Ovanti (ASX: OVT) has secured firm commitments from sophisticated and professional investors for a placement to raise $5.27 million before costs.
The placement involves issuing approximately 520,339,653 new fully paid ordinary shares at an issue price of $0.010128 per share, a substantial 40.4% discount to the last traded price of $0.017 on 14 April 2026.
The funds are earmarked for several key initiatives, including integrating AI into Ovanti's platform, expanding its international merchant network, and continuing the development of its global Buy Now, Pay Later (BNPL) and Super App ecosystem.
The capital will also support strategic vertical and horizontal initiatives, along with general working capital and associated legal and placement costs.
Participating investors will receive one free attaching option for every two placement shares, with a four-year expiry from issue and an exercise price of $0.025.
Strategic Pivot to Financial Super App
Ovanti is undergoing a significant strategic reorganisation, shifting from a primarily BNPL focused proposition to a broader global financial 'Super App' platform.
This pivot includes consolidating its brand globally under the 'Ovanti' name, moving away from the 'Flote' brand.
Part of this reorganisation involves streamlining its US operations, with Ovanti U.S. Inc. initiating a voluntary Chapter 7 process in Delaware to facilitate an orderly wind-down of certain legacy operations.
The company's vision for the Super App aims to aggregate payments, decentralised finance (DeFi) yield, trading, BNPL, savings, subscriptions, and bill payments, complemented by AI-based advisory agents.
To support this ambitious roadmap, Ovanti has appointed Harpreet Singh Maan as Head of Operations and Adel Shahin as Strategy Director.
Navigating US Public Listing
Despite terminating its previously announced Miluna SPAC transaction, Ovanti continues its pursuit of a US public listing for its Flote BNPL platform.
The Miluna decision was made to allow for more flexible, value-aligned NASDAQ opportunities.
To strengthen its strategic oversight in the region, the company appointed Alessandro (Alex) Gambotto as chair of its US advisory board.
A global search for a high-profile US CEO with fintech and public markets experience is also underway.
Previous Capital Raising Efforts
This latest capital raise follows another in March 2026, where Ovanti completed a placement raising $711,200.
This earlier raise involved the issuance of 889,000,000 ordinary shares at $0.0008 per share, representing a 20% discount to the closing price on 20 March 2026.
Proceeds from that placement were directed towards funding global operations, legal expenses, working capital, and the costs associated with the offer.
These successive discounted placements highlight the company's ongoing need for capital to fund its strategic initiatives and operational requirements.
