9Spokes Chief Executive Officer, Adrian Grant, said:“Our focus...

9Spokes Chief Executive Officer, Adrian Grant, said:

“Our focus during the quarter continued to be on progressing sales conversions and building pipeline;
both directly and with our reseller partner Visa. We ended the quarter with three deals in late-stage
negotiation; two of which pleasingly are Visa led.

Now with a near-full contingent of business development managers in London, Chicago and Sydney,
we are seeing good momentum which is reflected in the depth of the sales pipeline. Our BDMs are
pursuing both direct sales opportunities and supporting opportunities through our partner Visa.
With two years of pandemic-related travel restrictions progressively being removed we are excited
to be able to start reconnecting with customers and prospects. Similarly, following a significant
period where FIs were largely focused on weathering the impact of the global pandemic, we are now
seeing them turn their attention once more to strategic initiatives where our product set provides a
good bridge between SMBs’ need for working capital solutions and FIs’ ability to provide it. Combined,
these two factors give me reason for optimism heading into the new financial year.

During the quarter, particularly in the U.S. market, we continued to see strong growth in business
subscribers using our platform. Over the next six months, as we release both Bank and Money
Boards onto our platform and we continue to develop our Cash Flow Manager, we would expect to
see an acceleration of user adoption. This strong growth in users is helping inform our other sales
conversations.

During the quarter we completed the development work required to introduce a subscription model
for 9Spokes.com. 9Spokes.com is an important pillar of our business as it provides an environment
for us to roll-out and test new features quickly. We considered now was the time to introduce a
subscription following the launch of our cash flow manager tool, the other product improvements
released over the past 12 months and our product roadmap.