Join our daily newsletter At The Bell to receive exclusive market insights
- 8Common (8CO) has signed a $1.6 million contract with not-for-profit Life Without Barriers to support its delivery of funds to care homes via the Card Hero platforms
- The platform leverages 8 Common’s flagship software, Expense8, which manages travel expenses and card applications
- Life Without Barriers plans to use CardHero to distribute funds and manage expenses from the contract to roll out 3500 Mastercards to 380 disability care homes across Australia
- 8Common is up 26.1 per cent, trading at 14.5 cents per share
8Common (8CO) has signed a contract with major not-for-profit organisation, Life Without Barriers.
The three-year contract will see 8Common deliver its CardHero platform which focuses on fund disbursement and spend management solutions for not-for-profit companies and educational institutions.
The platform leverages 8 Common’s flagship software, Expense8, which manages travel expenses and card applications.
The platform is ideal for streamlining the distribution of funds and reducing administrative time spent reconciling expenses.
The $1.6 million contract includes an implementation fee of $150,000 and approximately $500,000 per annum in transaction fees.
“We are excited to be working with Life Without Barriers as the first use case of our CardHero+ product and we are confident in the ability for our integrated solution to address the disbursement and expense opportunities within the not-for-profit sector,” 8common COO Ben Brockhoff said.
Life Without Barriers plans to utilise CardHero to distribute funds and manage expenses to roll out 3500 cards across 380 disability care homes across Australia.
The organisation supports 23,000 people living across 400 communities across Australia. It also provides a range of services under the National Disability Insurance Scheme (NDIS) – giving people choice and control over their support system.
8Common is up 26.1 per cent, trading at 14.5 cents per share at 12:30 pm AEDT.
