- MyFiziq (MYQ) has entered a funding agreement with Bearn, which runs an app that allows its customers to earn money while working out
- MYQ has agreed to lend Bearn, a previous partner, US$500,000 (around A$645,000) to help expand the app’s platform capacity
- In return, Bearn has promised to deliver MyFiziq one million active monthly users within a year or the loan is repayable with increasing interest
- The founder of Bearn has pledged his 88 per cent ownership in the company as security for the loan, as well as the app’s software
- MyFiziq’s body scanning tech has already integrated with the app, which has 56 million pre-registered users
- Shares in MYQ are down a slight 1.26 per cent at $1.18 each
MyFiziq: Agrees to loan Bearn A$645K
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