Klevo Advances Fly Wallet with Bybit Deal and Strategic Acquisitions

Bybit Partnership Unlocks Crypto Transaction Layer

Klevo Rewards Limited (ASX:KLV) has secured a pivotal broker agreement between its subsidiary Fly Wallet and Bybit Technology Limited, granting API-enabled access to Bybit’s digital asset transaction infrastructure. This integration is designed to allow approved Fly Wallet users to transact in digital assets using Klevo’s proprietary stablecoin, KLVAUD, subject to regulatory and compliance checks. The deal represents a foundational step in Klevo’s ambition to transform Fly Wallet into a seamless crypto-centric payments and rewards platform.

Acquisitions to Bolster Regulated Financial Services

To underpin Fly Wallet’s regulated product roadmap, Klevo has entered into Heads of Agreement to acquire three companies: ASFIN Funds Management, Point Capital Group, and Just Ask Solar. ASFIN and Point Capital bring Australian Financial Services Licences (AFSL) that will broaden Klevo’s capabilities in institutional and retail financial advisory services, including digital and traditional assets. Just Ask Solar holds an Australian Credit Licence (ACL), positioning Klevo to introduce consumer credit products such as credit cards and buy-now-pay-later (BNPL) options linked to digital assets.

The proposed acquisitions are to be satisfied by issuing Klevo shares, utilising existing LR 7.1 capacity, with combined acquisition prices of $1.85 million for ASFIN and Point Capital. These moves align with Klevo’s strategy to integrate payments, rewards, loyalty, digital assets, and credit within a regulated ecosystem. The company has previously signalled its intent to add crypto-backed credit products, aiming to address missed transactions and enhance Fly Wallet’s utility credit licence acquisition.

Fly Wallet’s Expanding Ecosystem and User Benefits

Fly Wallet is envisioned as a multi-functional platform where users can access approved digital asset transactions, conduct everyday card-linked payments, and participate in merchant rewards and loyalty programs. Users may also earn or redeem stablecoins and digital assets, subject to regulatory approvals. Importantly, Fly Wallet plans to offer structured credit products compliant with responsible lending and AML/CTF regulations.

Klevo CEO Alexander Gold emphasised that the Bybit agreement and proposed acquisitions collectively support a robust regulated fintech ecosystem, enabling users to access digital asset liquidity and reduce missed transaction opportunities. This integration follows Fly Wallet’s recent surge in transaction volumes and stablecoin launch, which have been key growth drivers for the platform Fly Wallet GDV surge and stablecoin launch.

Regulatory and Implementation Hurdles Ahead

While the Bybit broker agreement is executed, full implementation depends on technical integration, user onboarding, exchange approvals, and compliance with AML/CTF and risk management frameworks. Similarly, the proposed acquisitions remain subject to due diligence, definitive agreements, regulatory and ASX approvals, and shareholder consent where applicable. Klevo cautions that there is no guarantee these deals will complete or that related financial products will launch.

Any new offerings involving consumer credit, stablecoins, custody, or digital assets will be tightly regulated, requiring ASIC licensing, Mastercard compliance, and responsible lending adherence. Given these initiatives are at an early stage, Klevo has not provided financial impact forecasts, underscoring the uncertainty inherent in pioneering regulated crypto-financial services.