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- Buy now, pay later (BNPL) company IOUpay (IOU) posts a “strong” first half of the December quarter result, over the period from October 1 to November 14
- For the first half over $3.1 million in total transaction value has been realised, delivering around $306,000 in net transaction revenues
- There is also strong growth in consumer and merchant since September 30, with 2613 merchants onboard, a 13 per cent increase
- There has been a delay in the IDSB purchase due to COVID-19 restrictions
- On the market this morning, IOU is down 4.76 per cent, trading at 20 cents per share
IOUpay (IOU) posts a “strong” first half of the December quarter result, over the period from October 1 to November 14.
The company has seen continued strong margins of myIOU buy now, pay later transactions.
For the first half over $3.1 million in total transaction value has been realised, delivering around $306,000 in net transaction revenues.
There is also strong growth in consumer and merchant since September 30, with 2613 merchants onboard, a 13 per cent increase, and 1182 merchants system activated and listed on myIOU, up 25 per cent.
So far, over the December quarter, there were 28,370 consumer downloads of myIOU, up 67 per cent since the end of September and 8201 consumers activated their accounts, up 71 per cent.
In September, the company agreed to purchase a stake in a Malaysian finance business, I.Destinasi Sdn Bhd (IDSB) for $41.3 million.
IOU has agreed to buy a 43 per cent interest in the long-term, instalment-based credit company.
However, this purchase has been delayed due to one remaining condition precedent that is to be satisfied with a third party. The delay has been due to a meeting not being conducted due to local COVID-19 restrictions.
On the market this morning, IOU was down 4.76 per cent and is trading at 20 cents per share at 11:12 am AEDT.
