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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.

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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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