Innovative Payment Solutions, Inc.

What they do

IPSI describes itself as a provider of digital payment solutions for undeveloped and underserved markets, with past and possible future e-wallet offerings under the IPSIPay name. Its activity now runs through joint ventures: a 22% stake in IPSIPay Express (with OpenPath and EfinityPay) for real-time consumer-to-merchant payments aimed at gaming and entertainment, a 50% interest in Jetties Partners, LLC (d/b/a IPSIPAY) with Brant Point Solutions, and a 50% interest in FINAP USA, LLC holding exclusive U.S., Canada and Mexico licenses to the FAPL and Cixor payment and banking platforms. Revenue reported in recent years has been nominal (e.g., $410 in 2023).

Revenue drivers

• IPSIPay Express (IPEX) — A joint venture formed in April 2023 with OpenPath and EfinityPay to build a real-time bank-to-bank and credit card payment platform initially targeting online gaming and entertainment merchants. IPSI agreed to contribute up to $1.5 million but stopped after tranches; the venture is not operational and the company's equity holding is 22%, so it has produced no revenue.
• Jetties Partners, LLC (d/b/a IPSIPAY) — A 50/50 venture formed October 29, 2025 with Brant Point Solutions to develop and operate merchant processing with an initial gaming focus, in which IPSI issued 200,000,000 shares for its half. Consolidated with $8.4 million of intangible assets and no recorded liabilities; no revenue described.
• FINAP USA, LLC licensing — A 50/50 venture formed in April 2026 with FINAP Worldwide to hold exclusive, perpetual U.S./Canada/Mexico licenses to fintech platforms including ECORU, OCEANUS, MULA, iPayLater, CLORI, CIXOR PayDay and Cixor CashDay. Consolidated with $1.2 million of intangibles and a $600,000 contingent license-fee liability tied to revenue; management says it intends to pursue payment processing and cross-selling, but no revenue is reported.

Recent performance

Reported annual revenue was de minimis: $847 in 2022 and $410 in 2023, with the most recent quarterly figures at $433 (March 2023), $5 (June 2023), negative $28 (September 2023) and $0 (December 2023). Net losses were approximately $14.5 million in 2021, $10.3 million in 2022, $5.8 million in 2023, $4.1 million in 2024 and $4.4 million in 2025, with an accumulated deficit of $69.0 million through December 31, 2025. Operating cash flow remained negative at about $0.65 million in 2024 and $0.79 million in 2025. At June 30, 2026 the balance sheet showed total assets of $9.6 million against total liabilities of $23.2 million and shareholders' equity of negative $18.4 million, with cash and equivalents of $48.

Strategy

The company's stated approach is to participate in joint ventures rather than build wholly owned operations, using them to reach underserved markets with credit card processing and real-time payments. It formed IPSIPay Express in 2023, Jetties Partners in October 2025, and FINAP USA in April 2026 to hold U.S., Canada and Mexico licenses to the FAPL and Cixor platform suite, with the intent to pursue payment processing and cross-sell those products. Management consolidates Jetties and FINAP USA because it holds the power to direct activities and absorbs significant losses. It has also been party to a merger agreement with Business Warrior Corporation. Funding of the remaining IPSIPay Express tranche was waived by the partners after the venture failed to become operational.

Risks

• No revenue-generating operations — The company states it has had no revenue generating operations to date, with only $410 of revenue in 2023 and none meaningful since, making its business model unproven.
• Going concern and cash position — With $48 of cash at June 30, 2026, negative $18.4 million shareholders' equity, $23.2 million of liabilities and recurring operating losses, management identifies continuing as a going concern and obtaining financing as core uncertainties.
• Joint venture dependence and consolidation — Value and future revenue depend on ventures IPSI does not control outright — 22% of IPSIPay Express (not operational) and 50% of Jetties and FINAP USA — while IPSI consolidates Jetties' $8.4 million and FINAP USA's $1.2 million of intangibles and absorbs significant losses.
• License and contingent obligation exposure — FINAP USA carries a $600,000 contingent liability for additional license fees payable if revenue exceeds operating expenses, and the licensed platforms are held under agreements with FAPL, Cixor and BP entities rather than owned outright.

Outlook

Management's stated plans center on using the FINAP USA licenses to pursue payment processing opportunities and cross-selling, and on the Jetties merchant-processing venture focused initially on gaming. The company says the need for any additional advances to IPSIPay Express will be addressed with joint venture partners only once IPEX becomes operational and generates revenue. It continues to report expectations of operating losses until sufficient revenue is achieved, and flags its ability to generate cash flow, continue as a going concern and repay outstanding indebtedness as open questions.