Australian fintech company Peppermint Innovation raises A$1.1 million for AI & CX focus
Australian fintech company Peppermint Innovation have successfully raised A$1.102 million in a placement to sophisticated and professional investors.
The placement was via the issue of 73,500,000 fully paid ordinary shares at 1.5 cents (A$0.015) per share, representing 15.8% discount from the period 30-day VWAP of 1.78 cents (A$0.0178) per share.
The new capital will be used to grow Peppermint’s bizmoLoan offering and capitalise on significant opportunities around Artificial Intelligence (“AI”) and Customer Experience (“CX”).
Peppermint has mandated CPS to provide corporate advisory services for a period of six months.
CPS Managing Director, Jason Peterson commented, “We are thrilled to be working with a group like Peppermint and are excited about its planned development for the rest of this year and beyond, particularly in their proposition in the AI space. In addition to being a current Top 20 shareholder, my personal fund has added significantly via this placement”.
Peppermint’s Managing Director and CEO Chris Kain said, “The Company is excited by the level of support that we have received for our latest capital raise from select sophisticated and professional investors of CPS, and highly appreciative of Jason’s personal ongoing support.
“We believe AI is the single most important technology mega-trend of our generation and we have a clear roadmap to become the most advanced AI-powered lender in the Philippines.
“The strong support that we received is a significant endorsement of our Company strategy, including our most recent acquisition of our new AI & CX business division, Peppermint Intelligence.
“As I outlined at the time, the acquisition of Peppermint Intelligence (as the division is now called) is a massive shot in the arm for the Company and has the potential to really turbo charge our revenue growth in a short space of time.
“By acquiring this established and proven team, Peppermint has been able to leapfrog years of development in building similar capabilities, methodologies, frameworks and outputs from scratch to focus sharply on the Company’s business going forward.
“I look forward to updating the market shortly in relation to recent achievements of our newly acquired AI and CX business division.”
