- Payments provider Mint Payments is looking to raise $2.5 million to fund technology upgrades
- The company forecasts new partnerships and a new EFTPOS terminal will drive sales throughout FY20
- Mint’s revenue for FY19 is up 32 per cent, however, Ebitda is still in the red
- Mint Payments’ share price is up 10 per cent today, currently sitting at $0.022 apiece
Payments provider Mint Payments is looking to raise $2.5 million, from shareholders and new investors, to fund technology upgrades.
Specifically, its payment platform will go through development to improve its functionality.
A portion of the funding will also go towards sales and marketing, as the company pushes its presence among small and medium sized enterprises (SME) in the Australian travel industry.
Mint Payment’s CEO Alex Teoh said: “the capital raised from existing and new investors will allow the Company to further build its market share in the domestic SME travel market.”
Alex added, the company’s integration with its new global acquiring partner will assist it in cash flow breaking even during 2020.
In its yearly earnings, announced today, Mint Payments advised its revenue increased 32 per cent to $4.9 million. However, earnings before interest, tax, depreciation and amortisation are $3.6 million in the red, although this is an improvement on 2018’s $4.5 million loss.
Heading into the 2020 financial year, Mint Payment’s forecasts new partnerships and a new EFTPOS terminal will drive a sales increase.
Shareholders responded well to Mint’s capital raise announcement, with shares in the payment provider rising 10 per cent today. Shares are currently trading for $0.022 each, as of AEST 3:10 pm.