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- Fintech IOUpay (IOU) has reported a positive March quarter at the halfway point
- From January 1st to February 15, the company has seen total transaction volumes of around $9.4 million, delivering a net transaction revenue of approximately $413,000
- Since December, IOU has merchants grow five per cent and consumer downloads of myIOU BNPL service was up 31 per cent to nearly 52,000
- MyIOU 2.0, which involves a complete refresh of the consumer and merchant apps and website, is on schedule to launch in the third quarter of FY22
- On the market IOU is trading in the grey at 18 cents
Fintech IOUpay (IOU) has already seen a positive March quarter at the halfway point for its buy now, pay later (BNPL) service.
From January 1st to February 15, the company has seen total transaction volumes of around $9.4 million, delivering a net transaction revenue of approximately $413,000.
Since December, IOU has merchants grown five per cent and consumer downloads of myIOU BNPL service were up 31 per cent to nearly 52,000.
The company has also reported non-performing loans (NPL), for the first time, of $2487.
NPL means the current outstanding value of a transaction account that has an instalment remaining unpaid for at least six months.
IOU believes this is a positive sign indicating modest delinquencies and reflecting the company’s targeted consumer acquisition process.
This process includes credit scoring technology to authenticate customers, independently check credit profiles and a continuous assessment and management of merchant relationship performance.
MyIOU income margin for FY22 to February 15 is 6.9 per cent, which is above expectations and within the company’s target range.
During the period, 58 merchants operating 166 outlets across Malaysia were added to IOU’s BNPL platform.
MyIOU 2.0’s launch, which involves a complete refresh of the consumer and merchant apps and website, is on schedule for the third quarter of FY22 with a coordinated marketing campaign and new brand ambassadors to be announced.
IOU was trading in the grey at 18 cents at 12:50 pm AEDT.
