The Ioupay share price exploded 54% higher today touching a new 52-week high. We look at the most recent news and results out of the company.
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The Ioupay Ltd (ASX: IOU) share price smashed 54% higher to a new 52-week high today. By market close, the Ioupay share price finished the day at 44 cents.
This follows a 30% leap in Ioupay shares on Tuesday, after the Malaysia-based buy now, pay later (BNPL) provider announced it had entered a merchant referral agreement with EasyStore Commerce. EasyStore currently services more than 7,000 merchants across Southeast Asia.
With no new announcements issued today, let’s take a peek at the company’s most recent results.
Ioupay share price soars following quarterly update
Since the release of the company’s December 2020 quarterly report on 29 January 2021, the Ioupay share price has rocketed by around 160%.
A major achievement during the December quarter related to the company obtaining a Malaysian money lending license. This license is required in order to provide BNPL services in Malaysia.
Ioupay also entered into a number of service agreements and improved its system integrations during the period. These activities were carried out in preparation for Ioupay’s BNPL soft launch, which is scheduled to occur during February and March this year.
In its December update, the business also referenced its successful capital raise executed in November 2020. Ioupay raised approximately $10.5 million from sophisticated investors, with around $10 million raised via a two-tranche placement.
The company advised that it plans to use these funds primarily for business expansion activities. This includes funding toward marketing development and salaries for the group’s growing front and back-office teams.
The business believes that market conditions for increased digital commerce in Southeast Asia will remain strong. This outlook is based on the continuing trends of increased online purchases and cashless payments.
Ioupay expects that the coronavirus environment will accelerate demand-driven growth because of the restrictions that presently impact daily activities and extend across all industries.
The Ioupay share price has risen by a whopping 4,789% over the past year, giving the company a current market capitalisation of $128 million.
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Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.