- South East Asia-focussed buy now, pay later (BNPL) provider IOUpay (IOU) has entered a trading halt ahead of a proposed capital raise
- The company has executed a stellar start to 2021, which has driven a 250 per cent climb in its share price since the start of the year
- Last week the company signed a merchant referral agreement with Malaysia-based ecommerce platform EasyStore
- The deal followed the receipt of its Malaysian Money Lending Licence, meaning it is fully compliant in offering its BNPL service to consumers and merchants
- IOUpay last traded at a price of $0.70 per share on February 15, and the trading halt is expected to remain in place until Thursday, February 18
South East Asia-focussed buy now, pay later (BNPL) provider IOUpay (IOU) has entered a trading halt ahead of a proposed capital raise.
2021 has been a stellar period for the company so far, with a number of key achievements driving a 250 per cent climb in its share price since the start of the year.
Last week, the company signed a merchant referral agreement with Malaysia-based ecommerce platform EasyStore, allowing its merchants and customers to use IOUpay’s BNPL payment services.
EasyStore’s 7000 merchants across Malaysia, Singapore, Indonesia, the Philippines and Thailand processed more than 20 million transactions, valued at around $435 million, in 2020, reflecting the growing prevalence of online spending in region, which is tipped to hit almost $223 billion by 2025.
The deal followed the receipt of IOUpay’s Malaysian Money Lending Licence on January 19, meaning it is now fully compliant in offering its BNPL service to consumers and merchants in Malaysia.
The company’s most recent financing was completed in early November last year, which generated more than $10 million through a placement to institutional and sophisticated investors.
IOUpay last traded at a price of $0.70 per share on February 15, and the trading halt is expected to remain in place until Thursday, February 18, unless an announcement is issued beforehand.