Cuscal, the payment infrastructure business used widely by smaller banks, has lifted its operating income by almost one-third over the past 12 months but says costs are also rising because of staff and technology expenses.

The company will next week brief institutional investors on its planned ASX listing, a float that could kickstart what has otherwise been a dormant market. Cuscal wants to raise about $300 million and list by late November with a market capitalisation of about $500 million.