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Spenda Ltd (ASX:SPX) has delivered an impressive performance in the 2024 financial year, highlighted by a substantial 73% increase in revenue, reaching AU$5.4 million. The company's growth is attributed to its successful strategic partnerships with prominent organizations including Carpet Court Australia, Capricorn Society, AirPlus International GmbH, and eBev.
Scaling Product Lines and Payment Volumes
During FY24, Spenda made significant strides in scaling its product lines. The company’s software-as-a-service (SaaS) offerings, including Spenda Accounts Receivable, Spenda Accounts Payable, and the Payment Widget, have contributed to a remarkable 160% increase in total payment volumes, reaching AU$250 million compared to the previous financial year.
Building Towards Profitability
Despite ending the financial year with a AU$13.2 million loss—an increase from the AU$11 million loss reported in FY23—Spenda has made notable advancements in expanding its services and customer base. The company’s focus remains on transitioning towards profitability through strategic initiatives and partnerships.
Key Strategic Deals and Investments
A major milestone for Spenda is the exclusive five-year agreement with Carpet Court, set to process approximately AU$20 million in business-to-business (B2B) volumes through Spenda's platform. Additionally, the 10-year partnership with Capricorn Society for software and eCommerce payments infrastructure ensures long-term revenue stability for SPX.
Capricorn Society has further validated Spenda’s potential by investing AU$7.2 million, establishing itself as a cornerstone investor. This investment reflects strong confidence in Spenda's growth prospects.
Revenue Contributions from New Partnerships
Spenda’s partnership with AirPlus International GmbH continues to generate revenue, contributing AU$200,000 in the fourth quarter of FY24. The integration of Spenda's payment solutions into eBev’s marketplace—which serves over 2,500 licensed premises—marks another significant step in expanding Spenda’s reach.
Expansion Through Acquisition
In a strategic move to enhance its payment solutions portfolio, Spenda recently acquired Limepay, a payments solutions provider. Limepay contributed AU$2.8 million in unaudited revenue and AU$1.4 million in unaudited gross profit during the 2024 financial year.
Looking ahead, Spenda anticipates a 40% increase in Limepay’s payment volumes, from approximately AU$120 million to AU$167 million annually, following a new deal with Lessn to process its entire payment volume.
