Electronic payment solutions provider Spenda Ltd has executed a A$3 million term loan facility with Capricorn Society Limited, which gives the company access to flexible funding to support its operations and strategic initiatives.
Under the terms of the agreement, Spenda can draw down the facility in A$500,000 increments at its discretion, offering the company greater control over its capital requirements. The facility is secured by a general charge over specific intellectual property linked to Capricorn.
“The company would like to thank Capricorn for its continued support in helping the company achieve its goals. Whilst recent market conditions have dampened investor sentiment, strategic support from Capricorn provides additional non-dilutionary funding as we continue to roll out programmes to close the gap to operational break-even,” chairman Peter Richards said.
Spenda has also advised that non-executive director Andrew Kearnan has resigned from the board.
The loan comes just weeks after Spenda completed the sale of its invoice finance loan book to Grapple Invoice Finance Fund Pty Ltd for an initial consideration of $500,000.
“The sale of the loan book is the first step in the company’s restructuring its balance sheet and releasing capital whilst realising value through bringing forward future cashflows," Spenda managing director Adrian Floate said at the time.
"With the software now capable and proven in managing financing flows, credit processes, risk management and payment reconciliation, the company can now enable third-party lending products to be onboarded on to the platform via revenue sharing agreements as executed with Grapple.
“Further, the company has removed the capital constraints associated with being the counterparty to loan/financing-related product offerings. We look forward to working with Grapple in growing the invoice finance loan book to the benefit of both parties.”
New investor hub
Spenda recently launched a new interactive Investor Hub. The platform is intended to enhance communication with shareholders, stakeholders, and potential investors. It provides access to company updates and facilitates direct interaction with Spenda’s leadership team. The launch aims to improve transparency and engagement around the company’s operations.
Shareholders and interested parties can join the Investor Hub by:
- Creating an account via this link.
- Following the prompts to complete the sign-up process.