MELBOURNE: Ovanti Limited (ASX: OVT), a fintech and digital commerce software solutions provider, announced on February 26, 2025, the appointment of Executive Chairman Daler Fayziev as interim CEO. This move comes as the company seeks to accelerate its entry into the U.S. buy now, pay later (BNPL) market.
The decision follows the departure of former CEO Simon Keast, who was unable to secure a U.S. work visa and could only commit to residing in the U.S. for 40% of the year due to family circumstances. While Keast delivered a plan that met and in some areas exceeded key performance indicators (KPIs), the board determined that the strategy lacked the aggressive expansion needed, particularly in merchant acquisitions and operations.
Ovanti’s board has set ambitious new targets for its U.S. market entry, aiming to achieve a total transaction value (TTV) of $500 million by December 2027, with potential plans to increase this target to $1 billion. The company is now seeking a permanent U.S.-based CEO with deep BNPL industry experience and a strong focus on operations and merchant acquisitions.
Fayziev, who will oversee the search for a permanent CEO, emphasized the need for a leader with hands-on operational experience as the company transitions from the planning phase to execution. “The new CEO should be a U.S. resident with deep operations and revenue-driving experience, as opposed to a financial background,” Fayziev stated. He also noted that his interim CEO role will not come with additional remuneration beyond his existing package.
Ovanti, which currently provides fintech and digital commerce solutions in Malaysia and Indonesia, is leveraging its expertise to expand into the U.S. BNPL market. The company’s technology platform enables secure authentication and transaction processing for banking and payment services.