Cirralto Ltd (ASX:CRO) has been granted a trading halt by ASX with an announcement pending related to first contracted revenues under the referral agreements with Mastercard and Fresh Supply Co.
The halt will remain in place until the start of regular trading on Wednesday, July 14, or until an announcement is released to the market, whichever occurs earliest.
Agreement with Fresh Supply Co
The company last week signed a five-year non-exclusive referral agreement with Fresh Supply Co Pty Ltd to grow CRO’s global payments and cashflow solutions business that is addressable via cross border payment processing and export cashflow products.
Collectively, Cirralto and Fresh Supply Co will tackle the agricultural business sector through Fresh Supply Co’s customer network.
In conjunction with Invigo, Cirralto will provide trade finance solutions and integration services to business customers, in addition to the merchant on record payment services via existing arrangements.
Under the terms of the agreement, Fresh Supply Co may introduce joint customers to Cirralto through sales referrals and business opportunities and Cirralto will retain at least 70% of the gross profit margin on each customer contract.
Mastercard agreement
Earlier in the week, Cirralto inked a key referral agreement with a subsidiary of financial services giant Mastercard (NYSE:MA) Inc (NYSE:MA) in a bid to grow its global payments and cashflow solutions business.
Under the five-year partnership, Mastercard’s Asia Pacific branch will refer its business customers to Cirralto, which will provide a range of trade finance services.
Mastercard can also introduce potential sales leads and business opportunities to Cirralto and will receive a trade facilitation fee for each successfully onboarded customer.
In return, the ASX-lister will hold onto at least 70% of the gross profit margin from each customer contract.