Caledonian Holdings (AIM:CHP), the AIM-quoted investing company building an integrated financial services group, said its wholly owned subsidiary Aspire Commerce Group has completed the commercial launch of its enhanced multi-currency business current account, including the Mastercard World Business Debit Card.
The launch fulfils a milestone set out in Caledonian's £612,000 fundraising announced on 13 August, which was raised in part to accelerate Aspire's account and card rollout and progress its trade finance pipeline.
Aspire's platform, trading as Muloot Money, combines multi-currency accounts, domestic and international payments, foreign exchange and card capability in one system.
Eligible business customers can apply for trade finance facilities of up to £5 million for periods of up to 120 days alongside their everyday account activity.
Caledonian acquired Aspire on 1 June as the cornerstone operating business of its financial services strategy.
Attention now shifts to growing Aspire's customer base through direct and partnership-led distribution, lifting transaction volumes and converting its trade finance pipeline into recurring revenue.
"This is not a platform development announcement; the infrastructure is built, the debit card is live and the focus now moves to growing the customer base, increasing transaction volumes and accelerating the trade finance pipeline into revenue", said Jim McColl, Executive Director of Caledonian Holdings.
Aspire chief executive Adam Rigler said the debit card launch "completes an important part of that proposition", with focus turning to commercial rollout and customer acquisition.
