Payments Volume Growth
Payments volume increased to $227 million from $204 million in prior quarter (presented as a quarter-on-quarter uplift). Management highlighted continued month-on-month growth across products and expects the trend to continue.
Revenue and Target Outperformance
December-quarter targets were beaten: management cited a revenue target of $2.4 billion and reported $2.8 billion (as presented on the call). Total payment flow target of $208 million came in at $227 million. SME funding pilot grew faster than expected (presented +33% vs an anticipated ~9%).
Material Cost Reductions and Burn Improvement
Quarterly cost savings ramped from ~$171,000/month to ~$320,000/month. Management reported an average burn reduction of ~21% and cited approximately $3.85 million of annualised structural cost savings (staff, rent, subscriptions, platform costs).
Restructuring: Simplification of Products and Headcount
Business simplified from 13 products to 3 core products (Spenda Retail, Spenda Pay, Spenda Ledger) and headcount reduced from ~90 to ~50 to align cost base and focus on scalable offerings and recurring revenue.
Operational Stabilization and Product Progress
Spenda Ledger moved to Business-as-Usual after completing integration work; Spenda Retail stabilization and Carpet Court rollout underway with store rollouts expected month-on-month; Spenda Pay rework and relaunch planned (end-Feb/early-March) to broaden SME customer base.
Board and Leadership Strengthening
New board appointment (James Matthews) with tech, marketing and growth experience; Corrie Hassan confirmed as permanent CEO; leadership credited with rapid operational improvements without negatively impacting results.
Partnership Traction (APG and Capricorn)
APG Pay processed ~ $50 million in Q2; partnership expected to scale with a revenue share model and lending clip. Capricorn has ~135 paying SWIFT statement customers and is positioned to convert to Spenda Pay, providing a pipeline for uptake.
AI Strategy and Existing Capability
Company outlined a dual-interface AI architecture roadmap and confirmed existing AI features are already embedded in invoicing/payment components; positioning is cautious (AI helps decide how money moves, not move money).