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ASX Fintech Stocks: Rewardle chalks one up for coffee culture with new Beanhunter deal
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Online marketing platform Rewardle (ASX:RXH) took the honours among ASX fintech stocks this morning after announcing a product integration deal.
Under the terms of the deal, listings from cafe directory Beanhunter will now be included on the Rewardle app.
Listed under the new title ‘Coffee’, Rewardle users will have access to Beanhunter data for local cafe locations and reviews.
Shares in the ~$8m fintech minnow initially spiked by almost 50%, before easing back to a gain of around 25% in morning trade.
Rewardle — making coffee great again
RXH’s core offering is the provision of online rewards-based marketing solutions for local businesses to connect with customers.
Commenting on the Beanhunter deal, Rewardle founder Ruwan Weerasooriya said the company is hoping to “play a significant role in helping local businesses to rebuild as COVID-19 restrictions are relaxed”.
Along with the distribution partnership, RXH also has a commercial interest in Beanhunter stemming from a 2019 deal.
In line with that agreement, RXH has Options to acquire shares in Beanhunter over the next three years at an indicative valuation of $350,000, which would give Rewardle a 51% interest in the business.
Rewardle said Beanhunter books around 100,000 users sessions per month, with over 33,000 cafes listed on its platform and 200,000 reviews.
The company’s investment forms part of its strategy to “build a portfolio of transactional, licensing and equity positions in partner businesses” by leveraging its own merchant network, RXH said.
After starting the year below 1c per share, shares in Rewardle spiked to 3c in June and this morning were trading at just shy of 2c.
The company has released its 4C filing for Q3 yet, but provided a trading update in August where it flagged positive monthly operating cash flows, with September “on track to follow suit”.
Other ASX fintech news
Tyro Payments (ASX:TYR) provided its latest weekly trading update — part of a post-COVID policy to update the market every seven days until the end of 2021.
The company said transaction volume this month to last Friday came in at $1.785bn, after booking volumes of $2.185bn for September.
Shares in TYR edged lower last week after the company announced it’s engaged lawyers to defend a class action lawsuit brought about in connection with a terminal connectivity issue at a number of its EFTPOS terminals that the company flagged back in January.
And following a board stoush in early September, fintech investment platform Raiz Invest (ASX:RZI) announced the appointment of a new chairman this morning.
Harvey Kalman will assume the role, replacing Kevin Moore who stepped down last month. Kalman brings “more than 30 years’ experience in financial services” to the role, Raiz said.
As part of his appointment, Kalman was granted 200,000 unlisted options in RZI which vest on 31 October 2024, and are exercisable at $2.30 on or before 31 October 2026.
