Notably, the increase in receipts has resulted in a significant decrease in net operating cash outflows to NZ$0.5 million.
This is less than a third of the prior quarter’s net operating cash outflows of NZ$1.6 million.
The quarter got off to a strong start in August when 9 Spokes entered into a formal contract with Bank of America to provide the Bank’s small business (SB) customers with access to the Company’s white-labelled platform.
The platform provides the Bank’s SB customers with a holistic view of their finances, including integrated third-party solutions that owners use to manage their businesses.
Delivering on objectives
9 Spokes’ co-founder and CEO Adrian Grant said: “Q2 has been a pivotal quarter in the company’s year in so far as we have demonstrated that we are systematically achieving the objectives we laid down.
“Our partnership with Bank of America validates our platform opportunity in the US market, the size of which dwarfs anything we have done previously, whilst our partnership with Microsoft has been critical to ensuring that we can scale to meet projected volumes.”
Immediate focus delivering on V2 platform
The company’s product, engineering and operations teams have been focused on launching the next-generation V2 platform, which is set to be rolled out in the coming quarter.
Grant added: “Central to the future success of these partnerships is the work we have been doing on our V2 platform; not just in terms of scale and resilience but, as important, to advance the core functions and features of our platform in order to deliver even greater value for users and truly engage with the millions of SMBs who constitute our addressable market.
“The immediate Q3 focus will be on implementing V2; post that, we will be extending our core value proposition to our banking partners, our SMB community, and our app partners.
“Finally, as our quarterly cash reporting demonstrates, we are continuing to focus on fiscal discipline and to make good progress and to make good progress towards reaching one of our core objectives – to reach break-even.”