FinTech firm Identitii (ASX:ID8) announced a decisive strategic shift, confirming plans to sunset its legacy Overlay+ platform.
The move is designed to streamline operations and reallocate engineering resources toward BNDRY, the company’s modern risk and compliance flagship, which management identifies as having "demonstrably superior unit economics" and a significantly larger market opportunity.
The transition follows a mutual agreement with Mastercard to not renew their Overlay+ contract.
While Overlay+ was instrumental in establishing Identitii’s reputation within tier-one financial institutions, it had become operationally burdensome; direct annual costs for the platform currently exceed the revenue it generates.
By cutting these ties, Identitii expects an immediate $235,000 improvement in annual operating cash flow, drastically accelerating its timeline to reach break-even.
CEO John Rayment emphasised that the decision was a matter of discipline, noting that BNDRY is seeing a surge in demand—particularly within the Australian clubs and pubs sector following recent AUSTRAC enforcement actions.
"This confidence allows us to make the disciplined choice to walk away from revenue that doesn't support our path to profitability," Rayment stated.
At the time of reporting, Identitii's share price was $0.0050.