Oct 17, 2022

Remittance opens new revenue streams for SPENN

SPENN Technologies has entered into an agreement with payment company Spoko to offer instant international money transfers to 136 countries via SPENN.

Investor News 7/2022

“This is great news for all current and future SPENN users. We are adding remittance, which is in great demand and a huge global market, as a SPENN service. This will increase the attractiveness of the SPENN app, and it will generate revenue for SPENN,” says Jens Glaso, CEO of SPENN Technology.

According to the agreement between the two parties, SPENN Technology will receive 70 per cent of all revenues generated through this partnership.

Spoko is a fast-growing payments company providing instant international money transfers worldwide, targeting the 1.7 billion unbanked consumer market with mobile phones but no bank accounts. This is, of course, the same market SPENN is targeting with a goal of financial inclusion.

Established in 2019, Spoko has more than 850,000 customers, of which 65 per cent are in Nigeria and Ukraine. Being one of the few remaining international money transfer companies in the war-ridden Ukraine, Spoko has decided to offer free money transfer to all Ukrainians. 

Spoko is fully owned by the Swedish company Global Direct Partners.

“We are excited to partner with SPENN to get access to more African markets. We consider ourselves a perfect match with SPENN, as we can offer them a new service and SPENN can help us to expand our customer base,“ says Global Direct Partner owner Anders Holmstedt.

“This partnership opens new revenue streams for SPENN. We have been keen on entering the remittance market for some time, and we believe partnering with Spoko is a great way of doing it. Diaspora transfers to Africa are very expensive, and it is our goal to offer instant transfers to SPENN at competitive prices,” says Glaso.

For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00, www.bakertilly.dk

SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
www.spenn.com

About SPENN Technology A/S

In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.

SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN

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