REPX Pre IPO Update Note ACF 23022021
The Reputation Exchange (REPX) is a fintech company with a unique social engagement model using affiliate marketing. With multiple prepaid cards assigned to top sporting and influencer brands planned for roll-out in the next 21 months. Since our previous note REPX has signed: more leading global brand clients; a distribution agreement with 42k shops in Italy; set a Feb Roma Ac cards launch date; filed an LSE standard list introduction; listed on Cyprus to complete its EMIL application; an agreement offering its product in SEPA, North Am and LatAm; and a Deloitte mandate to find strategic partners. We expect high revenue growth - low marketing, opex and capex suggests early FCF +ve. Our subs wins assumptions for valuation are highly conservative.
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