in response to a few things: "Platform access revenue = Payment FROM THE BANK for 9SP letting the bank's customer's access the white labelled platform. I am not sure if this is a per user fee or an enterprise fee with an unlimited number of users. Keen to hear from anyone with some insight on this topic."
Based off the fact that BNZ switched their users from "opt in" (to use the platform) to "opt out" just before their two year contract renewal (this first customer to renew to date... shame it was only two years, when their first contract was for three) and revenue received by 9SP did not get disclosed to increase, I have concluded that all bank deals are "all in" use for the bank on subscription.
"Alium Capital Management were increasing their stake last year (from 10% to 14.6%) but they have not bought since October 2021. Having these guys as a substantial shareholder always gave me some confidence. https://aliumcap.com/alium-alpha-fund/ "
Allium have absolutely been buying... and selling... (all of their substantial holder notices even state - buy & sell.. they are not very timely in updating either) they have also recently been doing additional leverage plays on AGL via CIGS-SMB... there was a change in substantial holder notice for them a few months ago (a 4.3% equity swap) https://hotcopper.com.au/posts/59802749/single
you have kindly provided Alliums alpha fund website... have you noted that 9SP is not listed amongst their portfolio of holdings... I have personally checked out most of the ASX held companies listed in their portfolio... and some of the USA ones as well... very few actually had Allium as a substantial holder at the time that I spent looking at this specifically... and almost all of the companies had share price that had decreased from listing to present time. Here is my previous post specifically about Allium & their website & 9SP: https://hotcopper.com.au/posts/52680805/single
"development revenue" has already been disclosed to market as being VISA vanilla platform work (value not disclosed) and Virgin UK paid for "proof of concept" work
"revenue from customers" - that is 9SPdirect... pretty pissy really - hopefully now that it has moved value added features to subscription model - hopefully it can increase in value & proportion
