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9Spokes shares surge after signing multi-year strategic deal with Visa

The company’s share price surged to an intra-day high of 6.3 cents today, its highest level in almost 30 months.

9 Spokes International Ltd - 9Spokes shares surge after signing multi-year strategic deal with Visa
Visa is a world leader in digital payments, with a global distribution network of 15,500 financial institutions

9Spokes International Ltd (ASX:9SP) has entered into a 5-year agreement with Visa USA Inc enabling Visa to offer the 9Spokes dashboarding solution to its clients and their small business customers.

Under the agreement, Visa will promote and resell 9Spokes’ Gold edition, a white-label, highly-integrated platform for banks, and 9Spokes’ Direct edition, a direct-to-business platform, to Visa’s issuing bank clients and their small business customers worldwide.

“Proud day for 9Spokes”

9Spokes chief executive Adrian Grant said: “This is a proud day for 9Spokes.

“We’re delighted to partner with Visa, the world’s leader in digital payments, with a global distribution network of 15,500 financial institutions.

“There is a clear market need for better tools to help drive businesses forward and we have worked hard to create a robust product that can scale globally.

“This joint effort will help us to accelerate growth and bring 9Spokes to businesses through their financial institutions worldwide.”

Revenue generation

Visa and 9Spokes are confident that the agreement will enable each party to generate revenue from sales of the 9Spokes dashboarding service to Visa’s clients and their small business customers.

Importantly, 9Spokes expects the revenue received by the company under this agreement to be material.

Grant added: “The relationship between financial institutions and small businesses is evolving rapidly and 9Spokes is looking to play a crucial role.

“It’s exciting to work with Visa to realise these ambitions.”

Quick facts: 9 Spokes International Ltd

Price: 0.03 AUD

ASX:9SP
Market: ASX
Market Cap: $44.8 m
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