Credit Clear (ASX:CCR) closes on robust note. A deal’s the reason!

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Credit Clear (ASX:CCR) closes on robust note. A deal’s the reason!

Credit Clear, Partnering and Teaming Agreement, Centriciti Techub Pty Ltd and Credit Solutions Services CSS, Techub
Image source: © Sergey8736 | Megapixl.com

Highlights

  • Credit Clear Limited strikes a Partnering and Teaming Agreement with Centriciti Techub Pty Ltd and Credit Solutions Services CSS (Collectively Techub).
  • Headquartered in Johannesburg, Techub is an international contact centre service provider.
  • Backed by this announcement, today the shares of Credit Clear rose by over 14% on ASX.

ASX-listed Australia based Company which provides financial services Credit Clear Limited (ASX:CCR) shared on Friday that it has entered into a Partnering and Teaming Agreement with Centriciti Techub Pty Ltd and Credit Solutions Services CSS (Collectively Techub).

The announcement revealed that under the partnership, Techub will deploy Credit Clear’s digital platform across several current account receivable portfolios. As per the agreement, CCR will remotely support the platform from Australia, and the Company will get a commission on all payments made across known portfolios.

Following the first three-month period, Techub will recognise and choose portfolios across the remainder of its account receivables portfolio, with a cumulative pool of receivables for Credit Clear to pursue being close to AU$1 billion. 

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The Company informed that under the Teaming Agreement:

  • Techub and Credit Clear will collectively pursue new business opportunities in global market.
  • Techub has exclusive rights to market Credit Clear’s technology in the African Market, and non-exclusive rights to market Credit Clear’s platform in other international markets.

Techub forms a part of the GB Group of Companies and the company has a global client base including strong representation in the UK and US markets.

Today, the stock CCR closed 14.583% higher at AU$0.550 per share on ASX.

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Bottom Line:

The Partnering and Teaming Agreement is a vital and scalable opportunity for Credit Clear to launch into new geographies in a capital-efficient way, without the need for any significant setup, in-country or modifications to the platform. In addition, the partnership immediately provides CCR with access to globally substantial account receivables portfolios sans requiring a business development team and local office.

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