Upay Inc (OTC: UPYY) is a financial technology company that provides cloud-based loan origination and credit management software primarily to lenders and credit providers in South Africa, with an early-stage marketplace business connecting U.S. hunters with African safari outfitters. Revenue comes from software licensing and monthly service fees for its ACPAS loan administration platform, supplemented by bespoke software development and administrative staffing contracts. The company operates through three business lines: ACPAS, a cloud-based lending compliance and origination system; AML GO, an anti-money laundering and customer due diligence software product targeting banks, fintechs, and microlenders; and HUNTPAL, an online 'Hunt Now, Pay Later' marketplace facilitating interest-free installment bookings for hunting safaris in South Africa. As of the fiscal year ended February 28, 2025, the top three customers represented approximately 28%, 10%, and 9% of revenue, indicating material customer concentration. Named South African competitors include Compuloan, Delter, and Mycomax.

Revenue model

Monthly service fees and software licensing for the ACPAS loan origination platform, bespoke software development and administrative staffing on a monthly-service basis, and marketplace facilitation fees through HUNTPAL. Revenue is transactional and subscription-based. The filing does not disclose segment revenue splits or absolute revenue figures in the excerpts provided.

Products and services

ACPAS: cloud-based loan origination software with integrated payment gateways, credit bureaus, two-way texting, credit protection insurance, and decision-making platforms, plus basic accounting functionality. AML GO: automated anti-money laundering software covering customer due diligence, enhanced due diligence, real-time watch-list screening, transaction monitoring, regulatory reporting, and audit trails, designed for compliance with South Africa's FICA and U.S. BSA/AML requirements. HUNTPAL: online 'Hunt Now, Pay Later' marketplace connecting U.S. hunters with licensed South African outfitters on interest-free installment plans.

Customers and end markets

Credit providers, retail stores, and professional service firms (doctors, lawyers, accountants) in South Africa using ACPAS for loan administration. Banks, fintechs, and microlenders targeted for AML GO compliance software. U.S. hunters aged 25 to 55 targeted for HUNTPAL safari bookings. Top three customers accounted for approximately 28%, 10%, and 9% of revenue in the fiscal year ended February 28, 2025, and 29%, 20%, and 11% in the fiscal year ended February 29, 2024.

Value-chain role

Software vendor and marketplace intermediary. For lending clients, Upay sits between credit providers and regulatory compliance requirements, supplying the origination, monitoring, and reporting infrastructure. For HUNTPAL, the company acts as a booking and financing intermediary between outfitters and end hunters.

Geographic exposure

Primarily South Africa for ACPAS and AML GO software operations. HUNTPAL LLC is headquartered in the United States with a Dallas, Texas registered office, targeting U.S. hunters booking South African safaris. The company paused active U.S. sales and operations for ACPAS as of February 2022 pending funding and staffing.

Competitors

Compuloan, Delter, Mycomax

Source: SEC 10-K, filed 2025-06-02

Industry: Services-Prepackaged Software