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Ovanti Ltd (ASX:OVT) has revealed it’s inked a deal with Fincity Corporation – owned by none other than Mastercard – to provide users of Ovanti’s BNPL product, Flote, with Mastercard’s open financial data.
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The contract ultimately represents a value-add for users of Flote, a userbase defined by Ovanti’s strategy to tap the massive swathe of America’s population that can’t access traditional loans – with a focus on not blocking out anybody just because of poor historical performance.
Ovanti wrote on Monday that its deal with Fincity will see Flote remain “credit score agnostic” when it comes to who can and who can’t use the service to secure financing, also improving repayment performance by linking repayment windows with when users receive whatever payments in their life represent income.
(You can watch an interview here I filmed with Ovanti CEO Peter Maher for HotCopper, conducted just last month.)
“This partnership allows us to bring a new level of intelligence and transparency to the way consumers budget and merchants convert at checkout. With access to advanced open-finance capabilities, Flote can make faster, more accurate decisions,” Ovanti US CEO Peter Maher said.
“It’s a foundational step that strengthens our ability to scale merchant adoption and deliver a highly differentiated BNPL product to the U.S. market.”
In the background, the deal with NYSE-listed Mastercard also speaks to another strategic imperative: Ovanti is currently considering a listing on the NASDAQ.
OVT last traded at 0.5cps.
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Disclaimer: HotCopper had a commercial relationship with OVT at the time this article was crafted and published.
