Redeye makes a positive revision of the Paynova investment case. Paynova is in the midst of a significant transformation of its business from the earlier model to now offering its pay-later technology to primarily payment platforms. Substantial new client traction gives us confidence in the business transformation and therefore raises our projections and valuation. In particular, we view the deals with PayPal (two actually) and Tradera as a real game-changer that confirms the attractiveness of Paynova's offering.