Ovanti Clarifies BNPLPay Ties Amid ASX Compliance Queries

Background to ASX Inquiry

Ovanti Limited (ASX: OVT), a fintech player in the Buy Now Pay Later (BNPL) space, has responded comprehensively to a series of detailed queries from ASX Listings Compliance. The questions arose following concerns about Ovanti’s relationship with BNPLPay and associated entities, including Clee Capital and Finran, as well as the implications of its recent Licence Agreement involving Stablecoin-based transactions.

Clarifying Corporate Relationships and Introductions

Ovanti confirmed that its introduction to BNPLPay was facilitated by Clee Capital, a corporate advisor. Importantly, Ovanti denied that Mr Lachlan Dykes was CFO of Clee Capital in the six months prior to the Licence Agreement’s execution on 11 March 2025, contradicting earlier public records and online profiles. This clarification was critical given ASX’s concerns about potential undisclosed related-party interests.

Further scrutiny was applied to the apparent links between Clee Capital, Finran, and Ovanti. ASX noted that Mr Terence Clee and Mr Lachlan Dykes appeared as associates on Finran’s website alongside Ovanti directors, and that Clee Capital and Finran shared a business address. Ovanti responded that these website references were inaccurate placeholder content, removed promptly after being flagged. Ovanti also confirmed that none of these parties hold any ownership or control over Finran, distancing themselves from any perceived conflicts.

Decentralized Ownership of BNPL Pay Holdings Foundation

Addressing questions about the ultimate ownership of shares issued under the Licence Agreement, Ovanti explained that BNPL Pay Holdings Foundation operates on a fully decentralized governance model. Control is distributed among BNPL token holders who exercise voting rights through on-chain mechanisms, preventing any single entity from dominating. As of early March 2025, there were 862 unique token holders, underscoring the broad distribution of ownership.

Regarding Mr Peter Dykes, listed publicly as 'president' of the Foundation, Ovanti clarified that this title does not confer ownership rights, further reinforcing the decentralized nature of the entity.

Stablecoin Use and Cryptocurrency Exposure

Ovanti addressed concerns about exposure to cryptocurrency through the Licence Agreement’s reliance on Stablecoin. The company stated it has no direct exposure to cryptocurrency; all loan amounts accessed via the BNPL Pay Platform and revenue share payments will be transacted in fiat currency. Any cryptocurrency risk rests solely with investors staking Stablecoin, insulating Ovanti from market volatility in crypto assets.

Regulatory Compliance and Disclosure

Ovanti confirmed that all responses to ASX queries were authorised by its board or delegated officers in line with its continuous disclosure policy. This adherence to regulatory standards aims to maintain transparency and investor confidence amid the complex web of fintech partnerships and emerging blockchain-based financial products.

Overall, Ovanti’s detailed clarifications seek to dispel concerns about undisclosed related-party interests and potential conflicts, while highlighting the innovative decentralized governance model underpinning BNPLPay’s operations. The company’s stance on cryptocurrency exposure also aims to reassure investors wary of crypto market risks.