- Peppermint Innovations (PIL) has posted its first quarterly report since re-listing on the ASX in February
- It was a busy three months for the fintech company, launching bizmoProtect in partnership with Cebuana Lhuillier Insurance Solutions
- PIL also signed an agreement with the Bank of the Philippine Islands (BPI) to allow its bizmo agents to top up their mobile wallets via BPI
- Financially, Peppermint ended March 31 with $2.76 million in the bank after spending $540,000 on operating activities
- The business also successfully carried out an oversubscribed capital raise to net PIL an extra $2.5 million in cash
- For the rest of FY21, the company warned a recent outbreak of COVID-19 was hampering the Philippines recovery, but restrictions should ease by May
- Shares in Peppermint Innovation are up 4.35 per cent at 2.4 cents
Peppermint Innovation (PIL) has posted its first quarterly report since re-listing on the ASX in February.
The company had a busy three months, launching its bizmoProtect micro insurance product in partnership with Cebuana Lhuillier Insurance Solutions.
PIL also signed an agreement with the Bank of the Philippine Islands (BPI) to allow its bizmo agents to top up their mobile wallets via BPI.
Commenting on the agreements, Peppermint’s Managing Director and CEO Chris Kain said he was excited to see the partnerships grow.
“Our ongoing partnership and business relationship with Cebuana Lhuillier has significant potential for our bizmoto agents and we look forward to capitalising on those opportunities offered via the micro-insurance distribution agreement and Merchant Biller agreement with Cebuana,” he explained.
“Similarly, our API agreement with the Bank of the Philippine Islands not only provides our bizmoto agents with the ability to seamlessly top-up their mobile wallets 24/7, it gives Peppermint the opportunity to directly market its bizmoto platform to up to four million enrolled online account holders,” he added.
“To put that in some context, we currently have just over 55,000 registered bizmoto agents. This deal gives Peppermint the right to directly market and explain how our bizmoto platform works to almost 80 times the number of current registered agents,” he said.
Financially, Peppermint ended March 31 with $2.76 million in the bank after spending $540,000 on operating activities.
The business also successfully carried out an oversubscribed capital raise during the period, netting PIL an extra $2.5 million in cash to play with.
Peppermint plans to use the funds as additional working capital and to fund a target sales and marketing campaign for Peppermint’s bizmoto platform.
For the rest of FY21, the company warned a recent outbreak of COVID-19 was hampering the Philippines’ economic recovery.
However, lockdown restrictions are set to ease throughout May and PIL’s MD said its products are well-placed to help users financially recover.
“We believe bizmoPay will help alleviate the unpredictability caused by COVID-19, where limitations on business operations throughout the Philippines and loss of jobs has impacted cash receipts in the March ’21 quarter,” Chris Kain explained.
Shares in Peppermint Innovation are up 4.35 per cent at 2.4 cents at 11:15 am AEDT.