The Mint Corporation (TSXV:MIT) Expands Its Global Reach into India

    Robust market growth will serve as a tailwind for The Mint Corporation (TSXV:MIT)

    SmallCapPower | April 6, 2018: Mint makes a Strategic Acquisition in India. On April 5, 2018, The Mint Corporation (TSXV:MIT) announced that it has obtained an option to acquire a 75% ownership interest in vPay, a mobile payment automation platform in India, through an 8% secured convertible promissory note for US$850,000. Vpay is an emerging player with a fully integrated payment engine connecting 400 corporate clients and, according to the news release, has posted an impressive 700% y/y growth in transaction processing volume. Its offering is integrated with all major credit card gateways, over 55 Internet banking interfaces and major wallets, such as industry-leading Airtel Money in the local market. As part of the agreement, Mint has a one-year option to invest another US$1 million to acquire 75% ownership interest in vPay.

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    Robust market growth will serve as a tailwind. In its press release on March 15, Mint management announced a strategic decision to take its payments platform global. This acquisition provides the Company with a key foothold in one of the world’s most dynamic and innovative digital payments market. The addressable market in India is forecasted to reach approximately US$1 trillion in 2023 from US$200 billion, with an implied five-year CAGR of 37%. Given the rate of exponential growth in the broader market, payment processing businesses attract significant capital and command premium valuations. This attractive entry point will enable Mint to leverage the existing capabilities of its UAE payments platform and apply its technology stack to vPay’s established corporate client base.

    Another step in the right direction within Mint Ecosystem. Today, Mint is a significant player with scale, given its status as an independent third-party processor, installed base of 400,000 cardholders, and a mobile wallet with multi-faceted uses. In conjunction with the commercial launch of the Mint mobile wallet, we believe that the entry into the nascent Indian market marks another significant step in the Company’s growing ecosystem and its strategy to become the regional dominant player in payment processing.

    Read the entire news release here

    To find out more about The Mint Corporation, please visit the company’s Investor Hub.

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