9 Spokes International Limited (ASX: 9SP), a SaaS provider on 10 May 2019, announced that the Bank of New Zealand (BNZ) has gone live with White Label 9 Spokes platform. BNZ has actively started marketing the platform to New Zealand and medium businesses. Through a national TV advertising campaign in New Zealand, BNZ expects to drive further user growth.
The partnership between 9 SP and BNZ will bring together key business data with BNZ core banking information, where the small and medium businesses would be able to get a comprehensive view of their business performance, all in a single place.
Features of the 9 Spokes smart dashboard:
9 Spokes’ smart dashboard is a tracking tool, which has been designed in such a manner that it will enhance the performance of the small and medium enterprise customers. Through this platform, these SME customers would be able to collate and sort the data, which will enable them to see their progress against the things that matters most to their business.
The General Manager SME at BNZ, Karna Luke highlighted the advantages that their SME customers would be gaining through the 9 Spokes platform for running their business effectively, in any field such as accounting, inventory management, payroll or digital marketing apps like LinkedIn or Google Analytics.
At present, BNZ has fully integrated its bank data into 9 Spokes platform, which would enable the businesses to gain deeper insights into cash flow management. Karna Luke also highlighted that this service is available to any business situated in New Zealand and is free of cost.
Bank of New Zealand Background:
Bank of New Zealand was founded in 1861 and employs more than 4,800 people to support 1.2 million customers across New Zealand. The bank has more than 150 retail stores, as well as 33 Partners business centre across the country, with numerous clients and provides services in retail, small businesses, commercial, corporate, Agribusiness, institutional and investment, as well as insurance.
The March 2019 quarter of the company remained strong where the total active small and medium businesses (SMB) user base exceeded 95,000 in number. This denotes that there was an increase in the active SMB user base by 19% as compared to its previous quarter. The company successfully soft launched the OCBC platform before go-to-market launch. Its relationship with Microsoft through One Commercial Partner programme, as well as Azure partnership provided technical benefits as expected.
The company used NZ$1.327 million in its operating activities. There was a net cash inflow of NZ$1.513 million through the financing activities. By the end of the quarter, the company had NZ$1.360 million. The company also expects a net cash outflow of NZ$2.980 million in the June 2019 quarter.
In the last three months, the shares of 9 Spokes International has generated a decent return of 22%. At present, the shares of 9 Spokes International Limited are trading at A$0.026, up by 62.5% (as on 10 May 2019, 02:02 PM AEST). 9 Spokes International Limited holds a market capitalization of A$7.92 million with approximately 495.27 million outstanding shares.
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