UPAY, Inc.

What they do

UPAY, Inc. operates its principal lending software and credit management operations in South Africa through its ACPAS loan management software platform. The company also develops AML GO, a compliance platform for anti-money laundering and know-your-customer requirements, and is evaluating U.S. market expansion. It was incorporated in Nevada in 2015 and acquired Rent Pay as a wholly owned subsidiary in 2015.

Revenue drivers

• Software development services — Revenue increased in the quarter ended May 31, 2026, primarily attributable to increased revenue from software development for clients in the South African credit industry.
• Transactional revenue — Grew from new and existing clients in the credit industry in South Africa, contributing to the $55,933 year-over-year increase in quarterly revenue.

Recent performance

For the three months ended May 31, 2026, revenue was $226,347, up from $170,414 in the same 2025 period. Net loss narrowed to $115,440 from $141,986. Total expenses were $269,811, up from $258,432. For the fiscal year ended February 28, 2026, annual revenue was $746,311 and net loss was $1.4 million. At May 31, 2026, the company had negative working capital of $380,139 and shareholder equity of negative $582,938.

Strategy

Management is evaluating potential expansion of its AML GO compliance platform into the United States and anticipates launching certain AML and compliance-related services within the next six months, though no assurances are given. The company also plans to explore opportunities in the U.S. consumer finance and credit management market for its software platforms. Its principal operations remain in South Africa, and it is assessing whether its system can be adapted to other countries.

Risks

• Negative equity and working capital — Shareholder equity was negative $582,938 and working capital was negative $380,139 at May 31, 2026, indicating potential liquidity constraints.
• Reliance on South African clients — Revenue is concentrated in the credit industry in South Africa, and any loss of customers or sales weakness could materially affect results.
• Failed expansion attempts — The planned U.S. launch of AML and compliance services may not occur on time or at all, and the system may not be adaptable to other countries.
• Inability to raise capital — The company's ability to fund operations depends on raising adequate working capital; future financing may be unavailable or dilutive.

Outlook

Management expects to launch certain AML and compliance-related services in the United States within the next six months, but cautions that timing and success are uncertain. The company continues to focus on growth in South Africa, leveraging increased software development and transactional revenue. It also monitors trends in consumer lending and AML software markets for future opportunities.