Jun 12, 2023

Strong improvements in operations

SPENN Technology A/S, a leader in financial technology innovation, is thrilled to announce momentous improvements in its operations, signaling an accelerating trend towards breaking even, and potentially even generating a profit. These achievements far surpass last year's financials, demonstrating an encouraging upward momentum.

Company Announcement No. 106

The company’s interim results for the first quarter of 2023 have showcased a formidable growth trajectory. One of the key indicators of this growth is the EBITDA that has significantly improved to DKK -2.5 million for the first quarter of 2023, compared to -30.4 million in the first half of 2022. Both revenue and gross profit for the first quarter have also increased, with the latter already outperforming the entire first half of 2022. (SPENN Technology did not report Q1 figures in 2022).

At the vanguard of this growth is Kazang, a key division of the SPENN group. The success of Kazang can be largely attributed to the robust synergies created by the strategic acquisition by SPENN Technology. This beneficial alliance has led to an incredible revenue increase of over 45% and a staggering EBITDA growth of over 400% for Kazang compared to the same period in 2022. These results are a clear testimony to the successful integration and the amplified deployment of new POS machines, fortifying the broader group’s financial performance.

This acquisition has proven to be a significant strategic move for SPENN Technology with Kazang not only fitting seamlessly into the SPENN ecosystem but also greatly enhancing it, driving growth, and leveraging synergies across the group. 

Moreover, other markets under SPENN’s umbrella have also reported increasing sales following the successful launch of the latest platform features with full interoperability. The momentum gained from these feature enhancements is expected to continue to fuel revenue growth and operational improvements in the coming quarters. 

In Nigeria, one of SPENN’s most promising markets, efforts to scale and strengthen its foothold continue, showing early signs of successful growth and increased market share. 

CEO Jens Glaso comments, “We are making significant strides towards our primary goal of achieving break-even for the group. The successful acquisition and integration of Kazang, coupled with the substantial increase in deploying new POS machines, provide us with a robust foundation for future growth.”

To provide a comprehensive view of the first half of 2023 and accommodate its growth, SPENN Technology will postpone the H1-23 interim report until August 30, 2023.

These recent operational improvements and revenue growth, enhanced by the strength of the innovative SPENN platform and strategic acquisitions like Kazang, signify that the company is well on its way to not just breaking even, but potentially achieving profitability. 

Certified Adviser
Company’s Certified Adviser is Baker Tilly Corporate Finance P/S (CVR-nr. 40073310), Poul Bundgaards Vej 1, 1., DK-2500 Valby, tlf. +45 3345 1000

For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]

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

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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