Spenda Enhances Payments Solutions with AirPlus International Partnership

8 November 2023 12:41
Spenda Enhances Payments Solutions With AirPlus International Partnership

Spenda Limited (ASX:SPX) has significantly expanded its payment solutions by partnering with corporate payment expert AirPlus International to introduce a virtual card product for generating credit card numbers, strengthening its position in the industry and unlocking new market opportunities.

Expanding Horizons with Virtual Cards

One of the central aspects of this partnership is the addition of ‘virtual cards’ to Spenda’s existing payment solutions.

These virtual cards are designed to cater to various payment needs, offering flexibility and security in financial transactions.

This collaboration will see Spenda seamlessly integrate the virtual card product into core offerings such as Pay Statement by Link, Spenda Accounts Payable, and Spenda Payment Widget, enhancing payment efficiency and security for organisations.

Agriculture Sector and Procurement

Designed for procurement purchases in the agricultural sector, the virtual card product will initially focus on unlocking B2B payment opportunities in grain and farm input procurement.

AirPlus’ pre-approval of an $18 million facility for AgriChain customers underscores the substantial demand for virtual card solutions in the evolving agricultural sector, with Spenda’s virtual card product poised to enhance procurement process efficiency.

Scalability and Global Reach

AirPlus’ involvement in this partnership not only brings financial expertise but also scalability to the table.

The virtual card will be backed by AirPlus, allowing Spenda to scale its services into larger facilities, explore cross-border opportunities, and facilitate international transactions. This scalability is essential for addressing the ever-growing demands of modern businesses, especially those with international operations.

Diversifying Opportunities

Beyond agriculture, Spenda and AirPlus are actively exploring new opportunities in various agriculture verticals, including livestock, horticulture, grocery, food and beverage, and second-hand equipment sales.

These verticals represent a diverse range of markets and supply chain networks, providing Spenda with ample room to offer comprehensive solutions that meet the unique needs of each sector.

This diversification is expected to boost Spenda’s market presence and attract a wider range of clients.

Setting New Industry Standards

David Newington, Commercial Director APAC of AirPlus, noted that the partnership aims to simplify purchasing processes for customers through central payment.

“With this partnership we can together streamline merchant payments for faster settlement and integrate data for automated accurate reconciliation, setting a new standard for the industry,” he said.

Spenda’s Chief Executive Officer and Managing Director, Adrian Floate, said the agreement with AirPlus will enable Spenda to further expand its product offering, enter new verticals and scale into larger payments solutions, including cross-border and international transactions.

“This represents an important milestone for the Company in broadening our addressable market and enabling the long-term scalability of our solution, with an international payments provider, without the requirement of first-loss capital,” he said.

“We look forward to working with the AirPlus team to build the pipeline of opportunities both domestically and internationally.”

SPX’s Australian Stock Exchange-listed share price has risen 11.11% and is currently trading at $0.010 today (12:30pm UTC+ 8 hours).

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