The Mint Corporation (TSX-V: MIT) (OTCQB: MITJF) (“Mint”) is pleased to announce that its majority-owned subsidiary, Mint Gateway For Electronic Payments Services LLC (“MGEPS”), based in the United Arab Emirates (UAE), has successfully completed the acquisition of the 100,000 payroll card portfolio from a financial institution in UAE and migrated over 100,000 payroll card accounts on to its globally certified payments platform.
Mint had announced the acquisition of this payroll card accounts from a financial institution in UAE on October 18, 2018, and the portfolio acquisition and migration was approved by UAE Central Bank among other compliance procedures leading to this successful addition to our cardholder base.
“We are starting 2019 strong and are pleased to announce that this acquisition and migration of the card portfolio was completed on schedule and is a testament to the strength of our team and our next generation world class technology platform. We also expect this to be accretive to our revenue. This acquisition has enhanced our payroll card portfolio to now over half a million cards and we intend to offer the full suite of Mint’s digital financial products to this customer-base via our feature rich mobile application. Mint is becoming a market leader in the UAE and, with this acquisition, we gain access to new customer relationships and our assessment suggests there is room for further growth in our cardholder base from this portfolio acquisition and beyond from our strong pipeline of opportunities.” states Abdul Razzak Al Abdullah– Chairman & CEO of MGEPS
Mint intends to roll-out its mobile application to the new payroll accounts which will enable them to link their payroll cards to the mobile application, access a wide range of services to manage their salary accounts and avail a wide array of digital financial services that Mint offers via its mobile application.
“We believe 2019 is going to be a transformational year for Mint. The growth of our payroll cardholder base combined with an expanded suite of mobile enabled digital financial services will be key drivers of revenue growth within our UAE operations. We not only provide a payroll disbursement service to our employer clients, but also provide a globally accepted MasterCard / UnionPay payment card with a linked feature rich mobile application that is the de facto bank account for their underbanked employees. The services offered on our app increases the value that each customer brings to us. Globally, fintech companies with a sizable customer base attract great market visibility and are richly valued. As Mint scales up and offers the full range of digital financial services as per our business plan, we believe we can substantially increase Average Revenue Per Customer (ARPU).” says Vishy Karamadam, Chairman & CEO of Mint Corporation.
Mint also announced that the Board of Directors has approved the grant of incentive stock options to purchase up to 3,000,000 common shares at an exercise price of $0.13 per share to directors, officers and employees of the Company. The options are exercisable until February 20, 2022.
Forward looking Statements
This news release contains forward-looking statements. Forward-looking information includes the statement that, as Mint scales up and offers the full range of digital financial services, Mint can substantially increase Average Revenue Per Customer (ARPU). The forward-looking statements are based on certain expectations and assumptions made by Mint. Although Mint believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because Mint can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. The actual increase in ARPU, and the timing of any increase, will depend on the speed with which new digital financial services can be added to Mint’s mobile app, the timing of regulatory approvals associated with those services and the rate of customer adoption of those services. The forward-looking statements contained in this press release are made as of the date hereof. Mint disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.