Peppermint Secures Premium Funding of $1m from Strategic Investor

KEY TAKEAWAYS:

• Peppermint Innovation Ltd. gets fresh funding for its mobile phone App
• Smidge Digital Unit Trust, which is backed by significant influencers in many Asian markets, is set to initially invest $1 million in Peppermint’s mobile banking platform
• Peppermint’s mobile banking App is already being used by several commercial banks in the Philippines

The execution of a strategic placement agreement between technology company Peppermint Innovation Ltd. and investor Smidge Digital Unit Trust is expected to infuse fresh funds for the company’s mobile banking platform programs.

“This is a significant relationship with a strategic investor who has an intrinsic understanding of the Fintech sector and the value of, and opportunities for, the Peppermint technology platform. This is demonstrated by the willingness of Smidge to provide funding at a premium to current and future valuations. We welcome the knowledge and potential opportunities that Smidge, a group with significant relationships and networks in Asian markets, can introduce to Peppermint to underpin the next stage of growth for our Company,” Peppermint Managing Director and CEO Chris Kain said.

Smidge Digital Unit Trust Director Andrew Smith said they believe in the value of the innovative non-bank platform of Peppermint. Smidge has agreed to provide $1 million to the company at 2 cents per share. It has further agreed to place within 60 days after its initial investment, another $1 million at a premium of 25%.

“Smidge already has a strategic, long term investment in an enterprise data analytics company, which is another ‘ahead of the curve’ company, and this placement will compliment that investment perfectly. Our unit holders are significant influencers in many Asian markets, and will be offering the Company all the assistance they can to accelerate the Company’s growth,” Smith said.

The new investment will help the Philippine rollout of Peppermint’s mobile banking platform specifically designed for companies engaged in fund remittance, money transfers and similar transactions. The mobile phone App is already being used by several Philippine commercial banks. Peppermint has also recently signed a deal with multi-level distribution company Sante Barley for the use of its mobile phone App for the financial transactions of the latter’s 200,000 agents and their network

Peppermint is eyeing the millions of Filipinos without bank accounts, but who need to pay their bills or transfer their funds. The company hopes to capture this highly untapped market with Peppermint’s MyWeps App.

Request Information