Ovanti brings in ex-Afterpay executives to help relaunch BNPL operations

Ovanti (ASX:OVT) has appointed two former Afterpay founding executives, William “Billy” Parry and Derrick Ongchin, to its advisory board to help the staged relaunch of its Buy Now, Pay Later (BNPL) operations, IOUPAY, and myIOU.

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The relaunch will focus on the Asian market, specifically Malaysia, before considering expansion into the U.S. Ovanti plans to integrate these BNPL services into its broader fintech and SuperApp strategy, and will “leverage existing infrastructure and operating history in mobile banking and payment processing.”

The company believes these new advisory appointments will add the critical expertise needed to stage a return to the Buy Now, Pay Later scene.

Parry was one of Afterpay’s first 20 employees and served as Head of Sales North America, while Ongchin was Afterpay’s first product hire in the U.S. and led product development across credit, risk, identity, and regulations.

The Afterpay pair will advise Ovanti on merchant acquisition, product architecture, and the development of a disciplined execution framework with “complementary, first-hand experience in… scaling a BNPL platform.”

“Together with Ovanti’s regional infrastructure, they give us a credible, execution-led pathway back into Asian consumer payments,” Ovanti’s chairman and global CEO, Daler Fayziev, told shareholders today.

Ovanti operated the myIOU business in Malaysia during FY22, raking in $29.09 million in Total Transaction Value and $1.99M in Net Transaction Revenue. The company discontinued the service in CY23 after deciding the scale and income were insufficient to sustain the then-current operating model.

This relaunch will differ from the previous iteration, Ovanti has been telling shareholders recently, because it will incorporate tighter performance gates, strengthened governance, and a focus on sustainable unit economics.

OVT will open at 0.7cps today, and has a $6.98M market cap.

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