Australia-based Mint Payments has raised $6.6m in its oversubscribed share purchase plan and funding round.
Initially, the sale was expected to raise $1m in new funds through the share purchase plan, but eventually closed on $1.2m. Alongside this, the company also secured $5.4m through a combination of equity and debt.
Investors to the round were not disclosed; however, in a statement from Mint’s CEO Alex Teoh, he said he was “heartened by the level of support we’ve received from our existing shareholders and pleased that our placement has also attracted new quality institutional investors.”
Mint Payments helps businesses of all sizes to process transactions through smartphones, mobile POS terminals and online payments. Its technology can be integrated with a company’s iOS or Android smartphone app to support in-app payments.
Its mPOS terminal helps retailers to accept payments via Eftpos, Visa, Mastercard, Apple Pay and Android Pay. The Minternet service lets businesses to accept card payments online or over the phone, automate debt collections and utilise a secure payment gateway.
These funds will be used to expand Mint’s footprint across Southeast Asia, increase growth in its direct to consumer channel in Australia, and support working capital needs.
Mint Payments CEO Alex Teoh said, “It’s a real testament to growth we’re experiencing across the Travel and Hospitality sectors here in Australia, and the incredible opportunity we’re presented with through our partnerships in Singapore and Malaysia. These funds provide us with the resources necessary to capture the full value of these opportunities.”
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