My Rewards Soft Launches Klevo Card Amid ASX Suspension and $15M Funding Buffer
My Rewards International Limited reports steady progress on its B2B rewards platform and the soft launch of its Klevo MasterCard, while navigating ongoing ASX suspension and securing a $15 million financing facility.
- Soft launch of Klevo MasterCard rewards travel card in Bangkok
- Continued development of B2B rewards and loyalty programs with Fly Wallet partnership
- Full repayment of iGoDirect Group Loan and settlement of Frankly dispute
- Ongoing ASX suspension due to financial condition and audit issues
- Access to $15 million put option financing facility with LDA Capital
Strategic Progress Despite Market Challenges
My Rewards International Limited (ASX: MRI), a global player in subscription-based customer engagement technologies, has released its quarterly activities report for the period ending 31 December 2024. The company continues to push forward with its core focus on B2B rewards and loyalty solutions, leveraging its partnership with Fly Wallet Pty Ltd to innovate in both B2B and B2C markets.
Highlighting this quarter was the soft launch of the Klevo MasterCard, a rewards travel card aimed at Australian travellers and expatriates. The launch event, held at the Melbourne Cup charity lunch in Bangkok, Thailand, targeted a niche audience of Australian expatriates, diplomats, and business leaders, positioning the Klevo Card as a foundational element of My Rewards’ AI-driven global loyalty platform.
Financial Maneuvers and Legal Resolutions
On the financial front, My Rewards has successfully repaid the iGoDirect Group Loan in full, signaling a cleanup of prior liabilities. Additionally, the company settled a dispute with Frankly Agency Pty Ltd, removing a potential legal overhang. These developments contribute to a more stable operational footing as the company navigates its financial restructuring.
However, the company remains suspended from ASX quotation since October 2023 due to concerns over its financial condition and disclaimed audit opinions in its 2023 Annual Report. My Rewards has since reissued the annual report and lodged its interim financials for the half-year ended December 2023, addressing some of the ASX’s concerns. The appointment of new auditors, Connect National Audit Pty Ltd, marks a fresh chapter in its compliance efforts.
Liquidity and Funding Outlook
My Rewards holds an unused $15 million put option facility with LDA Capital Limited, established in February 2023, which remains undrawn but provides a significant liquidity buffer. The company ended the quarter with $259,000 in cash and reported a net cash outflow from operating activities of $397,000. With the financing facility available, the company estimates it has sufficient funding to cover over 38 quarters at current cash burn rates, offering a substantial runway to execute its strategic initiatives.
Payments to related parties, including directors’ fees, continue at commercial rates, reflecting ongoing governance and operational costs. The company’s focus remains on scaling its rewards technology and expanding market penetration, particularly through the Klevo Card and Fly Wallet partnership.
Looking Ahead
While My Rewards is making tangible progress in product development and legal housekeeping, the shadow of ASX suspension looms large. The company’s ability to regain quotation status will depend on sustained financial transparency and operational improvements. Meanwhile, the Klevo Card launch and the sizeable financing facility offer promising avenues to rebuild investor confidence and market momentum.
Bottom Line?
My Rewards’ next critical steps will be proving financial stability and regulatory compliance to unlock its full market potential.
Questions in the middle?
- When will My Rewards regain ASX quotation and what conditions remain outstanding?
- How will the Klevo MasterCard perform commercially in its initial rollout phase?
- What are the company’s plans for drawing down the $15 million LDA Capital facility?
