Investment Thesis
Points International (PCOM) operates a global e-commerce platform that seeks to monetise loyalty program points/miles. It does this through its Loyalty Commerce Platform which integrates around 60 loyalty programs with third-parties who want to access the loyalty currencies often as incentives for their own customers (e.g. buy this product and obtain a miles bonus). The loyalty program market is massive with an estimated USD50 billion perceived annual value of points/miles issued and sold in North America alone and it has been growing at an estimated 15% annual rate (source: company June