- Cirralto (CRO) signs a $2 million Buy Now, Pay Later (BNPL) funding agreement in the fresh food distribution sector
- The agreement enables cross-border trade of produce across China and Australia via international air and sea freight
- James Tyler, a sales and logistics solution that imports and delivers fresh produce into China, has been contracted and is expected to be commercialised this month
- The agreement will run for a minimum six months and can be terminated any time after the with three months notice
- Shares in Cirralto are up 9.09 per cent on the market and are trading at six cents
Cirralto (CRO) has signed a $2 million Buy Now, Pay Later (BNPL) funding agreement in the fresh food distribution sector.
The agreement has been entered into via Cirralto’s referral agreements with Mastercard Asia/Pacific and Fresh Supply Co.
The agreement will enable cross-border trade of produce across China and Australia via international air and sea freight.
James Tyler, a sales and logistics solution that imports and delivers fresh produce into China, has been contracted and is expected to be commercialised this month.
This enables James Tyler to speed up its supply-side payments for settlement discounts and provide improved credit terms to its buyers for improved pricing flexibility.
The agreement will run for a minimum of six months and can be terminated any time after that with three months notice.
As it is dependent on application, the exact revenue is unknown at this time, however, Cirralto will earn ongoing facility fees and a monthly line fee.
Cirralto CEO Adrian Floate commented on the partnership.
“The addition of James Tyler as a lending customer further strengthens our relationships with Mastercard and Fresh Supply Co,” Mr Floate said.
“We are extremely excited by the potential of these types of opportunities to drive improvements in food distribution and cross-border trade whilst also generating sustainable revenue.”
Shares in Cirralto were up 9.09 per cent on the market and were trading at six cents at 11:29 am AEDT.