Spenda Divests Ledger Platform to Cut Costs by $2.7M and Sharpen Growth Focus

Strategic Divestment Cuts Operating Costs Significantly

Spenda Limited (ASX:SPX) has agreed to divest its Spenda Ledger technology platform to APG Pay Pty Ltd for approximately $1.8 million including GST. This transaction is a key pillar in Spenda’s broader strategic reset, delivering an expected $2.7 million in annualised operational savings, a 45% reduction in costs associated with the Ledger platform. The move shifts the majority of the platform’s operational team and infrastructure responsibilities to APG, which has integrated Ledger into its product roadmap.

The divestment allows Spenda to monetise its investment in Ledger while retaining all existing customer relationships and securing a four-year license to continue using the technology. This licensing model replaces the company’s prior operational cost base with a processing fee of 0.10% on payments processed, creating a leaner cost structure without sacrificing revenue streams from the platform.

Spenda’s leadership transition coincides with this move, as CEO Corrie Hassan and CTO Andy Britz step down, with Executive Chairman Karim Razak assuming an expanded operational role. David Wood consolidates the CTO and CPO roles to focus on technology and product execution across Spenda’s core platforms. This leadership reshuffle follows recent efforts to simplify the product suite and reduce costs, which have already delivered approximately $7 million in annualised savings over the past five months, including the latest Ledger divestment.

Core Products Drive Revenue and Growth Prospects

Spenda is sharpening its focus on three core products: Spenda Pay, Spenda Retail, and the licensed Spenda Ledger. Spenda Pay currently has over 160 active users and generates revenue through subscriptions, payments, and rewards, with an estimated $1.5 million monthly opportunity within partner ecosystems and a broader $246 million annualised expansion potential in the SME segment.

Spenda Retail is actively rolling out within Carpet Court stores, with five stores onboarding and a growing sales pipeline. The platform is live and generating SaaS and transaction revenue, embedding into workflows for quoting, job management, invoicing, and payments. This rollout is progressing beyond pilot stages, aiming for scale across similar industries.

While Spenda Ledger is no longer operated in-house, it remains a revenue contributor under the new licensing arrangement. The company will forego approximately $40,000 in monthly recurring revenue previously received from APG, but this is offset by the significant cost savings and operational simplification achieved.

Financial Position Strengthened Amid Operational Reset

The divestment and leadership changes position Spenda for a leaner, more commercially focused phase. The company has reallocated resources toward sales, marketing, and growth initiatives, with early signs reflected in increased payment volumes and stronger product adoption. This operational pivot follows a series of cost rationalisation measures, including a prior $1.4 million private placement to accelerate commercialisation and a recent 1-for-20 security consolidation aimed at streamlining the capital structure.

Spenda’s Executive Chairman Karim Razak emphasised the company’s shift toward products already generating revenue and showing growth, highlighting improved execution speed and capital allocation. The company expects to complete the Ledger divestment transaction by 11 May 2026, marking a definitive step in its strategic reset.