Rewardle (ASX:RXH) share price triples on buy now, pay later (BNPL) deal

The Rewardle Holdings Ltd (ASX: RXH) share price has shot more than 300% higher after a new buy now, pay later (BNPL) partnership.

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Rocket shooting out of investors outstretched hands to signify fast growth of ASX tech share

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The Rewardle Holdings Ltd (ASX: RXH) share price has rocketed higher today. Shares in the internet marketing group surged more than 300% after unveiling its latest partnership deal.

BNPL deal sees Rewardle share price soar

Rewardle this morning announced a new partnership with an Australian-based buy now, pay later (BNPL) provider. The Aussie company has executed a binding term sheet to provide professional services to SplitPay Group Holdings Limited (SplitPay).

Rewardle will provide strategy and technical consulting services to assist in accelerating the growth and development of SplitPay’s business. SplitPay is currently targeting the fast-growing UK and European markets for its services.

According to the release, the initial two-year term reflects the mutual interest in exploring a long-term strategic partnership. Rewardle is expecting fees to average $10,000 per month based on time and materials, with a $5,000 per month minimum retainer.

The Rewardle share price rocketed higher on the back of the new deal. Shares in the Aussie rewards company were up more than 300% around lunch time having hit a new 52-week high in early trade.

Rewardle Founder and Executive Chairman Ruwan Weerasooriya said, “We’re looking forward to sharing our insight and learnings to help accelerate SplitPay’s growth”.

“While our consulting work with SplitPay will contribute towards our monthly professional services target, we’re most excited about collaborating with them on broader opportunities”, he added.

Investors have piled into the micro-cap share today and sent the Rewardle share price surging higher.

SplitPay’s consulting services are expected to contribute 20% of Rewardle’s third party services target moving forward. The latest deal adds to previous partnership announcements with Pepper Leaf and Beanhunter in recent months.

Foolish takeaway

The Rewardle share price has surged higher this morning on the back of the latest buy now, pay later deal. Shares in the Aussie company rocketed more than 300% to a new record high on the news.

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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