Ovanti (ASX: OVT) Partners with Mastercard’s Finicity as US BNPL Strategy Takes Shape

Ovanti (ASX: OVT) has secured a partnership with Finicity, a Mastercard company, to power its upcoming buy‑now‑pay‑later platform in the United States. This marks the third major deal in 2025, following agreements with payment processor Shift4 and lending platform BNPLPay, and completes Ovanti’s US partnership stack ahead of the planned Flote launch in Q1 2026. For a micro‑cap trading at just A$0.005–0.01, the question now is whether these partnerships can transform Ovanti from a speculative startup into a genuine BNPL contender, or if execution risks will continue to overshadow its potential.

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Why the Finicity Partnership Matters for Ovanti’s US Strategy

Finicity helps lenders check if someone can afford a loan by looking at their real bank account activity, not just their credit score. In plain terms, it shows what money is actually coming in and going out right now. For Ovanti, this solves a critical problem: how do you lend to people who don’t have traditional credit histories?

We believe this is where Ovanti’s opportunity lies. Around 150 million Americans are considered “underbanked”, meaning they have little or no credit history, even though many earn steady incomes. Big players like Affirm and Klarna still rely heavily on credit scores, which shuts out this massive group. Ovanti’s model could approve customers that competitors automatically reject.

The Mastercard connection also adds something Ovanti badly needs: credibility. Convincing US merchants to trust a tiny Australian fintech is hard. Partnering with a Mastercard subsidiary makes that conversation easier. When combined with Shift4’s access to over 100,000 North American merchants and BNPLPay’s cheaper funding, Ovanti now has the three ingredients it needs: data, distribution, and capital.

The Bull Case Is Building, But So Are the Concerns

Ovanti’s US strategy is coming together faster than many expected. The company has hired experienced leaders, including former Zip veteran Peter Maher as US BNPL CEO, and set an ambitious target of USD 500 million in transaction volume. If Ovanti captures even a small piece of the US BNPL market, projected to exceed USD 1 trillion by 2030, the returns could be significant.

But the risks are real, and investors should size positions accordingly. Ovanti posted a net loss of AUD 7.8 million in 2024 and has an Altman Z-Score of -0.92, which signals financial stress. Cash sits at roughly AUD 5.4 million, meaning the company will likely need to raise more money to fund its US push. With a market cap of around AUD 30 million, this is a speculative bet, not a proven business.

Competition is fierce too. Affirm, Klarna, and Afterpay have years of brand-building, deep pockets, and established merchant networks. Default rates across US BNPL providers have also been rising, with some reports showing rates above 30%. A new entrant with an unproven credit model faces serious headwinds.

The Investor’s Takeaway

Ovanti has built the partnership infrastructure needed to launch in the US market. The Finicity deal adds real credibility and completes a stack that few micro-caps can match. For investors with high risk tolerance, the setup is more interesting than it was six months ago.

However, we believe most investors should wait for proof before committing meaningful capital. Watch for first transaction volumes after Flote launches in Q1 2026, merchant sign-up numbers, and the next quarterly cash report to check if burn rates are sustainable. Until Ovanti shows it can turn partnerships into revenue, this remains a speculative opportunity best suited for aggressive portfolios with appropriate position sizing.