Spenda Limited’s transition to a sales-led model fuels record payment volumes and strong adoption of its new Spenda Pay platform, while cost savings and leadership hires set the stage for growth.
- Record $212 million payment volumes, up 82% year-on-year
- ~90% upgrade rate to Spenda Pay from initial cohort
- National rollout underway with 5 Carpet Court stores onboarding
- $4.5 million annualised cost savings delivered
- New sales leadership appointed to accelerate pipeline conversion
Spenda’s Strategic Shift Accelerates Growth Trajectory
Spenda Limited (ASX:SPX) has reported a standout quarter marked by a successful pivot from product development to a sales and marketing-led execution model. This repositioning has unlocked significant momentum, with payment volumes soaring to a record $212 million, an 82% increase compared to the prior year. The company’s core products are now live and scaling, underpinned by strong customer adoption and operational efficiencies.
The launch of Spenda Pay, a unified accounts payable and payments platform, has been a highlight. Approximately 90% of the initial customer cohort upgraded from the legacy Capricorn Swift Statement, with 30% already transacting on the new platform. This early traction validates the product’s market fit and the effectiveness of leveraging existing partner ecosystems as a scalable growth channel. Spenda is now focused on accelerating onboarding velocity and converting usage into recurring SaaS and payments revenue, supported by CRM-driven marketing and AI-enabled workflows.
Meanwhile, the national rollout of Spenda Retail across Carpet Court is gaining steam. Five stores are currently onboarding, with around 30 more in active discussions and a growing pipeline preparing for launch. This rollout promises to deliver recurring SaaS and transaction-based revenue streams, supported by embedded workflows designed to drive retention and long customer lifecycles. A dedicated sales manager has been appointed to expedite onboarding and pipeline conversion, complementing the company’s strengthened sales leadership and marketing capabilities.
Operational Efficiency and Leadership Bolster Execution
Operationally, Spenda has delivered $4.5 million in annualised cost savings through disciplined cost management and system improvements. The company’s internal infrastructure now incorporates AI and CRM-led automation to accelerate onboarding and marketing execution, enabling faster delivery across revenue-generating initiatives. This efficiency supports the company’s shift from product creation to market execution and revenue growth.
Leadership changes during the quarter include the appointment of Irshad Mulla as an independent non-executive director, James Matthews assuming the role of Chief Marketing Officer, and Subhan Asif leading sales execution and pipeline development. These moves enhance alignment across product, sales, and marketing functions, positioning Spenda to better capitalise on market opportunities.
Spenda’s embedded payments infrastructure, Spenda Ledger, continues to expand through its partnership with APG Pay, processing $54 million in payment volumes in the corporate travel sector across Australia, New Zealand, Hong Kong, and Singapore. Discussions to deepen this commercial relationship remain positive, underpinning further growth potential in this vertical.
Financial Position and Market Expansion Plans
Despite strong payment volume growth, cash receipts from customers declined 13% quarter-on-quarter to $2.4 million, with cash and equivalents standing at $2.2 million at quarter-end. The company maintains $6.5 million in loan facilities, with $4.6 million drawn and $1.9 million unused, providing runway for ongoing operations and expansion. Capital management remains a key focus following recent funding rounds, including a $1.4 million private placement earlier this year to accelerate commercialisation efforts.
Looking ahead, Spenda is building a scalable go-to-market model to extend beyond existing partner ecosystems. This includes deploying conversion-led website architecture, targeted SEO and paid media campaigns, and embedding CRM workflows to support inbound and outbound sales activities. The company aims to diversify revenue streams by scaling recurring SaaS and transaction-based income, reducing reliance on individual partners, and fostering a more predictable growth model.
The company’s recent private placement funding and upcoming security consolidation are key financial and structural steps supporting this growth phase.
Bottom Line?
Spenda’s shift to sales-led growth and strong product adoption signal momentum, but translating payment volume into sustainable cash flow remains critical.
Questions in the middle?
- Will Spenda’s strong Spenda Pay upgrade rate translate into consistent recurring revenue?
- How quickly can the Carpet Court rollout scale beyond initial stores to impact overall revenue?
- Can Spenda convert record payment volumes into improved cash receipts and profitability?