Ovanti Eyes Nasdaq Debut with $300M U.S. BNPL Push

Strategic Partnerships Bolster U.S. Footprint

Ovanti Limited (ASX, OVT) has made significant strides in expanding its U.S. buy now, pay later (BNPL) platform, Flote, during the December 2025 quarter. The company inked a three-year sponsorship deal with Speedway Motorsports, positioning Flote as the official e-commerce and BNPL partner for the NASCAR Craftsman Truck Series. This partnership promises national brand exposure across multiple media channels starting May 2026, aiming to accelerate consumer awareness and merchant adoption.

Further strengthening its infrastructure, Ovanti partnered with Mastercard’s Finicity to integrate open finance capabilities. This collaboration enhances Flote’s ability to access secure, permissioned financial data, enabling more sophisticated consumer credit decisioning that is not reliant on traditional credit scores. Additionally, Ovanti secured a key merchant agreement with The Ticketing Co., a major U.S. ticketing platform, to embed Flote’s payment solution into its checkout process, targeting a go-live aligned with Flote’s platform launch.

Nasdaq Listing via De-SPAC Transaction

In a pivotal development, Ovanti US signed a Letter of Intent with Miluna Acquisition Corp (NASDAQ, MMTXU) for a proposed business combination that would list Ovanti US on Nasdaq. The deal values Ovanti US at a pre-money equity valuation of US$300 million on a fully diluted basis. Importantly, Ovanti Limited and its shareholders would retain majority ownership and control of the combined entity.

Miluna recently completed its IPO, raising US$60 million, which will be held in trust to fund Flote’s growth initiatives upon transaction completion. The de-SPAC route offers Ovanti a faster and potentially more cost-effective path to public markets in the U.S., providing a substantial capital war chest to accelerate merchant acquisition, marketing, product development, and regulatory compliance.

Capital Raising and Financial Position

To support its U.S. expansion and ongoing litigation, Ovanti raised approximately $11 million through share placements during the quarter. Despite these efforts, the company reported a net operating cash outflow of $5.7 million, with cash reserves standing at $3.1 million at quarter-end. Ovanti acknowledges that its current cash runway covers just over half a quarter of operations but remains confident in its ability to raise additional capital if necessary, backed by institutional investors and major shareholders.

Ongoing litigation matters continue to be a financial consideration, with a portion of the raised funds earmarked to address these issues. While details remain limited, the company is transparent about the impact on its cash flow and operational focus.

Looking Ahead

Ovanti’s strategic partnerships and proposed Nasdaq listing mark a critical inflection point in its U.S. BNPL journey. The company’s ability to execute on these fronts will be closely watched by investors, particularly as it navigates regulatory requirements, competitive pressures, and the complexities of scaling in a crowded fintech landscape.