9 Spokes International Ltd (ASX:9SP) has signed a contract to provide a white-label version its platform for Ownr, a product launched by RBC Ventures Inc, an affiliate of Royal Bank of Canada (TSE:RY).
Ownr provides new businesses with simple, affordable sole proprietorship business registration and incorporation services.
Additional features will be added to Ownr in the coming months, including a business insight dashboard delivered by 9 Spokes.
READ: 9 Spokes goes live with platform for Royal Bank of Canada
This second contract with RBC, one of the world’s largest banks, follows the successful go-live of 9 Spokes’ white-label platform in November 2017 under the RBC name of MyBusiness Dashboard.
9 Spokes builds dashboards for its clients, this means it collects a business’s data so it is in one place (known as the dashboard) where it can be analysed.
READ: 9 Spokes International focuses on building channel partners in the banking sector
Chris Simmons, senior vice president, said: “We are incredibly excited to build on what is already an outstanding partnership between 9 Spokes and RBC.
“As organisations, we are very well aligned with our innovative drive to help small business customers.
“The idea of working with business owners from day one has great appeal, and together with RBC, we look forward to helping businesses grow and prosper by providing owners with unique and real insights into their businesses.”
Contracts with large financial groups internationally
9 Spokes has forged relationships with large financial groups in Australia and internationally, including Barclays Bank (LON:BARC) and Deloitte UK.
Signings were up 66% to 33,700 as at the end of the December 2017 quarter, and this momentum has continued into January with 39,000 small businesses now registered on the platform.
Recurring revenue a feature of the business
One of the most compelling aspects of the business is its generation of recurring revenue which provides income predictability.
The company’s revised annualised recurring revenue (ARR) target is NZ$6 million to NZ$7 million, up from the previous target of NZ$3 million.