Klevo secures deal to acquire Australian credit licence

Klevo Rewards (ASX:KLV) has entered into a heads of agreement to acquire 100% of the issued share capital of Just Ask Solar, a holder of an Australian credit licence.

The proposed transaction features an indicative purchase price of $150,000 inclusive of GST and grants Klevo an exclusivity period to conduct due diligence and finalise a binding share purchase agreement.

This acquisition marks a major strategic step for Klevo as it looks to bolster its regulated financial services infrastructure.

By integrating this credit licence with its recently announced stablecoin initiative, Klevo aims to develop consumer crypto-centric credit, rewards, and loyalty functionalities for its eligible Fly Wallet card users.

The rollout remains subject to final product design, compliance, responsible lending obligations, and Mastercard approval.

The strategic move comes on the heels of impressive growth for Klevo’s Fly Wallet platform, which processed approximately $344 million in gross dollar value across 3.2 million transactions, marking a 164% year-on-year growth.

However, the company also identified a significant revenue leakage: in Q1 2026, Fly Wallet recorded roughly 243,000 declined transactions.

Over half of these declines (58%) were due to insufficient funds or over-credit-limit scenarios, costing an estimated $15.2 million in missed gross dollar value.