Cirralto (ASX:CRO) unveils $1.1m upgrade to Spenda

• Transaction services business Cirralto (CRO) unveils a more than $1 million upgrade to the Spenda system
• The upgrade saw the release of V2 Spenda Payment Services and the integration of the Invigo lending services into the Spenda suite
• This investment is required to complete the upgrade, which the company believes will have a payback period with the current financial year
• Cirralto is up 3.51 per cent to trade at 5.9 cents

Transaction services business Cirralto (CRO) has unveiled a more than $1 million upgrade to the Spenda system.

The upgrade saw the release of V2 Spenda Payment Services and the integration of the Invigo lending services into the Spenda suite.

Spenda is a platform that includes software to support businesses’ point of sale, inventory management, procurement, service management, debt collection, payment services, eCommerce and catalogue sharing.

The upgrades allow business-to-business (B2B) trade, with enforceable payment agreements at the end of the loan period. The company said the technology differs from traditional B2B terms of trade due to the ability for tenant-to-tenant data transfer and integration.

Along with increased functionality, the upgrade delivered changes to its transaction scaling capabilities to support growing customer numbers.

The Invigo B2B buy now, pay later services integration saw expanded capabilities for tenant to tenant data sharing and enhancements to customer acquisition technologies, credit profiles and deal underwriting.  

An investment of $1.1 million was required to unlock multiple competitive advantages that the company believes will have a payback period within the current financial year.

The company said this release of the pay later functionality within the Spenda suite enables the business to continue to pursue marketplaces, suppliers, manufacturers and franchise groups and offer risk-free trade with their business customers.

Cirralto was up 3.51 per cent to trade at 5.9 cents at 10:12 am AEDT.