My Rewards International Limited has completed its acquisition of Fly Wallet, a Mastercard principal member specialising in white label loyalty wallet solutions, in a $785,000 deal combining shares and cash installments.
- Acquisition of Fly Wallet completed for $785,000
- Payment split between $200,000 in MRI shares and $585,000 in cash installments
- Fly Wallet offers multicurrency, secure loyalty and rewards wallet programs
- Cash payments funded from existing company cash flows
- No changes to My Rewards’ board following acquisition
Strategic Acquisition Expands Loyalty Tech Portfolio
My Rewards International Limited (ASX: MRI) has officially completed the acquisition of Fly Wallet Pty Ltd, a specialist in white label loyalty and rewards wallet programs and a Principal Member of Mastercard. The deal, valued at $785,000, marks a significant step for My Rewards as it deepens its foothold in the loyalty technology sector.
Fly Wallet’s core offering centres on a secure, multicurrency card and wallet infrastructure designed to facilitate seamless global loyalty and rewards programs. This technology can be tailored for corporate clients to create salary-based rewards cards or travel benefits for employees, as well as white label customer loyalty programs. The acquisition aligns well with My Rewards’ existing subscription-based marketplace solutions, potentially enhancing its product suite and customer experience capabilities.
Deal Structure and Financial Implications
The total consideration for Fly Wallet was independently valued by Nexia Sydney Corporate Advisory Pty Ltd and comprises $200,000 paid in fully paid ordinary shares of MRI, issued at a deemed price of $0.0072 per share, alongside $585,000 payable in seven cash installments scheduled through to January 2026. Importantly, My Rewards plans to fund the cash component from its existing cash flows, mitigating the need for external financing and reducing financial risk.
The payment schedule is staggered, with smaller amounts in the initial months and larger payments towards the end of 2025 and early 2026. This structure provides My Rewards with flexibility while ensuring Fly Wallet’s stakeholders receive timely compensation.
Governance and Management Continuity
Notably, the acquisition does not trigger any changes to My Rewards’ board of directors. Alexander Gold, CEO and Managing Director of My Rewards, remains the sole director and responsible manager of Fly Wallet. This continuity suggests a smooth integration process and a clear strategic vision from the top.
While George Minas, legal counsel for My Rewards and a significant shareholder in both MRI and Etimoney (the seller entity), was not involved in advising on this transaction, his dual shareholder status may invite scrutiny regarding potential conflicts of interest, although none have been formally identified.
Looking Ahead
The acquisition of Fly Wallet positions My Rewards to leverage advanced loyalty wallet technology, potentially unlocking new revenue streams and enhancing its competitive edge in the loyalty and rewards technology market. However, the company has yet to disclose detailed financial projections or anticipated synergies from the deal, leaving investors eager for updates on integration progress and financial impact in upcoming reports.
Bottom Line?
My Rewards’ Fly Wallet acquisition could redefine its loyalty tech offerings, but integration execution will be key.
Questions in the middle?
- How will Fly Wallet’s technology integrate with My Rewards’ existing platforms?
- What financial impact and revenue growth can investors expect from this acquisition?
- Could George Minas’ dual shareholder role influence future corporate governance or transactions?