Significantly, the BNZ contract means 9 Spokes has now met the range of annualised recurring revenue guidance of $6 to 7 million by March 31, 2018.
White label service for BNZ customers
Under the contract, 9 Spokes will provide a white label version of its dashboard for BNZ to offer to their small and medium sized customers as their own.
This is a substantial contract and new relationship, BNZ is a recognised leader in business banking with more than 130,000 small and medium business customers.
Mark Estall, co-founder and CEO, said: “The signing of BNZ is extremely important to us, being a company that was born and bred in NZ.
“We deliberately set out to be a global company from day one, that is, instead of partnering with local banks, we targeted global banks, such as Barclays and RBC.
“We are extremely delighted to now enter the Australasian retail bank market with such a well-recognised and respected partner in BNZ.”
Dashboards gather client’s business data for analysis
9 Spokes provides online dashboards for its clients.
This means it collects all of a business’s data so it is in one place, known as the dashboard, in order to be analysed.
The company receives implementation fees on top of recurring licence fees to each channel as it is deployed.
9 Spokes is building a good reputation amongst banks
BNZ is a fully-owned subsidiary of National Australia Bank (ASX:NAB).