Cirralto (ASX:CRO) launches BNPL on Whola platform

• Cirralto (CRO) successfully launches its Spenda buy now, pay later platform into fashion marketplace Whola, which is considered a “game changer” for Aussie retailers
• It is predicted that the first seven days will see a 60 per cent use rate by Whola’s customers
• Cirralto is forecasting revenue of $1.2 million per year expected to be generated under this agreement
• From all transactions, Cirralto will receive a minimum gross fee of two per cent
• Cirralto is up five per cent and is trading at 6.3 cents per share at 12:40 pm AEDT

Cirralto (CRO) has successfully launched its Spenda buy now, pay later platform into fashion marketplace Whola.

The Spenda widget will be use through the Mastercard Track Business Payment Services.

It is predicted that the first seven days will see a 60 per cent use rate by Whola’s customers. Cirralto is forecasting revenue of $1.2 million per year to be generated under this agreement.

Whola has 3000 buyers in its network, which is expected to create a payment and lend flow of $5 million per month over a 12 month period.

From all transactions, Cirralto will receive a minimum gross fee of two per cent.

Cirralto’s Managing Director Adrian Floate said Whola had a strong presence in the fashion wholesale trade and was pleased to work with the business.

“The provision of extended credit to Whola’s customers will reduce each store’s stock risk, lower the cost of capital required to run their businesses and drive their supply chain,” he said.

“We see this partnership as a win-win for Whola and its customers and suppliers.”

Whola’s Managing Director Alice Fitch said BNPL would be a “game changer” for Australian retailers.

“After two years of challenging conditions Whola’s customers will now be in a position to ready themselves for a stellar Christmas trade. We’re thrilled to bring BNPL to market in partnership with Cirralto,” Ms Fitch said.

Cirralto was up five per cent and is trading at 6.3 cents per share at 12:40 pm AEDT.