9 Spokes Ltd (ASX:9SP) has now added Royal Bank of Canada (RBC) to its blue chip client base, which also includes Barclays.
The company builds dashboards for its clients, this means it collects a business’s data so it is in one place (known as the dashboard) ready to be analysed.
Importantly, 9 Spokes is a global scalable robust platform, with a validated business model.
9 Spokes has signed a contract with Royal Bank of Canada to provide a white-label version of the company's platform.
Mark Estall, co-founder and chief executive officer for 9 Spokes, commented:
"We are incredibly excited to commence what we believe will be an outstanding partnership between 9 Spokes and RBC.
"As organisations, we are very well matched with our innovative drive to help small business customers.
"Importantly, this is the first channel signed since listing on the ASX and we believe that the cadence of signing new channel partners will continue to accelerate in the coming months."
9 Spokes has also been attracting broker attention, with Foster Stockbroking applying a Buy Recommendation along with a $0.45 price target.
Key milestone
The formalisation of the contract with RBC is an important milestone for the company, representing the first channel signed since listing on the ASX and the entry of 9 Spokes to the North American market.
RBC is the market-leading retail bank in Canada, with broad leadership in financial services, and one of the largest banks in the world, based on market capitalisation.
Accessing the market
Today's deal takes the channel addressable market (CAM) comprised of 9 Spokes’ channel partners’ customer bases to 2.75 million SMEs.
Following the signing of the contract, 9 Spokes platform will be offered with some of the largest institutions in the world including: RBC, Barclays Bank, Deloitte and Suncorp.
The progression to sign a contract with RBC has been rapid and demonstrates the company’s greater capacity, resources, pre-sales efficiencies and an established platform.