Bill payments technology provider, Lessn, is set to integrate payment services on its accounts payable solution, in partnership with Limepay, an acquiree company of integrated business platform, Spenda.
Lessn revealed it will integrate white-labelled payment technology from Limepay to scale its accounts payable business, expand its capabilities and reach new markets.
The bill payments tech firm also explained it expects to process $20million a month in payment volume. Meanwhile, Spenda, which enables businesses across the supply chain to receive payment faster, will see an immediate increase to the current payment processing volume of Spenda’s acquiree Limepay by around 40 per cent to ~$167million in annualised payments volume.
David Grossman, founder of Lessn
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 and Spenda, which 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 around 550 per cent 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.”
Lessn is projecting to grow its payment processing volume to $200million per month over the next 24 months.
Adrian Floate, managing director of Spenda, also 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.”
It expects the integration will take place in mid-October later this year, providing the parties adequate lead time to integrate their respective technologies and migrate existing payment services.
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