Klevo Moves to Unlock $15M in Missed Sales With Credit Licence Acquisition
Klevo takes a strategic step toward crypto-enabled credit for Fly Wallet users
Klevo Rewards Limited (ASX: KLV) has entered a Heads of Agreement (HOA) to acquire 100% of the issued share capital of Just Ask Solar Pty Ltd (ACN 169 351 464), the holder of Australian Credit Licence No. 483627. The indicative purchase price is $150,000 inclusive of GST. The HOA represents a strategic step in Klevo’s broader effort to build crypto-centric credit functionality into its Fly Wallet platform, though completion remains subject to due diligence, binding documentation, and customary conditions precedent.
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The data behind the deal — why declined transactions matter
Klevo’s most recent performance update confirmed strong momentum for the Fly Wallet platform ahead of any credit expansion. Key metrics from the relevant performance period include:
- Approximately $344 million in gross dollar value processed, representing 164% year-on-year growth
- Approximately 3.2 million transactions processed, representing 67% year-on-year growth
- Approximately 243,000 declined transactions recorded in Q1 2026
- Approximately 58% of those declines attributed to insufficient funds or over-credit-limit scenarios
- An estimated $15.2 million in missed gross dollar value for Q1 2026 alone
A conversion opportunity hiding in plain sight
The credit licence acquisition is directly motivated by this decline data. Klevo believes that credit functionality backed by its own AUD-pegged stablecoin could convert a portion of these declined transactions into completed ones, specifically where a cardholder has available assets or value within the Fly Wallet ecosystem but insufficient funds in the relevant cash account at the point of transaction.
The company is also progressing work with Mastercard to obtain a consumer credit BIN to support the intended credit functionality. This pathway remains subject to Mastercard approval, regulatory compliance, and technical implementation.
What is an Australian Credit Licence — and why does it matter for investors?
An Australian Credit Licence (ACL) is issued by the Australian Securities and Investments Commission (ASIC) and permits a company to engage in credit activities, including acting as a credit provider, under the National Consumer Credit Protection Act. Without this licence, a company cannot legally offer consumer credit products in Australia.
Rather than applying for a new licence from scratch, which can be a lengthy and capital-intensive process, Klevo has opted to acquire an existing ACL holder. Just Ask Solar Pty Ltd, Licence No. 483627, already holds the necessary authorisation, making this a faster and more capital-efficient pathway. Holding this licence is a prerequisite for Klevo to develop the consumer crypto-centric credit functionality it intends to offer eligible Fly Wallet card users.
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Key terms and what comes next
The table below summarises the material terms of the HOA as disclosed in the ASX announcement.
| Term | Detail |
|---|---|
| Purchaser | Klevo Rewards Limited or any entity nominated by Klevo |
| Vendor | John David Telfer |
| Target | Just Ask Solar Pty Ltd (ACN 169 351 464), holder of ACL No. 483627 |
| Purchase Price | $150,000 inclusive of GST |
| Deposit | $7,500 payable within 3 business days; refundable if binding SPA not executed before end of term |
| Exclusivity Period | 8 weeks from HOA date |
| Completion Timing | 5 business days after conditions satisfied; no later than 15 business days after SPA execution |
| Governing Law | New South Wales |
Conditions still to be met
Before the acquisition can complete, the following steps must occur:
- Execution of a binding share purchase agreement (SPA)
- Satisfaction of customary conditions precedent
- Mastercard approval for a consumer credit BIN
- Implementation of the required regulatory and compliance framework
Alexander Gold, CEO and Managing Director
“Our strategy is to build Fly Wallet into a more complete crypto centric payments, rewards and loyalty technology platform. The data shows that ‘insufficient funds declines’ represent a meaningful opportunity to improve customer outcomes and platform performance. The HOA is an early but important step in exploring how Klevo can responsibly introduce credit capability into the Fly Wallet ecosystem.”
Klevo has confirmed it will update the market in accordance with its continuous disclosure obligations as material developments occur.
The company’s commercial relationship with Mastercard continues to demonstrate platform strength. Klevo recently received more than $2.0 million in Mastercard incentives, comprising $1,705,176 in cash and $300,913 in service credits, reflecting the platform’s growth profile and the depth of the commercial partnership underpinning the Fly Wallet ecosystem.
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