AUCKLAND: 9Spokes announced that it has entered into an agreement with Visa USA Inc. 9Spokes is a powerful business ecosystem with global scale. It offers modern businesses a management app that brings meaningful data together across a business, its apps and banks.
Adrian Grant, Chief Executive of 9Spokes, said: “This is a proud day for 9Spokes. We’re delighted to partner with Visa, the world’s leader in digital payments, with a global distribution network of 15,500 financial institutions. There is a clear market need for better tools to help drive businesses forward and we have worked hard to create a robust product that can scale globally. This joint effort will help us to accelerate growth and bring 9Spokes to businesses through their financial institutions worldwide.
“The relationship between financial institutions and small businesses is evolving rapidly and 9Spokes is looking to play a crucial role. It’s exciting to work with Visa to realize these ambitions.”
“As small businesses embark on a path to recovery from the effects of COVID-19, we are seeing a considerable need for relevant market solutions that help our issuing bank clients and, more importantly, their customers,” said Kevin Phalen, global head, Visa Business Solutions. “We are excited to partner with 9Spokes and bring a data solution to small business and the banking sectors – a critical need for both.”
Some key terms of the agreement include the following:
- Agreement: Visa and 9Spokes have entered into an agreement for a 5 year term enabling Visa to offer the 9Spokes solution to Visa clients and their small business customers by facilitating the reselling of the 9Spokes platform (Agreement).
- Product offering: Under the Agreement, Visa will promote and resell 9Spokes’ Gold edition, a white-label, highly-integrated platform for banks, and 9Spokes’ Direct edition, a direct-to-business platform (www.9spokes.com), to Visa’s issuing bank clients and their small business customers worldwide.
- Revenue target: The parties are confident that the Agreement will enable each party to generate revenue from sales of the 9Spokes dashboarding service to Visa’s clients and their small business customers. 9Spokes expects that revenue received by 9Spokes under this Agreement will be material. However, the amount of revenue that may be received by 9Spokes will be dependent on a number of factors, such as customer adoption and implementation.
- Exclusivity: Subject to the terms of the Agreement, 9Spokes will exclusively supply the services to Visa under the Agreement such that it must not make available any services that are the same as or similar to the services supplied to Visa to certain payment services providers.
- Development team: In addition, the parties will work together on plans to bring new features and functionality to the 9Spokes dashboarding service over the term of the partnership.