Identitii to receive $1.0m assignment fee from Payble

Identitii to receive $1.0m assignment fee from Payble

Identitii have announced that its subsidiary Payble will soon commence payment of a $1.0m Assignment Fee to Identitii. This fee is for intellectual property (IP) developed by Identitii and irrevocably transferred to Payble under an Intellectual Property Agreement. The IP was first tested in September 2019, when Identitii was one of ten companies chosen to participate in the ACCC’s Consumer Data Right (CDR) ecosystem testing.

Another step In Identitii’s stated objective of monetising its investment in Payble

The IP-related Assignment Fee will commence 30 November 2021 and be paid in monthly instalments over the following two years. Payments are indexed against Payble revenue growth and are expected to increase across the term, to ensure available capital is primarily directed towards sales, marketing and product development efforts. If repayments have not reached $1.0m by 30 November 2023, a final top-up payment (being $1.0m less fees already paid) will be made on 1 December 2023.

Payble continues to pursue a rapid growth strategy

Payble leverages open banking technology to make missed or late payments a thing of the past and to help consumers better manage recurring payments to avoid the debt cycle. Initially targeting the energy sector, Payble is continuing to pursue a rapid growth strategy aimed at identifying other key industries where late or missed payments present challenges for businesses and consumers alike. It is also currently pursuing CDR accreditation with the ACCC, following Identitii’s participation in the ACCC’s CDR testing program back in 2019.

Identitii, together with Elliott Donazzan, the company’s former Director of Innovation, founded Payble in 2020 with the intention to monetise Identitii’s previous investment in Loot Technologies and its participation in the ACCC’s CDR testing program.

Commenting on the commencement of the Assignment Fee payments, Identitii CEO, John Rayment said, “Monetising previous investments in technology that no longer align with our core business is an important part of Identitii’s business strategy and I’m thrilled to announce today’s milestone, as we start to recognise income from Payble. This return on investment is validation of our monetisation strategy and we are increasingly optimistic that Payble will continue its early success as it looks to increase revenue and expand into new markets.”