The IOUpay Ltd (ASX: IOU) share price has been plummeting lately.
Right now, a share in IOUpay will set investors back 24 cents. One month ago, that same share was trading for 31 cents. That represents a 22.5% fall for the IOUPay share price in just 30 days.
Not to mention the IOUpay share price is now a long way from its 52-week high of 85 cents, which it reached in mid-February.
Let’s take a look at what’s been going on with IOUpay lately.
IOUpay is a fintech company offering buy now, pay later (BNPL), mobile banking, and payment services to people in South East Asia.
It first listed on the ASX way back in 2000. At one point in 2002, the IOUpay share price closed at $5.55.
It plunged over the following years before booming again during the past 12 months.
The latest from IOUpay
The last time we heard from IOUpay was on 15 June when it announced it had entered into a master merchant agreement with Razor Merchant Services (RMS).
Despite releasing seemingly positive news, the IOUpay share price fell 3% that day.
RMS supplies payment services to merchants. Under the agreement, RMS will onboard and promote IOUpay’s BNPL service to its Malaysian-based merchants.
It has been specified that IOUpay’s branding will be displayed on merchants’ premises and websites.
IOUpay will pay RMS a percentage of the income derived from purchases using its BNPL service.
IOUpay’s CEO Khong Kok Loong commented on the agreement:
We are thrilled to be working together with Razer Merchant Services who represent one of the most progressive networks of online merchants in South East Asia. Providing our customers with more than 50,000 of Malaysia’s most recognised and popular online stores to shop and pay using our BNPL service offerings is an important step in providing our customers with a wide spectrum of choice across brands, products and services.
IOUPay share price snapshot
The IOUpay share price has been having a decent run on the ASX lately.
It has gained 48% since the beginning of 2021. It has also increased by a whopping 842% since this time last year.
The company has a market capitalisation of around $135 million, with approximately 551 million shares outstanding.