9 Spokes secures deal with US fintech to distribute business insights platform
Business insights company 9 Spokes (ASX: 9SP) has signed a five-year distribution partner agreement with US fintech Fundation Group enabling the promotion of the 9 Spokes platform to the US market.
Fundation is a digital lending platform currently servicing a cross-section of banks, business-to-business merchants and other institutions within the finance sector.
By leveraging its technology, the company supports small-to-medium business (SMB) customers and banks, driving cost-efficiency in lending programs and enabling its partners to make better credit and fraud risk decisions based on data and statistical analysis.
Under the distribution agreement, the 9 Spokes platform will be introduced to Fundation’s banking relationships and other commercial enterprises for the benefit of SMB clients.
The companies will also collaborate on the development of a suite of additional features, including ones which enable Fundation data to be presented through the 9 Spokes platform.
9 Spokes chief executive officer Adrian Grant said the agreement would leverage a shared vision towards new solutions for Fundation’s client base.
“Fundation is recognised as an innovator in its industry,” he said.
“The partnerships it has established and the combined support [of those partnerships] to the SMB community is very much in line with our vision.”
The 9 Spokes platform is a tracking tool designed to help SMB’s enhance their performance.
Powered by banking and business data, the digital ecosystem claims to deliver meaningful and personalised insights to help inform a business’ next move and “steer them towards their goals”.
As a company, 9 Spokes focuses on building partnerships – working closely with existing partners and developing new relationships with global players – to ensure broad distribution of its platform.
Firmly in its sights are white-label agreements with dominant brand banks in its target markets of the US, Europe, the UK, Asia and Australasia.
9 Spokes cemented this strategy in mid-2019 when it signed a contract to integrate its platform with Bank of America’s cash flow dashboard Business Advantage 360.
The platform will provide the bank’s SMB customers with a holistic view of their finances, including integrated key third party solutions which owners need to manage their operations.