- 9Spokes International (9SP) has penned a three-year contract with Virgin Money UK (VMUK)
- Under the contract 9Spokes will deliver its platform to VMUK to assist its banking serving products, loan applications and management
- The contract comprises a one-off build and implementation fee, plus annual access licence fees of around U.S.$2.16 million (around A$2.82 million) over the term of the contract
- The term will begin when the platform launches, which is set for September 2021
- 9 Spokes International is trading at 1.7 cents
9Spokes International (9SP) has penned a three-year contract with Virgin Money UK (VMUK).
9Spokes is an open data platform that helps companies harness data, information and knowledge sets to build apps that support their business.
Under the contract 9Spokes will deliver to VMUK its platform comprising its Track, Connect and Explore offers for the bank’s server message block (SMB) customers and banker serving products, as well as Engage and Monitor for loan applications and management.
This broader 9Spokes solution will form a core section of VMUK’s working capital health proposition. This is aimed at transforming VMUK’s digital banking, providing SMB customers with digital tools to monitor and sustain their business’s health.
The contract comprises of a one-off build and implementation fee, plus annual access licence fees of around U.S.$2.16 million (around A$2.82 million) over the three-year term of the contract.
The term will begin when the platform launches, set for September 2021. The initial launch will be followed by ongoing platform and marketing innovations.
The contract follows a framework services agreement and first statement of work announced in February this year.
The working capital health proposition is funded in part through the G.B.P35 million (around A$64 million) awarded through the Banking Competition Remedies (BCR) Capability and Innovation Fund in 2020. This fund drives development of financial products and services for SMBs.
9Spokes joins several innovative fintechs who have partnered with the bank over the past six months.
“To be selected as a technology partner with Virgin Money — the sixth-largest bank in the UK — is testament to 9Spokes’ relevance in today’s quickly evolving market,” Co-Founder and Chief Executive of 9Spokes Adrian Grant said.
“It validates our proposition, our products, and notably our team, which is committed to delivering an essential service to digitally-mobilised SMBs and strengthening that intrinsic SMB-bank relationship.”
9 Spokes International is trading at 1.7 cents at 11.05 am AEST.