Following several months of negotiations, New Zealand Fintech company 9 Spokes (ASX: 9SP) has revealed the Tier 1 banking partner they have been working with as Bank of America.
With the announcement came confirmation of a 3-year partnership between the New Zealand firm and the global banking giant to white-label 9 Spokes’ small business data insights platform into Bank of America’s existing Business Advantage 360 dashboard.
“Working with a large American Bank and bringing our SB Platform to the largest and most entrepreneurial economy in the world has been a key part of our vision at 9 Spokes,” said CEO and Co-Founder, Adrian Grant.
“So, today marks a major milestone in delivering on that vision and we could not be more delighted that Bank of America is working with us on this journey.”
The U.S expansion is a significant one for the Company which already has Bank of New Zealand as a white-label customer and has an IP co-sell agreement with Microsoft.
2019 has been a transformative year for 9 Spokes which has undergone major cost-cutting initiatives which included the significant reduction of staff from a headcount of 94 to 62, saving the Company more than $3 million.
Combined with a renewed focus to increase sales and distribution channels, users of the 9 Spokes platform surpassed 100,000 in June 2019, up from 64,000 a year prior.
The advancement of their small business insights platform has seen improvement in Company’s bottom line, having declared a 2019 loss of NZD$ 9.3m, an improvement on the 2018 loss of $17.1m.
Having successfully undertaken a Capital Raise in April 2019 at an Offer Price of 0.16c per share which has seen a steady rise since, to last close at 2.5c.
The 9 Spokes business insights platform collates and sorts business data, tracking progress against the things that matter most to their business.
The company has not revealed financial details of the partnership with Bank of America or released any new revenue forecasts.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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