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9Spokes completes A$10 million two-tranche placement to advance platform enhancements

9Spokes is a powerful business ecosystem offering companies a management app that brings meaningful data together across a business, its apps and its bank.

9 Spokes International Ltd -  9Spokes completes A$10 million two-tranche placement to advance platform enhancements
The company is now funded for approximately two years.

9Spokes International Ltd (ASX:9SP) has completed a A$10 million two-tranche placement which will support the company’s focus on continual enhancements of its platform for around two years.

The placement was announced in late August and comprised two tranches.

A first tranche of 166 million fully paid ordinary shares was completed on September 4, raising around A$6 million and a second tranche of around 111.8 million fully paid shares was completed today, raising around A$4 million.

Fully funded for two years

Co-founder and CEO Adrian Grant said: “We’re delighted to have closed the A$10 million placement.

“The company is now funded for approximately two years based on current operations.

“This enables us to focus on continual enhancements of our platform, adding new app partners to our ecosystem, and most importantly, to focus on engaging new banking customers through our partnerships with Microsoft, Visa and Fundation, which are progressing in line with expectations.”

Shares higher

Shares have been as much as 10% higher to 3.4 cents intra-day.

9Spokes offers modern businesses a management app that brings meaningful data together across a business, its apps and its bank.

Powered by bank and business data, 9Spokes delivers meaningful, personalised and shareable insights to businesses to help inform their next move and steer them towards their goals.

Quick facts: 9 Spokes International Ltd

Price: 0.032 AUD

ASX:9SP
Market: ASX
Market Cap: $47.79 m
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9Spokes focused on profitability and growing partnerships

9Spokes International Ltd's (ASX:9SP) Adrian Grant speaks to Proactive's Andrew Scott soon after completing a A$10 million two-tranche placement which he says will support the company’s focus on continual enhancements of its platform for around two years. 9Spokes offers modern businesses a...

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