Credit Intelligence adds to BNPL capability with acquisition of OneStep Information Technology
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Credit Intelligence (ASX:CI1) is beefing up its red-hot buy now, pay later offerings with the acquisition of a majority stake in Hong Kong-based fintech OneStep Information Technology which was a wholly owned subsidiary of OneStep Technology Investment before the acquisition.
Credit Intelligence is paying $2 million in cash and scrip for a 60 per cent share of OneStep IT, to provide corporate services to over 20,000 Hong Kong companies.
OneStep group provides 15 different comprehensive corporate services to its clients, including incorporation of companies, presentation of statutory corporate documents, company secretary services, bookkeeping, auditing and trademark registration services.
The BNPL service it is developing will allow clients to settle their on-demand corporate and utility bills in instalments, increasing their flexible cash flow.
The BNPL platform will include an application programming interface (API) to link with third-party platforms, to help users settling their payments and purchases.
These services could also be expanded to different jurisdictions including Australia, the UK, Singapore and Malaysia.
An AI analysis of the company’s database of 20,000 existing clients’ spending and payment patterns will help minimise default risk, CI1 said.
Credit Intelligence is paying just $1 million in cash and $600,000 in CI1 shares up-front for OneStep IT, plus another $400,000 in cash six months later.
Credit Intelligence, a conglomerate fintech financial group, already has a BNPL platform in Yozo Finance, which is focused on small to medium enterprises (SME).
It also has debt solutions and lending offerings in Australia, Hong Kong and Singapore.
This article was developed in collaboration with Credit Intelligence, 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.