Spenda Limited
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Spenda Limited Continues to Deliver Sustainable Growth with 14 Consecutive Quarters of Growth and Key Milestones Achieved
Spenda Limited (ASX: SPX, “Spenda” or “the Company”) has released its quarterly Activities and Cash Flow report for the quarter ended 30 June 2023 (Q4 FY23), demonstrating another quarter of impressive growth. The Company has delivered material increases in all key leading indicators, including a ~50% increase in cash receipts from customers from the prior quarter, marking 14 consecutive quarters of growth.
Several leading indicators performed exceptionally well, with a 68% growth in loan facility since inception, lending services peaking at $13. 4m in the quarter, an average portfolio yield of 21. 06% for the financial year ending 30 June 2023, and a 100% increase in payments volume. Additionally, Spenda saw an 8% rise in customer growth from the prior quarter, with this upward trend expected to continue into the future.
Spenda’s commitment to innovation and a strong client focus has enabled the Company to achieve a key milestone, processing its first $100m in payments, thanks to the strong growth experienced in the past quarter.
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The Company maintained its net cash position of $7. 7m as at 30 June 2023, with a closing cash and cash equivalent balance of $8. 3m.
Notably, Spenda has signed an extension to its existing relationship with the Capricorn Society, which will expand its services in eCommerce through the delivery of a Digital Service Delivery (DSD) initiative. The Company also announced a private placement during the quarter, raising $3. 9m (before costs) from institutional and sophisticated investors and the Company’s Board and management.
Subsequent to the quarter-end, Spenda announced the rollout of Spenda Services to the Carpet Court network and the signing of a five-year exclusive agreement to offer lending services, showcasing the Company’s Node-to-Spoke model – a platform that offers a unique blend of services and connects businesses in an interconnected digital network, unlocking new levels of reach and scale.
Spenda’s resilience and adaptability amidst a period of economic volatility have positioned the Company as a leader in the delivery of platform solutions, which aligns with its strong acquisition and execution strategy. With the Company's commitment to innovation and a client focus, Spenda is confident that it will continue to deliver sustainable growth.
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