The Rise, Fall, and Reinvention of IOUpay – Now Ovanti Limited

The Rise, Fall, and Reinvention of IOUpay – Now Ovanti Limited

IOUpay Limited, a once-promising digital payments company based in Southeast Asia, faced a dramatic collapse in early 2023 following the discovery of a $19 million fraud involving its former CFO, Kenneth Kuan. The funds were allegedly siphoned into entities linked to Kuan and his associates through unauthorized loans, prompting internal investigations and a referral to Malaysian authorities. Unable to recover the funds or secure new capital, the company entered voluntary administration in April 2023.

Amid this turmoil, a determined group of shareholders led by Terrence Clee rallied to defend the company’s future. They raised funds to challenge the board, support legal action, and ultimately secured interim funding that enabled IOUpay to exit administration by May 2023, with control returned to the board. The company restructured and soon after rebranded as Ovanti Limited, symbolizing a fresh start and a strategic shift.

In late 2024, the board appointed Simon Keast, former CFO of Zip Co, as CEO to spearhead an ambitious expansion into the U.S. Buy Now, Pay Later (BNPL) market. Backed by a successful $6 million capital raise, Keast presented a bold plan targeting $500 million in Total Transaction Volume (TTV) over 36 months, with a focus on underserved consumers in the U.S. Southern States.

To support this vision, Ovanti signed a license agreement with BNPLPay Protocol, securing the technology and infrastructure to launch operations in the United States. However, in February 2025, Keast stepped down unexpectedly due to visa complications, and Daler Fayziev was appointed interim CEO. Despite the leadership change, the board unanimously endorsed the expansion plan, signalling its strong commitment to the U.S. strategy.

Through shareholder resilience, strategic restructuring, and a bold international growth plan, Ovanti Limited is positioning itself for a significant comeback after one of the more dramatic collapses on the ASX in recent memory.

Watch this space — the Ovanti story is far from over.