UPAY, Inc. completed the acquisition of an unknown minority stake in MiWay Finance, Inc. from Wouter Fouche for $0.023 million.
March 01, 2022
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UPAY, Inc. signed a share purchase and separation agreement to acquire an unknown minority stake in MiWay Finance, Inc. from Wouter Fouche on February 3, 2022. in a related transaction, Fouche sells us 7,125,000 of our Common Stock Shares and 3,700,000 Common Stock Shares of MiWay Finance, Inc., a Texas corporation, for $240,000, which we have agreed to pay with a $150,000 cash payment within 10 days of the Effective Date and $10,000 per month for 9 consecutive months commencing April 1, 2022. Wouter Fouche resigned as Chief Executive Officer pursuant to a Share Purchase and Separation Agreement. Following the resignation of Fouche as Chief Executive Officer and Director, Board of Directors of UPAY appointed Jaco Fölscher as Chief Executive Officer.
UPAY, Inc. (OTCPK:UPYY) completed the acquisition of an unknown minority stake in MiWay Finance, Inc. from Wouter Fouche for $0.023 million on March 2, 2022.
UPAY, Inc. is a software development company. It provides a cloud-based loan origination software system that is compliant with all applicable legislation and enables its customers to grant loans, sell products, pay bills or pay monthly subscriptions on terms, all within its software system. Its software platform features integrated third-party service providers, such as registered payment gateways, credit bureaus, two-way texting, credit protection insurance and decision-making platforms. Its products include Loan Origination System, Theme Studio Business Online, Credit Inquiries, and Credit Protection and Life Insurance, among others. The Loan Origination System provides Automated Credit Provider Administration System, a software system that leases on a monthly basis to customers to manage businesses, clients and processes. Theme Studio Business Online provides customized websites with ACPAS system to customers. It also specializes in providing anti-money laundering solutions.