Why Is Identitii Sunsetting Overlay+ to Back BNDRY’s Growth?

Strategic Shift to BNDRY

Identitii Limited (ASX – ID8) has announced a decisive move to sunset its legacy Overlay+ platform, redirecting focus and resources to its BNDRY platform. This strategic pivot is designed to accelerate the company’s journey towards profitability by concentrating on a product with stronger unit economics and a more substantial market opportunity.

Overlay+, launched in 2018, played a foundational role in establishing Identitii’s reputation for enterprise-grade security, particularly through contracts with major players like Mastercard. However, the platform’s operational complexity and costs have outweighed its revenue, prompting the company to make a disciplined choice to discontinue it.

Financial and Operational Impact

The sunsetting of Overlay+ is expected to deliver an immediate annual operating cash flow improvement of $235,000, with monthly cost reductions of approximately $55,000 starting next month. While the company will forgo an annual revenue payment of US$300,000 from Mastercard, the elimination of $661,000 in direct costs more than compensates for this loss.

Identitii has reached an agreement with Mastercard not to renew the Overlay+ contract, with operations ceasing after the contractual 30-day notice period. This move also simplifies the company’s operational structure, freeing up engineering and marketing resources to further develop and promote BNDRY.

Customer Transition and Market Focus

Current Overlay+ customers, including Bendigo & Adelaide Bank, Monoova, Rabobank, and Send Payments, have been notified and will have a 12-month window to transition to BNDRY. The company emphasises that this transition is an upgrade, offering enhanced risk intelligence, automated workflows, and modern compliance capabilities beyond Overlay+’s original scope.

BNDRY has found a strong product-market fit within Australia’s clubs and pubs sector, a cash-intensive industry facing increased regulatory scrutiny following AUSTRAC’s recent enforcement actions. The platform addresses compliance gaps highlighted in the Mounties Group case, offering integrated tools for risk profiling, customer monitoring, and due diligence.

Looking Ahead

With early traction in the clubs and pubs vertical achieved without extensive marketing, Identitii plans to ramp up promotional efforts to capitalise on this momentum. The company’s sharpened focus and improved cost structure position it on a clear path to breakeven and sustainable growth.

Overlay+ may be sunset, but its legacy lives on in BNDRY’s robust security infrastructure, which continues to underpin Identitii’s commitment to fighting financial crime through smarter, more secure financial data solutions.