Business
Australian fintech IOUpay’s 6400pc Reddit-fuelled stock rally is reversing in Sydney – The Australian Financial Review
Australia’s IOUpay, which had drawn comparisons to US videogame retailer GameStop, is set for more declines as it faces intensified competition from Afterpay.
The Reddit meme stock fizzle is roiling an Australian penny stock.
IOUpay, a fintech firm that went into overdrive on a social media-backed retail trading frenzy, has plummeted in the past two months. The stock is set for more declines as the firms newly launched buy-now-pay-later services which allow customers to purchase goods and then pay for them in instalments faces intensified competition in south-east Asia from larger Australian rival Afterpay, say analysts.
IOUpay lists Standard Chartered…
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