Sign up Australia
Proactive Investors - Run By Investors For Investors

9 Spokes International focuses on building channel partners in the banking sector

The company's total platform base as at January 30, 2018 was 39,000.
Picture of cash
The banking partnerships are gaining traction within Australasia and internationally

9 Spokes International Ltd (ASX:9SP) is looking to take a focused approach to its banking sector services offering.

The company has forged relationships with large financial groups in Australia and internationally.

These include Barclays Bank (LON:BARC), Deloitte UK and Royal Bank of Canada (TSE:RY).

Directing resources toward building banking partnerships

In line with this strategy, 9 Spokes has ended its Platform Channel Licence Agreement with Suncorp Corporate Services Pty Ltd.

This was a mutual decision and clearly reflects the company’s focus on its existing and new partnering opportunities within the banking sector.

READ: 9 Spokes International poised to win more banking clients while reaffirming guidance

Change represents less than 1.5% of customer base

Given the significant adoption the platform has achieved from its banking partners, the Suncorp decision represents less than 1.5% of the total platform customer base.

The total platform base as at January 30, 2018 was 39,000.

Exiting agreement results in reduced costs

Exiting the Suncorp Licence Agreement will also result in a reduction in costs.

Notably, these were higher than expected and exceeded revenues received from the agreement over the last 12 months.

View full 9SP profile View Profile

9 Spokes International Ltd Timeline

Related Articles

An illustration of the tools Velpic uses in providing education and incident management
March 22 2018
Velpic has just signed its first NowForce client in Australia.
remote meeting
August 15 2018
The acquisition of MeetingZone earlier this year has been called “transformational” by LoopUp bosses
September 18 2018
New business from the likes of Vodafone and GSK and a strong contribution from The Corner, which it acquired in December, meant revenues jumped 70% in the first half

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use