MRI Transforms with Fly Wallet Buy, KLEVO Launch, and ASX Reinstatement Bid
My Rewards International Limited reports a 47% revenue drop but narrows losses by 45%, fueled by strategic acquisition and tech innovation. The company advances ASX reinstatement with a capital raise and debt conversion plan.
- Revenue down 46.9% to $3.23 million in FY2025
- Net loss reduced 45.2% to $1.44 million
- Acquisition of Fly Wallet adds AFSL and Mastercard capabilities
- Launch of blockchain-enabled KLEVO loyalty platform
- ASX conditional reinstatement tied to $3.98 million entitlement offer and $2.2 million debt conversion
A Year of Strategic Transformation
My Rewards International Limited (ASX – MRI) has unveiled a pivotal year of change in its FY2025 results, marked by a sharp revenue decline but a significant reduction in net losses. Revenues fell nearly 47% to $3.23 million, impacted by the loss of key clients and supplier changes. However, the company’s net loss narrowed by 45% to $1.44 million, reflecting cost-cutting and operational efficiencies.
This financial backdrop sets the stage for MRI’s broader strategic overhaul, including the acquisition of Fly Wallet Pty Ltd in April 2025. This move brought critical Australian Financial Services Licence (AFSL) status and Mastercard Principal Membership, enabling MRI to issue prepaid loyalty cards and operate multi-currency e-wallets, capabilities that position it uniquely in the loyalty and payments technology sector.
Innovation with the KLEVO Platform
Building on this foundation, MRI launched the KLEVO Platform in August 2025, a next-generation loyalty solution integrating blockchain and AI technologies. KLEVO offers real-time cashback, seamless rewards redemption, and wallet-linked payments through a mobile app, aiming to redefine consumer engagement and loyalty experiences. This platform is central to MRI’s growth strategy, targeting both business-to-business and consumer markets, and lays groundwork for international expansion.
Unified Business Model and Cost Efficiencies
FY2025 also saw MRI consolidate its operations under a unified structure encompassing four divisions – My Rewards (B2B loyalty), KLEVO (consumer loyalty), Fly Wallet (payments infrastructure), and Frankly Digital (engagement solutions). This integration has streamlined operations, reduced duplication, and enhanced scalability, contributing to improved margins and operational resilience.
ASX Reinstatement and Capital Raising
In July 2025, the ASX granted conditional approval for MRI’s securities to return to quotation, contingent on completing capital initiatives. MRI plans a 1-for-2 non-renounceable entitlement offer at $0.009 per share to raise up to $3.98 million, alongside a debt-to-equity conversion of up to $2.2 million. These measures, subject to shareholder approval at the September 19 AGM, aim to strengthen the balance sheet, improve liquidity, and reset the company for growth. The company also intends to rename itself “Klevo Rewards Limited” to reflect its new strategic focus.
Looking Ahead
With the Fly Wallet acquisition integrated and KLEVO launched, MRI enters FY2026 with a technology-driven platform poised for monetisation through increased card issuance and merchant partnerships. Expansion plans include targeting corporate, government, and membership sectors domestically, as well as international markets in Southeast Asia and the Middle East. Operational profitability remains a key goal as the company leverages its unified loyalty and payments ecosystem.
Bottom Line?
MRI’s FY2025 transformation sets a promising stage, but execution on capital raising and platform adoption will be critical to its comeback.
Questions in the middle?
- Will the entitlement offer and debt conversion secure shareholder approval at the AGM?
- How quickly will KLEVO gain traction with consumers and enterprise clients?
- What impact will international expansion have on MRI’s revenue and profitability?
