Cirralto (ASX:CRO) plans capital raise on the back of upcoming VISA announcement

• Fintech Cirralto (CRO) has entered a trading halt today ahead of an upcoming capital raise
• The raise follows an upcoming agreement with VISA, however, no more details have been mentioned
• The trading halt means company shares will be paused until Monday, November 30, or when more details are released to the market
• For the September quarter, the transaction business more than doubled its quarterly revenue, growing 118 per cent to just over $179,000
• On the market, Cirralto last traded 3 cents per share on November 25

Cirralto (CRO) has entered a trading halt today ahead upcoming capital raise.

The company has said there is an announcement coming out soon about a business payment solution provider agreement with VISA. However, there is no details about how much it is aiming to raise.

Company shares will be paused until Monday, November 30, or when more details about the raise is released to the market.

Cirralto is a financial technology business that provides software-as-a-service to digital businesses.

For the September quarter, the transaction business more than doubled its quarterly revenue, growing 118 per cent to just over $179,000.

Quarterly average revenue per user also grew by 57.5 per cent, from $21.17 to $33.40, mainly due to the launch of the SpendaCollect platform.

At the end of the period, Cirralto had around $1.9 million in the bank.

In October, the company welcomed Richard Jarvis as its new Chief Financial Officer. Richards is a chartered certified accountant with over 22 years of experience in professional accountancy and finance leadership roles.

On the market, Cirralto last traded 3 cents per share on November 25.