The IOUpay Ltd (ASX: IOU) share price is soaring today despite no news having been released by the company.
Right now, IOUpay shares are trading for 24 cents apiece, 11.63% more than their previous close.
Additionally, more than 10.9 million IOUpay shares have swapped hands today. For context, over the past 4 weeks, the average number of IOUpay shares traded per day is around 4.3 million.
Let's take a look at what might be driving IOUpay's shares higher today.
Image source: Getty Images
What might be driving IOUpay?
The IOUpay share price could be being boosted by a number of factors today.
The share price movement could be a belated reaction to IOUpay's exciting news found within its quarterly report.
The report was released on Thursday. Within it, IOUpay detailed the successful launch of its myIOU buy now, pay later (BNPL) service.
As part of the service, IOUpay released a myIOU app to both the Apple App Store and the Google Play Store.
Despite only just launching the service, myIOU saw $584,459 worth of sales in June. After the end of the June quarter, IOUpay recorded another $1,609,431 worth of sales through myIOU.
Another factor that might be boosting the IOUpay share price is the broader BNPL market. Many BNPL shares are gaining at around the same rate as IOUpay today, likely spurred by the market's excitement over Afterpay Ltd's (ASX:APT) takeover offer from Square Inc.
Afterpay's board recommended Square's acquisition offer on Monday.
The Afterpay share price is up 12% today. Fellow BNPL giant Zip Co Ltd (ASX:Z1P) is gaining 9.2%, while Sezzle Inc (ASX: SZL) is also performing better than the broader market, gaining 4.4%.
IOUpay share price snapshot
The IOUpay share price is having a good year on the ASX. Right now, it's 20% higher than it was at the start of 2021. It has also gained 512% since this time last year.
The company has a market capitalisation of around $118 million, with approximately 551 million shares outstanding.
