Klevo Locks in Bybit Deal and Eyes Three Regulated Acquisitions to Build Crypto Wallet
Klevo strikes Bybit deal and targets three regulated acquisitions to power Fly Wallet’s digital asset ambitions
Klevo Rewards Limited (ASX: KLV) has executed a broker agreement with Bybit Technology Limited and announced Heads of Agreement to explore the proposed acquisition of three regulated financial services entities. The moves are designed to build Fly Wallet into a regulated crypto-payments ecosystem spanning digital asset transactions, financial advisory services, and consumer credit.
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What Fly Wallet is being built to do
Fly Wallet is Klevo’s wholly owned subsidiary and the central platform underpinning the company’s digital asset strategy. It is already authorised as a non-cash payment facility and a Virtual Asset Service Provider (VASP), a designation that permits a company to offer digital asset services under applicable regulatory frameworks.
Once fully built out, eligible users may be able to:
- Access approved digital asset transaction functionality
- Use Fly Wallet for everyday card-linked payments
- Earn or redeem merchant rewards and loyalty benefits
- Earn or get rewarded stablecoin or digital assets (subject to regulation)
- Access appropriately structured credit functionality (subject to credit approvals and responsible lending)
Holding or acquiring an Australian Financial Services Licence (AFSL) is equally important to this vision. An AFSL is issued by the Australian Securities and Investments Commission (ASIC) and authorises a company to provide financial products and advice to retail and wholesale clients. Without these licences, a company cannot legally offer regulated financial products to consumers, making the proposed acquisitions a foundational step rather than an optional one.
The Bybit agreement and three proposed acquisitions: how the pieces fit
Bybit agreement: the digital asset transaction layer
Fly Wallet Pty Ltd has executed a broker agreement with Bybit Technology Limited, one of the world’s largest cryptocurrency exchanges. Under the agreement, Bybit may provide Fly Wallet with API-enabled access to digital asset transaction infrastructure.
The intended outcome is to allow approved Fly Wallet users to access digital asset transactions through the platform, utilising Klevo’s own stablecoin, KLVAUD. The agreement is executed, but operational deployment remains conditional on technical integration, user onboarding, exchange approval, AML/CTF obligations, compliance requirements, and product development.
Three proposed acquisitions: building the regulatory framework
To complement the Bybit agreement, Klevo has entered into Heads of Agreement to explore the proposed acquisition of three companies, each bringing a distinct regulatory licence to the Fly Wallet ecosystem.
| Company | Strategic Role | Licence Detail | Proposed Acquisition Price |
|---|---|---|---|
| ASFIN Funds Management Pty Ltd | Intended to support AFSL-backed traditional and digital asset-related capability for institutional and wholesale investors | AFSL: 535976, ABN: 41 625 931 900 | $300,000 (to be satisfied by issue of Klevo shares via existing LR 7.1 capacity) |
| Point Capital Group Pty Ltd | Intended to broaden Klevo’s AFSL-backed financial advisory services capability; digital and traditional assets added to approved product list for wholesale and retail investors | AFSL: 518031, ABN: 16 641 291 812 | $1,550,000 (to be satisfied by issue of Klevo shares via existing LR 7.1 capacity) |
| Just Ask Solar Pty Ltd | Holder of Australian Credit Licence No. 483627; intended to support a pathway to consumer credit functionality, including consumer credit card, BNPL and Digital Asset Credit | ACL: 483627 | Details per ASX announcement dated 18 May 2026 |
All three proposed acquisitions remain subject to due diligence, definitive agreements, regulatory and third-party approvals or notifications, ASX compliance, shareholder approval if applicable, and satisfaction or waiver of any conditions precedent.
CEO commentary
Alexander Gold, CEO and Managing Director, Klevo Rewards Limited
“Fly Wallet is evolving traditional rewards ecosystems with fragmented earning and redemption capabilities to a seamless rewards, payments and transactions platform supported by a robust regulated financial technology ecosystem. The Bybit agreement gives us a pathway to digital asset rewards and transaction capability. The proposed acquisitions of ASFIN, Point Capital and Just Ask Solar are intended to support the regulatory framework around custody, stablecoin, financial services and credit capability. Together, these initiatives support our vision to help eligible users access digital asset liquidity, complete more everyday transactions, participate in rewards and loyalty offers, and reduce missed transaction opportunities through appropriately structured financial products.”
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What comes next for Klevo and Fly Wallet
The path forward across each initiative involves multiple completion steps before any product reaches users. Key conditions and next steps include:
- Bybit integration: Technical integration, user onboarding, and AML/CTF compliance to be completed
- ASFIN and Point Capital acquisitions: Due diligence and definitive agreements to be finalised
- Just Ask Solar acquisition: Details per ASX announcement dated 18 May 2026
- All consumer credit, stablecoin, custody and digital asset products: Subject to ASIC licensing conditions, Mastercard requirements, responsible lending obligations, and final Board approval
As noted in the announcement, these initiatives remain at an early stage and no financial impact on the Company’s securities has been determined.
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