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9 Spokes eyes client base growth after delivering key milestones

Snapshot

During the December quarter, Bank of New Zealand became the first bank to migrate small and medium business (SMB) customers to 9 Spokes’ V2 platform.

9 Spokes International Ltd - 9 Spokes eyes client base growth after delivering key milestones

Quick facts: 9 Spokes International Ltd

Price: 0.02 AUD

ASX:9SP
Market: ASX
Market Cap: $23.64 m
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9 Spokes International Ltd (ASX:9SP) achieved major milestones during the December quarter, including the launch of the V2 platform and delivery of the Bank of America platform.

The 9 Spokes’ V2 platform is a complete ground-up replacement of the previous iteration, designed to accelerate the company’s ability to roll-out new apps, features and functionality.

A major focus was the handover of Bank of America’s platform, which was completed and subsequently went live to the first tranche of the bank’s small business customers in the December quarter.

Client base continues to grow

9 Spokes co-founder and chief executive Adrian Grant said: "In Q3 we achieved two of our most important objectives: the successful launch of our V2 platform and delivery of the Bank of America platform.

“These projects are always challenging; I’m proud of my team’s commitment to delivering a new platform and new client, and I’m excited about the opportunities the platform brings.

“Not only does V2 afford us the ability to rapidly extend platform features, functionality and app connections but, as an open platform, it provides scope for greater collaboration and innovation.

“It positions us to deliver at speed as we continue to increase our client base.”

9 Spokes Engage

“During this quarter, we also announced the launch of 9 Spokes Engage™, our integrated marketing service for banks, with BNZ as our launch partner.

“However, it’s important to recognise this service benefits more than just banks and their SMB customers; 9 Spokes Engage™ allows us to better support our app partners with richer data points that they don’t otherwise have access to.

“All platforms thrive on strong engagement and adding this functionality to ours significantly increases our overall appeal, scalability and ability to enter markets swiftly and effectively.”

Visa and OCBC Bank opportunities

9 Spokes recently signed an addendum to its collaboration agreement with Visa USA Inc to explore an opportunity to make the 9 Spokes platform and app marketplace available to Visa’s SMB issuing clients.

The company also signed a memorandum of understanding (MOU) with OCBC Bank (Malaysia) Berhad under which 9 Spokes looks to provide a white-label platform to the bank.

The MOU builds on the relationship initially established with OCBC Bank in Singapore and further extends the company’s reach into Asia.

Grant added: “Post-Q3, we announced a capital raise of A$4.0 million which, as I said previously, affords us the ability to continue to evolve our product and channel development.

“We have undergone a significant transformation to our core product, now we will continue to evolve and expand our capability.”

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on 15/5/19

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