
Spenda executes technology and funding agreement with APG Pay
ASX-listed Spenda Limited, an innovative software company providing workflow software, embedded finance and payment solutions across supply chains and trading networks, have announced that it has executed a Technology Services Agreement with APG Pay Pty Ltd, a wholly owned subsidiary of Singapore based APG Tech Pte Ltd (Singapore) to develop and commercialise a closed-loop corporate credit and payments platform.
Under the terms of the agreement, Spenda and APG have formed a strategic collaboration to develop and deliver the technology and services underpinning the launch and operation of the Platform, which will integrate embedded finance solutions directly into Spenda’s existing payments and software infrastructure. APG has committed A$50 million to kick off the partnership, with capital allocations set to scale in line with business growth.
The platform has been designed to support corporate customers and travel partners across Australia and the Asia-Pacific region as the AirPlus Business Credit product is phased out. APG and Spenda have been selected as a preferred partner to transition this portfolio of clients, ensuring continuity and enhanced service through the new solution.
From 1 July, 2025, the APG / Spenda partnership will launch the first phase of capability supporting corporate travel customers in Australia, New Zealand, Hong Kong and Singapore transitioning from AirPlus, as well as Spenda’s supply chain customers that includes the Carpet Court channel. Phase two will encompass rollout of the platform to other industry verticals such as automotive, real estate and trade services.
Spenda and APG have established a profit share model and are committed to a 10-year exclusivity arrangement, with an option to extend for another 10 years. APG Pay will replace the Spenda’s existing credit solutions and will be offered to customers as an embedded finance product in the Spenda’s software stack.
Based on FY24 contracted volumes provided by APG, Spenda expects to generate recurring payments gross profit of approximately $140,000 per month (equating to ~$1.7 million annually).
Spenda Managing Director Adrian Floate (pictured), commented, “This agreement completes a transition for Spenda from an on-balance sheet lender to an embedded credit enabler that utilizes software to manage lending outcomes and payment flows for customers, without credit risk exposure. We expect to grow new portfolios and collaborate with APG to scale existing customer networks. The provision of APG credit products and the profit share structure reflect our highly aligned partnership that is based on strong confidence in Spenda’s technology and execution capabilities. We look forward to building a long-term relationship with APG as we expand our footprint across Australia and the Asia-Pacific region.”