CV Check is riding the BNPL wave after signing Afterpay, Zip Co
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CV Check (ASX:CV1) shares advanced as much as 35 per cent this morning after the company told shareholders it was making inroads into the high-flying buy now, pay later (BNPL) sector.
CV Check provides various online verification services ranging from employee screening to credit checks.
CV Check has also signed on a company looking to become the newest ASX-listed BNPL play in the coming days — New Zealand-headquartered Laybuy.
Laybuy’s business model involves customers paying one-sixth of the purchase price upfront and making the remaining five payments weekly thereafter.
CV Check has been providing employment risk services to these BNPL companies.
CEO Rod Sherwood told Stockhead the companies were actively hiring overseas and this was a different kettle of fish to hiring locally.
“To scale they have to go from Australia-New Zealand market where they know people and have entry points to international markets where they don’t know anybody,” he said.
“They have large employee risk management needs and it’s going to be exponential for several years.”
While CV Check’s BNPL foray is currently limited to employment screening, Sherwood hinted this could be expanded to include the company’s other offerings in the future.
More broadly, the company told shareholders it had recovered from the worst of COVID-19, with orders starting to flow again.
For the last few weeks its revenue per week exceeded $250,000 after dipping below this amount during March.
The rise came despite New Zealand and Victoria increasing restrictions during the period.
Shares hit an intra-day peak of 13c on Thursday.