Ovanti Limited announces a strategic leadership change in its US operations to boost its BNPL platform Flote’s commercialisation and prepare for a potential NASDAQ listing via SPAC.
- Peter Maher resigns as CEO of Ovanti’s US BNPL unit, Flote
- Interim US CEO appointed: Ovanti Chairman Daler Fayziev
- US Advisory Board Chair Alessandro Gambotto to co-lead CEO search
- Focus on securing CEO with fintech, scale-up, and NASDAQ/SPAC expertise
- Leadership upgrade aligns with $300 million+ valuation target and US market expansion
Leadership Transition Signals Strategic Shift
Ovanti Limited (ASX: OVT) has announced a significant leadership transition in its US operations, marking a pivotal moment as the company intensifies its focus on the Buy Now Pay Later (BNPL) market in the United States. Peter Maher, the current CEO of Flote US Inc., Ovanti’s BNPL platform, has resigned effective immediately, with his contractual notice period ending in May 2026. This move reflects Ovanti’s ambition to elevate its US business and prepare for a potential NASDAQ listing via a Special Purpose Acquisition Company (SPAC) transaction.
Interim Leadership and Search for a High-Calibre CEO
In the interim, Ovanti’s Chairman and Group CEO, Daler Fayziev, will step in as the acting US CEO, supported by Alessandro Gambotto, Chair of Ovanti’s US Advisory Board. Gambotto brings a strong track record, having founded and successfully exited The Missing Link to Infosys for over AUD 100 million. Together, they will spearhead the global search for a permanent US CEO with deep fintech and payments experience, proven commercial scale-up capability in the US market, and the leadership qualities necessary to navigate a NASDAQ listing and compete with billion-dollar BNPL peers.
Board’s Perspective on the Leadership Upgrade
The Board has been clear that while Maher contributed positively, the company’s evolving ambitions require a leader with a stronger public markets pedigree and investor presence. Feedback from US brokers, institutional advisers, and SPAC sponsors underscored the need for a CEO who can credibly lead Ovanti through rapid commercialisation and a public markets transition targeting a valuation north of US$300 million. This leadership reset is designed to align Ovanti’s management with the competitive landscape dominated by billion-dollar BNPL and payments companies.
Flote’s Market Opportunity and Strategic Outlook
Flote, Ovanti’s US BNPL platform, offers a compelling alternative payments solution featuring cash-flow-based affordability assessments, zero interest and fees, and advanced fraud mitigation technology. Its appeal to the US debit-majority consumer positions it well for growth. With strengthened leadership and operational oversight, Ovanti aims to unlock Flote’s full potential and accelerate its US expansion.
Next Steps and Market Implications
Ovanti remains committed to advancing its SPAC pathway and anticipates increased engagement from SPAC sponsors and institutional partners as it aligns leadership with its strategic goals. The company has promised further updates as the CEO search progresses and the NASDAQ listing plans evolve. For shareholders, this leadership transition signals a renewed focus on execution and value creation in a highly competitive fintech market.
Bottom Line?
Ovanti’s leadership reset in the US sets the stage for a critical growth phase and public market debut.
Questions in the middle?
- Who will be appointed as the permanent US CEO and when?
- How will the leadership change impact Flote’s commercial rollout timeline?
- What are the prospects and timing for Ovanti’s NASDAQ listing via SPAC?