Company: OWLS
Filing Date: 2025-02-07
Form Type: DRS/A
Source: 0000950123-25-001222
Chunk: 125

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-02-07
Form: DRS/A
Chunk 125
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 PMS, which connects more than 2,500 hospitality providers as of September 30, 2024. In that same year, we launched the OTA platforms OwlJourney and OwlTing Experiences, to
provide various types of properties and tours for travelers. Additionally, we launched the platform offline services to offer accommodations under our own brand, OwlStay. The integration of systems, platforms, and accommodation services
facilitates unique travel experiences for travelers.

Through close interaction with businesses in the hospitality industry and efforts to
modernize their backend management systems, we have gained a deep understanding of the distinct challenges that overseas suppliers and businesses encounter in managing global payments. These challenges encompass complex reconciliation processes
which require a significant investment in time and resources. In response, leveraging our experiences in blockchain technology, we launched OwlPay intending to provide businesses and individual customers with options to use stablecoin and
fiat currency in payouts. Additionally, in May 2023, we acquired a Taiwanese payment gateway company, PayNow to complete our payment ecosystem with secure, real-time and cost-effective one-stop payment
solutions covering a range of services from payment gateway to business payout.

Our business operations consist of the main business
segments, including:

Payment services. We offer payment services through our product OwlPay, which includes our
operations in: (i) payment gateway services, enabled by our acquisition of PayNow in May 2023, which offers payment collection functionality to businesses and proprietors to receive consumer payments; and (ii) payment platform services
that support multiple payout settlement routes in fiat currency or stablecoin. Our business model depends on attracting business customers and individual customers to use our payment-related products and services, for which we charge fixed-amount,
per-transaction handling fees and/or percentage-based transaction fees (e.g., for foreign exchange conversion and conversion between stablecoin and fiat currency). Our payment services helped process US$142.0 million in GPV (as defined below)
in 2023 and registered over 3,500 Active Accounts (as defined below) as of September 30, 2024. Substantially all of the GPV in 2023 and for the nine months ended September 30, 2024 came from our payment gateway services enabled by our acquisition of
PayNow in May 2023. As of September 30, 2024, the transactions we helped process had been conducted via fiat currency, and we are further rolling out and expanding our payment platform services with other settlement routes including