Spenda’s Limepay set to deliver Lessn’s entire payment volumes

By Gloria Mathias

Spenda, a software company providing payment solutions across supply chains and trading networks, has announced that its acquiree company, Limepay, has executed a Master Services Agreement with Lessn to acquire and process its entire payment volume, utilizing Limepay’s transaction processing gateway.

The agreement will see Lessn implement Limepay’s white-labelled payment widget product to end payment services on Lessn’s platform. This agreement claims to immediately increase Limepay’s current payment volumes by 40% to ~$167 million per annum, further underpinning Spenda’s strategic rationale for the acquisition of the Limepay business.

Lessn has secured several contracts that enable them to forecast strong growth. This anticipated growth is the catalyst for moving to Limepay and for this partnership to deliver far stronger ARR to the Company following the proposed acquisition of Limepay.

The delivery of the Lessn agreement cements ~40% growth in Limepay’s ARR, with mid-revenue growth from the partnership anticipated to be far more significant.

Based on the agreement, payment volumes are expected to switch to Limepay on or around October 15, 2024, providing the parties with adequate lead time to integrate their respective technologies and migrate existing payment services.

David Grossman, Founder of Lessn, said, “Lessn searched the entire market for the right payment processor, and we have been lucky to find a fabulous partner in Limepay / Spenda, who meets all our business objectives and has made the entire negotiation and due diligence process a pleasure. With the commencement of a major customer in October, we expect our payment 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 Adrian Floate shared, “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 overgrowing. I have been privy to their growth plans, and I am looking forward to supporting the program to accelerate our joint growth.”