Fintech 9Spokes has pulled off a coup, winning a contract with Virgin Money UK to build a data platform for the bank’s business banking division.

The deal involves a one-off implementation fee and annual fees of around A$2.8 million for the three years of the contract. That will be a substantial boost for 9Spokes. Its operating revenue in the year to March was $5.7 million.

9Spokes, which is headquartered in New Zealand and listed on the ASX, describes itself as an “open data platform” that integrates data sources on a single platform and helps businesses harness data to build apps that support their business.

It says it is well-positioned to benefit from open banking and the expansion of the Consumer Data Right into other markets, as well as the “data economy” generally. It is certified by the UK Financial Conduct Authority to support open banking in the UK.

It has recently developed a loan application and management solution, which Virgin Money UK will implement.

9Spokes is still in its start-up phase, reporting a loss of $4.9 million for the year to March and negative cash flow of $5.2 million.

Its other major contract with a financial institution is with BNZ in New Zealand.