Mint Payments Completes $6M Placement For Southeast Asia Expansion

Mint Payments on Friday (Feb. 10) announced it completed a placement of new shares, which it is using to expand in South East Asia’s payments market.

According to a report, the placement was made to raise $6 million. The shares were priced at $0.079 a share and represent a 3.7 percent discount to the last traded price of $0.082 a share. The report noted the capital raising will be undertaken in two tranches, with tranche 1 comprised of 50.6 million shares, raising $4 million. The second tranche is comprised of 25.3 million shares, raising $2 million. This includes $1.0 million from TAAJ Corporation, an entity associated with Directors Alex Teoh and Andrew Teoh. Since TAAJ is related to the company, it will require shareholder approval. Mint Payments said that approval is expected to be sought at an upcoming general meeting. The placement also includes one attaching option for every 2.5 shares subscribed. The option is exercisable over an 18-month term at an exercise price of $0.079, which will, if exercised, provide Mint with further growth capital of up to $2.4 million, enabling it to be well-positioned to capitalize on new opportunities over the medium term.

According to Mint, the funds will be used for product development and systems integrations costs with financial institutions and SaaS partners in Asia; for sales and marketing in Australia and Asia; for debt repayment; and for general working capital purposes.

“We have seen considerable momentum build in the business over the last 18–24 months, exemplified by the growth in our key operating metrics from our Australia and New Zealand operations, and this funding will assist us in consolidating that momentum,” said Mint CEO Alex Teoh. “In Asia, the strengthened balance sheet will allow Mint to drive further incremental revenues via the implementation of a suite of innovative omnichannel solutions to our existing partners, notably NETS, Global Payments and ABSS (MYOB Asia). We will also be able to make further inroads through the partnering and integration with both new financial institutions and strategic SaaS partners, strengthening our partner network and solidifying Mint’s position in South East Asia.”