Spenda and Limepay partner with Lessn to scale payment capabilities and accelerate revenue growth
Spenda, an integrated business platform that enables businesses across the supply chain to sell better and get paid faster, have announced that its acquiree company, Limepay, has executed a Master Services Agreement with Lessn, a technology innovator in the bill payments industry, to enable integration of payment services on Lessn’s accounts payable solution.
This partnership will see Lessn integrate the Limepay white labelled payments technology to scale its accounts payable business, expand its capabilities and reach new markets. Lessn is expecting to process $20 million a month in payment volume, while for Spenda, this will deliver an immediate increase to current payment processing volume of Spenda’s acquiree Limepay by ~40% to ~$167 million in annualised payments volume – further underpinning Spenda’s strategic rationale in the acquisition of the Limepay business. Lessn is projecting to grow its payment processing volume to $200m per month over the next 24 months.
David Grossman, Founder of Lessn, said, “Lessn searched the entire market for the right payment’s processor and we have been lucky to find a fabulous partner in Limepay / Spenda, who meet all our business objectives and have made the entire negotiation and due diligence process a pleasure. With the commencement of a major customer in October, we expect our payments volume to increase ~ 550% from our current volume and it was business critical for us to select a partner that could support our rapid growth with minimal disruption to our business operations. The alignment commercially and culturally is strong, and few partnerships tick this many mutual goals.”
Managing Director of Spenda, Adrian Floate, commented, “This is an exciting day for everyone involved. The Limepay technology is expanding Spenda’s addressable market and the Lessn agreement brings on a new partner who is growing rapidly. I have been privy to their growth plans, and I am looking forward to supporting the program to accelerate our joint growth.”
The integration is expected to take place mid-October 2024, providing the parties adequate lead time to integrate their respective technologies and migrate existing payment services.
