Spenda Ltd (ASX:SPX) has executed a $3.5 million convertible loan facility with Obsidian Global GP LLC, providing the fintech with additional working capital as it accelerates platform expansion plans and approaches operational break-even.
The investment will be deployed in tranches, with $1.25 million available immediately, a further $500,000 accessible at Spenda’s discretion, and up to $1.75 million available in six months, subject to shareholder approval. The facility is secured by a general charge over the company, ranked second after Capricorn Repayment Company.
Chairman Peter Richards said Spenda thanked Obsidian for its “continued support in helping the company achieve its goals”.
“Strategic support from Obsidian allows us to continue to narrow the gap to operational break-even,” he said.
Terms of the facility
Under the terms, no conversion can occur in the first 60 days. After that, conversion is possible at a 10% discount to the 15-day volume-weighted average price (VWAP), with a ceiling price of $0.015 and a floor price of $0.003.
The agreement also allows the investor to request a placement of up to 100 million shares after September 15, 2025, and includes the issue of 20 million options with an exercise price of $0.0175.
Spenda confirmed it had considered other financing options, including traditional equity raisings, but determined the convertible facility provided more favourable and commercial terms for shareholders. Legal advice confirmed the notes are market standard.
Backing a clear growth path
The funding builds on Spenda’s recent operational momentum. In July, the company reported record FY25 cash receipts of $11.5 million, a 114% increase year-on-year, with quarterly receipts up 100% on the previous corresponding period, as it continues to scale its business-to-business (B2B) payments platform.
The company is targeting further growth in FY26 by capturing a larger slice of Australia’s $36 billion B2B payments market. Its strategy focuses on offering an integrated platform that combines software, payments and lending to streamline supply chain transactions and improve working capital efficiency for customers.
Earlier this year, Spenda highlighted its ability to create an industry standard operating environment (SOE), unifying disparate systems into one integrated solution. This capability underpins its expansion plans, as it looks to deliver scalable technology across industries where payment delays and inefficiencies are common.
Strategic outlook
With the Obsidian facility in place, Spenda has greater flexibility to invest in capital expenditure and general working capital requirements while it pursues its growth agenda.
The company has repeatedly emphasised its dual focus: scaling transaction volumes through its platform and expanding recurring software-as-a-service (SaaS) and payments revenue streams. As FY26 approaches, the new funding is expected to strengthen Spenda’s ability to deliver on both fronts.