Mint Corporation (TSXV:MIT) Makes Major Acquisition of 100,000 Payroll Card Portfolio

    Ubika Research believes The Mint Corporation (TSXV:MIT) is firing on all cylinders in its bid to become the preeminent mobile-led FinTech play

    SmallCapPower | October 19, 2018: The Mint Corporation (TSXV:MIT)

    News Release Highlights

    Significant increase in the Company’s cardholder portfolio to 500,000 users, implying a 25% uptick  from the current installed base. On October 18, 2018, The Mint Corporation (TSXV:MIT) announced that through its majority-owned subsidiary, Mint Gateway for Electronic Payments Services in the UAE, it has agreed to acquire a 100,000 payroll card portfolio.

    Watch: The Mint Corporation (TSXV:MIT) CEO Talks About the Company’s Major Acquisition

    The Company’s business model centers around providing the underbanked segment with access to value-added services. Within this framework, key metrics revolve around the increasing number of users that utilize Mint’s services, as well as the average revenue generated per user, that ultimately reflects the extent to which they use the Company’s integrated suite of digital financial services.

    The acquisition plays a key part in the Company’s consolidation strategy. The payroll processing industry in the UAE remains fragmented, with many incumbents offering small cardholder portfolios. We expect the industry to undergo further consolidation, based on economic challenges rising from rising regulatory and compliance standards. Mint, which already has a scalable platform, is well positioned to acquire at lower incremental cost and generate significant value for shareholders on a forward-looking basis.

    Another step in the right direction within Mint Ecosystem. Mint today is a significant player with scale, given its status as an independent third-party processor, installed base of more than 500,000 cardholders, as well as a mobile wallet with multi-faceted uses. In conjunction with the commercial launch of the Mint mobile wallet, we believe that this payroll card portfolio acquisition marks another significant step in the Company’s growing ecosystem and its strategy to become the regional dominant player in payment processing. In conjunction with the recently-announced launch of its mobile app in the UAE, Mint is firing on all cylinders in its bid to become the preeminent mobile-led FinTech play with the ability to offer a full suite of digital financial products.

    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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