Ann: Spenda secures $50m debt warehouse facility, page-444

Congrats on your business Warnie, sounds like you're doing well for yourself.
Do you have a sales team? or do you rely on a referral network & commission structure?
How long has your business been operating? Over what period of time did you take to reach a $400m loan book? What types of clients do you lend to?

I would also expect that the DW Funder will have some security along the lines of a floating charge over the loan book or perhaps and AllPAAP over the companies assets.

Yes, 10% growth in revenue wasn't good and the company/AF has said they're disappointed in that outcome. To suggest that there's 40+ nerd types operating a software payment system is a bit naïve though. Those 40+ nerd types have been developing various products that form parts of the Spenda platform, which you should know by now is more than merely payments processing. It also includes automated inventory management, accounts payable & accounts receivable integration functions to automatically update and reconcile ledgers in the customers accounting software, it has pay by link functionality, the user interface is setup like an internet banking interface to facilitate batch payment processing and streamline dual authentication for payments and lending etc.

If it was simply payments processing this thing wouldn't have legs as they'd be having to buy market share from other companies that also just to payment processing.

If you'd followed the commentary in the last 2 4C's and the Q&A from the investor webinar, you'll also appreciate that the revenue growth was stunted by SPX having already been lending at its limit with the DW only coming online last week. I suspect that there may have been some customers waiting in the wings for the increased lending capacity to come onstream at which time their payment flows will also come across to SPX's platform.

I think the main difference between our respective views on SPX is perhaps that I'm willing to wait for SPX to clear the last few hurdles, whereas you seem to have already shot it in the head and sent it to the glue factory.