The implementation fee was paid over three instalments and, in total, equates to approximately 30% of the company’s FY19 revenue.
Licence fee payments
With implementation now complete, payment of the annual licence fee attached to the initial minimum three-year contract has commenced.
The annual licence fee equates to approximately 35% of FY19 revenue.
Platform for small business banking
The company’s formal contract with Bank of America is aimed at providing the bank’s small business customers with a white-label platform.
The platform delivers a comprehensive view of the customer’s small business finances as well as enhanced insights to better monitor business performance.
This contract supports the bank’s online proposition Business Advantage 360 – a digital dashboard designed for entrepreneurs to manage complex financial aspects of their business.
$4 million raised
9 Spokes has raised $4 million in a placement that was well supported by sophisticated and professional investors, including a number of new key institutional investors.
The company will issue a total of 266.7 million new ordinary shares at an issue price of 1.5 cents per share.
Funds raised will be used to accelerate the growth of new channel partners worldwide, accelerate product, software and infrastructure development, and provide 9SP with additional working capital.