strong business performance and accelerated growth in the course of this FY '22 and beyond. And just to summarize, also to the point which Jussi made throughout FY '21 and into FY '22 in Q1, we have made these very significant targeted investments in new geographies such as the U.S., a fully flexible Americanized platform and great talent, as Brian has alluded to. We have entered new verticals and see very strong business growth already in verticals such as education or hospitals within health care. We've enhanced the capabilities to manage fraud and credit risk, which has resulted in a significant improvement of our loss performance. And we have done the M&A deal to be confirmed by the FCA with Payment Assist. We have invested in our B2B sales platform capabilities to attract and win new partners. And on top, won a lot of really good merchants and customers for growth going forward. So I believe these investments have met the criteria of what you would expect the money should flow into to strengthen our position as a differentiated provider of payment services in a fiercely contested market to diversify our revenue streams and to accelerate growth. So our continued revenue margin and the opportunity to scale in the U.S. and reduce unit costs will make us a profitable business in the midterm at a significantly lower required level of TTV than many of our competitors. So from that perspective, my team, Brian, Jussi, I and the leadership team, are very, very focused on delivering our long-term [indiscernible] strategy and objectives. Key achievements in FY '22 will be the integration with the already signed global payments processor and further vertical aggregators, which will mean a quantum leap in volume growth starting in Q3 FY '22 as we roll out now in the U.S. -- in a very, very considered and prudent way. And you can expect from us the proliferation of our SaaS platform in B2B in and outside Australia, which we have seen excellent results for already in the first quarter. And we will continue to be targeted in where we spend our investors' money. So that's the update. Thank you very much. We are looking forward to keeping you updated on our progress. And I hand now over to Aline for the Q&A part of this call. Thank you very much, and over to you, Aline.
[Operator Instructions] We have about 10 to 15 minutes for questions. [Operator Instructions] Your first question, maybe for Jussi, what should we expect regarding net transaction margin trajectory for the remainder of the year, noting that the revenue margins in the U.S. should be higher but upfront loss rates typically spike upon entry into new markets?
Thank you, Aline. In terms of the net transaction margins, I don't expect them to have any kind of a significant dip or anything like that at all. If you look at our existing portfolio, which clearly relative to anything that we're going to do in the immediate future in the U.S. or U.K. for that matter, I mentioned there will be still some improvement on the loss side. My expectation on the revenue margin is that of improvement still because of portfolio management and some pricing initiatives that we've been able to do. With the U.S., yes, look, you have to book bad debt provisions upfront. But clearly, realized losses will take quite a few months before they actually -- arrears roll through the bucket. So that should be somewhat limited. But very, very importantly, what Brian said earlier is that we will enter the U.S. market in a controlled way and not expect in the first quarter at least or first quarter and a bit any huge step change in terms of volume that would actually bring volatility to the net transaction margin. So no, my expectation is not of any significant volatility into the net transaction margin, rather controlled, flat to growing net transaction margin. Clearly, if and when the Payment Assist transaction goes through, that deal brings us very strong net transaction margins as well. So there is some improvement there as well to be had.
Thank you, Jussi. Very clear. Brian, they have some for you. Can you provide some color on the controlled rollout of the U.S. merchants? For example, of the ezyVet's 1,200 veterinary clinics, how many are currently set up for Opy? And over what time frame would you expect the remainder to be rolled out?
Yes. So I think the important thing to note -- of course, everybody knows that we've already started to process plans. And the speed that we can actually onboard a merchant at one of the clinics is literally a few minutes. That's how fast and easy it is. That's because we're directly integrated with their point-of-sale terminals and system, right? That software solution that ezyVet provides to those clinics, we are right there native in it. So where others that might be offering payment solutions outside of that POS, outside of the ezyVet platform have to -- there's a very awkward delay and they have to pull up a separate system. So ours is both fast to set up. And using it -- using OpyPay is a lot faster and easier than any of our competitors to use for the consumer. So look, we have the ability to onboard ezyVet merchants at a very high rate and at a fast pace, but I want to tie this to Jussi's comment just a moment ago. We're very cautiously opening the floodgates, the flow of these loans so that we can monitor the performance, make sure that they're acting and operating the way that we anticipate. And so while it would be tempting to open all the flood gates at once and have all of these pro 100 onboarded and operating immediately, that's just not what we're going to do. We're taking a much more conservative, we think, responsible approach to getting those 1,200 up and running. So you'll see a nice increase over the next few months.
Thank you, Brian. Jussi, maybe another question for you. Your cash burn was up in the quarter. What is the expected cash burn on a quarterly basis moving forward?
Thank you, Aline. Look, regarding cash burn, as an organization, we always have to look at the return on investment that, that cash burn actually brings. And from my side, it's very clear that the -- sorry, the recurring or BAU cash burn has been stable already for quite a while. And if you look at the one-offs and also the kind of U.S. launch cash burn specifically, I mean, you look at what that's delivered to us, I mean, it's a full U.S. platform with world-leading funding facilities that triples our funding facilities at incredibly high loan-to-value ratios, which is very good for equity efficiency. It's given us a world-leading team as well to launch that. So fully complemented U.S. platform to launch. It's also giving us -- providing us a fantastic growth platform to really grow in a step change way in the U.K. in our specialized verticals and increase profitability margins and kind of accelerate that pathway to profitability. And actually, very, very importantly, in our home market here in Australia and New Zealand, we very recently refinanced our GCI funding facility at slightly overall all-in rates and much higher loan-to-value ratios, which has already released quite a bit of equity that we can use to invest in other parts of the business with some efficiency still on the capital side as and when that portfolio grow, and we can fully leverage that kind of higher drawdown rate or loan-to-value ratio. So from that perspective, I mentioned that the -- what we can expect, and not to put too much detail around it, but it's much more of a flattening -- immediate flattening of that cash burn because of those one-offs not being recurring. But clearly, you can see the recurring costs in Australia and New Zealand and then the U.S. dynamics there. So much of a flattening and then perhaps a bit of a shifting of where that capital is deployed clearly into our high-growth regions.
Thanks so much, Jussi. Michael, we have a question for you. It looks like growth in Australia and New Zealand, TTV has accelerated relatively to the U.K. What are the reasons for this, both the growth in Australia and New Zealand and the relatively slower pace in the U.K.? And then also related to that, is this also the reason that the mix of larger, longer plans as a percentage of TTV has fallen during the quarter?
Thanks, Aline. A very good question. First of all, our very, very strong growth in Australia is very, very encouraging. Australia is a quite saturated market, and we have been able to grow very, very strongly across all the verticals, particularly in Q1 with the lockdown situations in retail and probably also on the back of the onboarding and go-live of some of the important partners in Australia recently across all the verticals. I think this explains the great growth in Australia to be continued. As I mentioned before, in the U.K., we have taken very conscious decisions really to leverage now on our very well-progressed capabilities to manage credit and fraud risk. And from that perspective, TTV growth has been slightly slower. But what the [indiscernible] of TTV has significantly improved what we have seen in the very much improved loss performance, particularly in the U.K., but then also leading to a very strong kind of loss performance for the group in Q1. So that's the main reasons. And the reason for the mix shift towards more shorter-term plans and just to remember, in FY '21, the part of the question of 2-month plan has been 9% of the portfolio, now 13% in Q1. And this was indeed mostly driven by the very strong performance in retail, supported by these strong merchants and go-lives. But also the lockdowns would probably affect the growth rate in health and auto to some point, which we see now already reverting quite nicely in Q2. I just want to take also the question in the chat room. How are the kind of the growth of plans, 110%; TTV, 51%; and revenue, 10%, how this all fits together? This is actually the representation of the mix shift. With a bit of trend towards lower ATV plans, the TTV grows less strongly than the number of plans because the ATV is lower. And because we don't have a consumer fee on the 2-month plans, the revenue again also grows a bit less strongly than it otherwise would. I think we will see the reverse of that trend very soon when the U.S. kicks in because with one plan and very much increased ATV, we will see -- we will need a lower increase of plans to increase the TTV. And then, obviously, from our longer-term plans, we get higher margins from both, obviously, the 9.99% from the customer, but then also higher margins from the merchant. So we'll see a reverse trend back to longer-term, higher value, more TTV and higher revenue growth when the U.S. really comes into play. And we will see this supported by the pivot in the U.K. as well now into health and auto. Just to take that question from the chat room as well. Back to you.
Thank you so much, Michael. Perhaps since you were talking about Australia and the U.K. just now, one more question about Australia is, it's great to see the strong growth continuing in ANZ merchant numbers. Will this be the new rate of growth going forward as more customer acquisition come through in the form of partnerships and aggregators?
Yes, thank you. I think this heightened and our sustained growth rate in active merchants is really a testament of our successful aggregator strategy. One signed deal, one integration and one-to-many merchants who we can bring on board, also, as Brian has alluded to in the U.S., very, very easily. It takes a few minutes, and then the alternative payment method at checkout in store and online for thousands and tens thousands of merchants. So I believe you will see a continued trend in Australia, but going forward also in the U.K. and in the U.S. of very strong growth rates of active merchants. And as we know, this is our leading indicator. This leads then to a high number of active customers plan and then TTV and revenue growth further down the track. So very, very encouraging.
Thank you so much, Michael. Brian, another question for you. Can you talk about how Everyware Pay by Text might practically work in the context of your existing and future merchanting customers?
Yes. This is a really neat one. I have to say, in payments, the -- a big part of being successful is eliminating friction, right, making it as easy as possible for people to transact. So Everyware is a partner that has health care and auto relationships with some very large companies. So what they provide is they leverage a pay by text platform that allows the invoicing and billing for merchants on the platform to be paid -- to trigger a text. Now a link would be provided, right, that will route the customer right into the Opy e-commerce experience. So just imagine, through this merchant's invoice or billing system, it is essentially letting a person pay -- use and pay our -- for our loans. I mean it's very, very exciting and really should help us scale up pretty quickly. Everyware is also referring other vertical-specific, what we call, ISV [Audio Gap] there's a lot of benefits that are going to come out of the Everyware relationship. But think about it as just creating an increasingly simple way for people to access and use our loans initially through their relationships in health care and auto with their billing and invoicing solutions that are in the market already.
Thank you so much, Brian. Appreciate that answer. Jussi, we have another question for you, and that might be our final or maybe second last question. Are you booking TTV on the payment of this acquisition from the purchase date in October? Or do you need to wait for FCA approval to settle?
No. Yes, good question, Aline. No booking of TTV at this point in time until the change in control process goes through with the Financial Conduct Authority. So once that is done, then we transfer over everything to Openpay. So not until then.
Thank you, Jussi. Perhaps the last question from the chat room around funding. Let me just open it up. How much of those funding facilities are actually available to be drawn down at the end of the quarter? And could you evolve all of them to fund operations immediately? If not, what is the real quarterly run rate available? Jussi, over to you.
Okay. Just to clarify that the Goldman Sachs, Atalaya USD 231 million facility is not reflected in our runway. But if you look at the $187 million of runway that we have, majority of that is committed and available to be drawn down at any point in time. In terms of uncommitted, it's $75 million. So there is very large headroom available there. With all of our funders, clearly, if we were to come close to the limit of the committed facilities, we absolutely would be able to then negotiate and get those uncommitted ones to committed. So we're very comfortable that the receivables funding certainly would be there, and that would be a great problem to have that when and once we get to that point so...
Thank you so much, Jussi, and thank you, everyone, for your participation today. Michael, I'll hand over to you to close this session.
Yes. Thank you very much, ladies and gentlemen, for attending the Q1 FY '22 presentation today. Thanks for your question and for your continued support, and I wish you a great day and evening. Thank you very much.
Thanks.
Thank you.