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Cirralto raises $2.8 million to accelerate growth in B2B payments market

The company’s goal is to change the way people trade by delivering and integrating real time ordering, invoicing and payments from source (buyer) to destination (seller).

Cirralto - Cirralto raises $2.8 million to accelerate its growth in B2B payments market
Cirralto is expected to announce a business payments solution provider (BPSP) agreement with VISA shortly.

Cirralto Ltd (ASX:CRO) has raised $2,806,200 via the issue of shares under a placement to sophisticated and professional investors at an issue price of 3 cents per share.

In addition, investors will receive one free attaching listed option for every four shares subscribed for with an exercise price of 2.5 cents and an expiry date of July 28, 2023.

Cirralto’s placement was well supported by existing shareholders and new institutional and sophisticated investors, with the demand for the placement in excess of the amount raised.

Use of funds

The company intends to use funds raised from the placement to:

  • Support the capital requirements of the company’s growth with various payment providers;
  • Fund potential acquisition opportunities that complement the company’s intellectual property assets;
  • Expand marketing program to accelerate growth; and
  • Fund working capital.

Cirralto shares are currently in a trading halt pending an announcement in relation to the execution of a business payments solution provider (BPSP) agreement with VISA.

Quick facts: Cirralto

Price: 0.07 AUD

ASX:CRO
Market: ASX
Market Cap: $118.75 m
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Cirralto aspires to be dominant player in B2B payments space in Australia

Cirralto Limited's (ASX:CRO) Adrian Floate caught up with Proactive's Andrew Scott soon after announcing they've entered into a business payments aggregator (BPA) agreement with Fiserv Inc (NASDAQ:FISV) (FRA:FIV) and MasterCard Inc (NYSE:MA) (FRA:M4I) to extend its business payments services...

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