Carpet Court Completes Rollout of Spenda Payment Platform and Signs Exclusive Lending Agreement with Spenda Limited

Carpet Court, the largest retail floor-covering specialist in Australia with over 200 member stores, has successfully implemented CC Spenda, a custom payment platform developed by Spenda Limited (ASX: SPX), a leading fintech company providing integrated payment and business solutions.

The implementation of CC Spenda allows Carpet Court to enhance its payment processes, optimize cash flow management, and improve overall productivity and efficiency. The platform also enables Carpet Court to offer its customers a wider range of payment options, including popular buy-now-pay-later (BNPL) services.

In addition to the payment platform, Spenda Limited has entered into an exclusive five-year agreement to provide lending services to Carpet Court stores, utilizing its $50 million debt facility. Under this agreement, Spenda Limited will extend working capital finance to Carpet Court stores, allowing them to extend payment terms by an additional 30 days. This flexibility enhances the accounts payable process for Carpet Court. Spenda Limited will generate revenue from funding fees associated with the extended credit, as well as software-as-a-service (SaaS) fees and transaction-related payment processing fees.

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Spenda Limited is also launching a pilot program with Carpet Court to further integrate its services into individual stores. This includes implementing a standard operating environment, point of sale system, and offering service and supplier early settlement discounts. The pilot program presents new revenue opportunities for Spenda Limited, such as one-off implementation fees, ongoing monthly SaaS fees, and payment processing fees based on the volume of business-to-consumer (B2C) payments processed.

The partnership between Carpet Court and Spenda Limited marks a significant step forward in streamlining payment processes and improving financial operations for Carpet Court stores. With the successful rollout of CC Spenda and the exclusive lending agreement, Carpet Court and its customers can expect enhanced payment experiences and increased financial flexibility.

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