Company: OWLS
Filing Date: 2025-01-24
Form Type: DRS/A
Source: 0000950123-25-000547
Chunk: 125

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-01-24
Form: DRS/A
Chunk 125
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 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 over US$200 million in GPV (as defined
below) in 2023 (including the transactions processed by PayNow in 2023 prior to our acquisition in May 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 via stablecoin.

Hospitality services,
including software services and platform services. Our hospitality-related software services are through OwlNest, a PMS