SYDNEY: Klevo Rewards Limited said Monday it has signed a heads of agreement to acquire a company that holds an Australian credit licence, a move the ASX-listed firm described as an early step toward offering crypto-centric credit functionality to users of its Fly Wallet platform.
The proposed acquisition of Just Ask Solar Pty Ltd, which holds Australian Credit Licence No. 483627, is valued at 150,000 Australian dollars inclusive of GST. Completion remains subject to due diligence, the negotiation and execution of binding transaction documents, and the satisfaction or waiver of customary conditions.
If finalized, the deal would provide Klevo with a pathway to develop consumer credit products tied to its own stablecoin, the company said. The credit capability would be designed to allow eligible Fly Wallet cardholders to complete transactions when they have insufficient funds in their cash account but available assets elsewhere in the Fly Wallet ecosystem.
Klevo reported that Fly Wallet processed approximately 344 million Australian dollars in gross dollar value during the relevant performance period, representing 164% year-on-year growth, along with about 3.2 million transactions, a 67% increase from the previous year.
The company also identified what it called a significant conversion opportunity from declined transactions. In the first quarter of 2026, Fly Wallet recorded roughly 243,000 declined transactions, with about 58% attributed to insufficient funds or over-credit-limit scenarios. Based on the Year 2 average transaction value, Klevo estimated that represented about 15.2 million Australian dollars in missed gross dollar value for the quarter.
“Our strategy is to build Fly Wallet into a more complete crypto-centric payments, rewards and loyalty technology platform,” said Alexander Gold, CEO and managing director of Klevo. “The data shows that insufficient funds declines represent a meaningful opportunity to improve customer outcomes and platform performance.”
Gold added that any product launch would be contingent on completing the acquisition, regulatory compliance, Mastercard approvals and robust credit risk controls.
Klevo said it is also working with Mastercard to obtain a consumer credit Bank Identification Number, or BIN, to support the intended credit functionality. The company recently received more than 2 million Australian dollars in Mastercard incentives, including 1.7 million in cash and about 300,000 in service credits.
The company cautioned that the heads of agreement is an agreement in principle and remains subject to contract, adding that there is no guarantee the proposed acquisition will be completed. Klevo said it will update the market in accordance with its continuous disclosure obligations as material developments occur.
