BNPL player Ovanti appoints New York firm for US expansion

Ovanti appoints New York-based EAS Advisors as its US capital market advisory firm
EAS to accelerate Ovanti growth plans in US BNPL market and explore exchange listing
Ovanti said Sezzle had seen maximum value for shareholders since moving listing from ASX to Nasdaq

Special Report: Fintech Ovanti has made a key appointment as it looks to launch its buy-now-pay-later (BNPL) offering in the US and eyes a listing on a US exchange, ideally the tech-focused Nasdaq.

Ovanti Limited (ASX:OVT) has appointed EAS Advisors as its US capital market advisory firm to accelerate growth plans in the US BNPL market, including exploring a suitable US exchange for a listing of OVT’s securities.

EAS is a private, New York-based boutique corporate advisory firm founded in 2008 by Edward Sugar.

The firm provides a range of services to small and mid-cap clients including institutional market engagement, equity and debt raising, M&A and capital markets advisory.

OVT said the EAS business was built on industry knowledge, capital markets insights and access to a deep pool of traditional and alternative sources of capital.

“In addition to exposure to US investors, EAS provides companies with access to local industry contacts to enhance their growth and expansion,” OVT noted.

Since its inception, EAS has participated in over US$6.5 billion of successful transactions.

Mandate to launch BNPL offering in US

OVT soared a whopping 225% on October 17 after announcing the appointment of former Zip Co US CFO Simon Keast as its new CEO with a mandate to launch its BNPL offering in the US.

Keast’s appointment ends a global search for OVT to find a new CEO. He has 30 years of experience in financial services, working internationally across Australia, New Zealand and the US.

Keast said EAS’s deep capital market advisory capability would accelerate OVT’s speed to market in establishing its BNPL business in the US.

“Edward and the team’s market-leading insights, access to equity and debt capital markets, and strategic planning support, including deal structuring and M&A, will create new opportunities for OVT growth in the US market,” he said.

Following the path of Sezzle

As part of its appointment OVT said EAS would “explore a suitable US exchange” for a listing of OVT’s securities, ideally the Nasdaq.

Former ASX-listed BNPL credit provider Sezzle ceased trading and delisted from the ASX on January 12, 2024 after moving to the Nasdaq.

Sezzle’s shares (NASDAQ:SEZL) are up 590% over the past six months.

“We note the path that Sezzle, having previously been ASX listed, has taken to realise maximum value for shareholders by moving their listing to the Nasdaq,” he said.

“As part of EAS’ engagement, the scope of which is wide ranging, they will consider the appropriateness of Ovanti at the appropriate time either seeking to dual-list or follow the trajectory of Sezzle.”

In 2022 tech billionaire Jack Dorsey’s BNPL US operation Block (formerly Square) paid $39 billion for ASX-listed Afterpay, in the biggest corporate takeover of Australian history.

Afterpay continues to operate as a segment of Block Inc, which is dual-listed on both the ASX:SQ2 and the New York Stock Exchange.

This article was developed in collaboration with Ovanti Limited, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.