KLEVO REWARDS LTD (KLV) - Stablecoins To Credit Cards

A rewards business turning into a payments and credit platform is not a small pivot, and that’s exactly what we unpack with Alex Gold, CEO of Klevo Rewards Limited. We talk through how Klevo has evolved beyond loyalty into digital wallets, stablecoin payments, and card issuing, and why the Fly Wallet acquisition matters when you’re aiming to operate across multiple jurisdictions with real payments capability.

We also dig into the recent 14-day commercial trial of Klevo’s stablecoin transaction platform, including the headline US$1.22 million in gross revenue and, more importantly, what the trial was designed to prove. Alex explains the focus on the full transaction cycle, cross-border flows, and the compliance framework required to move from a working beta into a reliable commercial launch. If you care about stablecoin payments in Australia, cross-border payments infrastructure, or how fintechs actually scale, this part is packed with practical detail.

From there, we shift to licensing and product strategy. Alex walks us through why Klevo acquired an Australian credit licence (rather than waiting 9–12 months for a new application) to support credit card issuing and future credit products. We explore what “crypto-linked credit” might look like for customers, including using credit to acquire crypto or collateralising digital assets like Bitcoin for real-world spending. We also touch on custody and wholesale capability through the ASFIN acquisition, plus what investors can watch as revenue and rollout milestones develop.

Since the interview was recorded, Klevo has announced revenue of $18.9 million for the month of July 2026 — with approximately $17.8 million attributable to the stablecoin platform now in commercial operation — alongside completion of two licence acquisitions and an Extraordinary General Meeting convened for 21 August 2026 to consider a proposed share consolidation and company name change to Klevo Group Limited.

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Transcript

Andrew Musgrave

Welcome back to ASX Briefs. And joining me today is Alex Gold, the CEO of Klevo Rewards Limited, a company that's been moving quickly across stablecoin payments, digital wallets, and now consumer credit licensing. Alex, thanks for joining me today and welcome to the ASX Briefs Podcast.

Alex Gold

Thanks, mate. I appreciate that. Good morning.

Andrew Musgrave
 
 Now for listeners that may be new to the stock, can you give a brief overview of Klevo and how the business has evolved, particularly since the Fly Wallet acquisition and integration?

Alex Gold

Look, Klevo has its roots and loyalty and rewards, but the last couple of years we've evolved into something very different. We acquired Fly Wallet, which is a principal member of MasterCard and AFSL license holders, a non-cash payment facility, which allows us to issue Master Cards across multiple jurisdictions, not just Australia. Now we also acquired Australian credit license, and we are we just completed an acquisition of a wholesale EFSL, which allows us to manage funds and provide custody.

Andrew Musgrave

And you've just completed a 14-day commercial trial of your stablecoin transaction platform, generating approximately US $1.22 million in gross revenue during that window. Can you walk us through what this trial actually tested and why the volume achieved matters?

Alex Gold

The trial was about proving that the platform really works at commercial scale, and it did. It wasn't about volume, it was we were testing the full transaction cycle, the technology, the compliance framework, and the cross-border capability. It performed, and the trial is just a proof of concept itself that our platform can work at scale. So, now we're going to prepare for the proper launch, and it will take some time, and we're not going to rush that.

Andrew Musgrave

Okay, and you're now working with commercial and technology partners to finalize operational compliance and technical requirements ahead of a broader rollout. What are the key milestones between here and full commercial launch and what's the expected time frame?

Alex Gold

It's really hard to say. It may be a few weeks, maybe a couple of months, but in saying that we already have performing in beta, so the platform works. It's just that we don't we don't go, you know, gung-ho on that one, but it's already performing.

Andrew Musgrave

And turning to the Australian credit license acquisition, you've completed the purchase of Just Ask Solar Pty Ltd. Why was acquiring an existing license the right path versus applying for one directly?

Alex Gold

It's just time to market. We needed to have an Australian credit license to issue our credit cards. Currently we are only issuing prepaid cards and now we're issuing credit cards. It will extend into other credit products as we develop. And acquiring it, it just meant that we could go to market faster. Because if an application from scratch would take nine months to a year.

Andrew Musgrave

The announcement flags potential credit and loan-related products, including crypto-linked credit offerings as part of the roadmap. Can you unpack what a crypto linked credit product might look like for clever customers and how it fits with the stablecoin platform?

Alex Gold

Well, the stablecoin platform is a cornerstone of it's basically a mechanism to provide crypto-link credit. Reality is if people want to acquire cryptocurrency using credit, we can provide that, or if people want to acquire real-world assets, collateralizing the digital currencies like Bitcoin, that's also will be made possible. And today Australian banks just don't offer that.

Andrew Musgrave

And you mentioned Klevo has completed the acquisition of ASFIN funds management and point capital group. How do these potential acquisitions fit alongside the credit license and what would they add to the product suite?

Alex Gold

Well, we haven't completed Point Capital, we're still doing due diligence on Point Capital. ASFIN is completed, it will provide us an ability with global custody, so in that sense, we can raise funds and wholesale, and we also can provide wholesale credit using the custodian services.

Andrew Musgrave

Finally, Alex, what should investors be watching out for over the coming months as the stablecoin rollout credit license integration and AFSL due diligence all progress?

Alex Gold

Really revenue growth. Take a look at 4C we just we just filed custom receipts 352% up on the same quarter last year.

Andrew Musgrave

Okay, Alex. Well, thanks for your time today. A lot happening across the Klevo business right now, and we look forward to tracking progress on the stablecoin rollout and the credit licensing strategy in the upcoming months.

Alex Gold

Thanks for your time, mate. Really appreciate.

Andrew Musgrave

That concludes this episode of ASX Briefs. Don't forget to subscribe, and we look forward to catching you on our next episode.