From 'Banking Day website this morning:
Cuscal’s top 10 clients were responsible for 57% of Cuscal’s fee and commission revenue in FY2024, the prospectus for Cuscal’s upcoming initial public offer shows.Cuscal “maintains long-term relationships with its clients and generates the majority of its revenue through long-term contracts”, the prospectus explains, but prospective investors will be alert to the risks that one or more key clients may walk at any time.Square is believed to be Cuscal’s largest client, and the hot industry rumour is that Square is, or at least very recently was, exploring a move away from Cuscal to another payments processor.
So if Square are looking to move away from Cuscal, it may be the reason that they want to get this one away quickly...
