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.

The post Rewardle (ASX:RXH) share price triples on buy now, pay later (BNPL) deal appeared first on The Motley Fool Australia.

Still, as we already know, that doesn't mean all stocks posted a positive return. Here's our view on 4 stocks that investors took a dislike to today.

Hastings High Yield Fund (ASX: HHY) fell 41.7% to 10.5 cents, after the company notified the market that its sole asset was likely to see nothing or a very low return of capital from its remaining asset. That sole asset is a floating rate note security in Cory Environmental – a waste collection, disposal and recycling business in the UK. It seems unusual that shares haven't fallen much further, given the potential for shares to be worthless.

Rewardle Holdings Ltd (ASX: RXH) dropped 10.5% to 34 cents after resuming trading, following a $5 million of more than 15 million shares at 33 cents per share. The company says the placement was heavily oversubscribed and justifies its strategy. Essentially, the company provides solutions for small to medium businesses with customer engagement tools -or as the company refers to it – 'giving the buy 9, get 1 free paper punch card a digital makeover'.

Southern Cross Electrical Engineer Ltd (ASX: SXE) ('SCEE') also dropped 10.5% to 34 cents, after announcing that it expected to make a loss in the second half of this year. SCEE also said its full-year net profit after tax is still uncertain. Yet another mining services company with an uncertain future by the looks of it.

Fortescue Metals Group Limited (ASX: FMG) dropped 5.7% to $2.00. The world's fourth-largest iron ore miner slumped as iron ore futures trading suggests another big fall in the spot iron ore price tonight. Already trading at or possibly below its break-even levels, Fortescue may well be forced to sell off assets, wholly or in part, to ensure the company survives an extended period of low iron ore prices.

The post 4 stocks dumped on the ASX today appeared first on The Motley Fool Australia.