9Spokes International Ltd (ASX:9SP) has taken a key step towards growing use of its business data management platform in North America by signing a distribution partner agreement with Fundation Group LLC.
The agreement provides for US fintech Fundation to promote the 9Spokes platform that brings meaningful data together across a business, its apps and its bank to US clients in the banking sector.
Fundation is a high growth, technology-enabled, SMB digital lending platform servicing a broad cross-section of banks in the USA and with deep US banking sector relationships.
Shares higher
9Spokes shares have been as much as much as 12% higher intra-day to 3.9 cents.
The agreement complements 9Spokes’ distribution model, with Fundation providing business development capability in the North American market.
Under the agreement, the parties will coordinate business development to introduce the 9Spokes platform to Fundation’s relationships with US-based banks and other commercial enterprises to benefit their SMB clients.
“An innovator in its industry”
9Spokes chief executive Adrian Grant said: “Fundation is an innovator in its industry and is recognised as such.
"The partnerships it has established and the combined support that they offer the SMB community is very much in line with the 9Spokes vision.
"We look forward to working with Fundation to bring our solution to their banking partners and SMB clients.”
Distribution partner
Fundation will act as a distribution partner of the 9Spokes platform for an initial five-year term.
The parties also intend to collaborate on developing a suite of new additional features, including enabling Fundation data to be presented through the 9Spokes platform.
Fundation is a digital financial solutions provider that works closely with its growing ecosystem of banks, B2B merchants, and other institutions to enable their customers to access capital.
By leveraging technology, Fundation supports customers and banks, drives cost efficiency in lending programs, and enables its partners to make better credit and fraud risk decisions based on data and statistical analysis.
Its co-founder and chief executive Sam Graziano was recently named one of the Top 50 Financial Technology CEOs of 2020 by The Financial Technology Report.
Future involves innovation
Graziano said: “We are delighted to partner with 9Spokes to make their platform available to our banking partners and respective SMB clients.
“We believe that the future of banking involves innovative platforms that provide deep value to the bank customer.
“Fundation is committed to establishing partnerships and helping our banking clients modernise how they acquire new customer relationships, build relationships and engage their customers through the use of technology, which is a primary focus of our agreement with 9Spokes.”