Expansion of Peppermint’s micro-business pilot program BizmoGo Delivers continued throughout metropolitan Manila after its launch in April this year.
BizmoGo provides registered riders with accreditation and training on how to build their own micro-business combining the Bizmoto mobile app, which is powered by Peppermint, and a motorcycle.
Almost 100 merchants have subscribed to the deliver program and BizmoGo delivery riders are now deployed in three key regions around metropolitan Manila.
Peppermint managing director & CEO Chris Kain, commenting on the June quarter activities, said the company had delivered another strong quarter of growth with cash receipts up to $257,000, “representing a 14% increase on our March quarterly results which was a good outcome given the capital constraints we dealt with during the period.”
He continued: “The result is largely due to successfully meeting our operational objectives, including the registration of additional Bizmoto agents, driving mobile app downloads and utilisation rates for those agents.”
Kain also said operational objectives included: “Increasing ‘e’-wallet loading and activations, deploying our BizmoGo delivery riders to two regions around Manila and acquiring new merchants for our BizmoGo offering.”
Testing of Bizmoto’s e-commerce platform BizmoTinda, which act as a portal for sellers to offer a range of products and services, continued throughout the quarter.
The platform is open to three categories of sellers: strategic suppliers with both online and offline selling models; merchants who participate in the BizmoGo delivery programs; and registered Bizmoto agents who wish to sell their product to and through other agents.
In late April PEGG Capital Limited agreed to increase it equity in Peppermint through a $2 million placement at a premium of 2.5 cents a share.
It offered to make available an additional $3 million in funding to Peppermint over time, increasing PEGG Capital’s funding offer to Peppermint to $5 million in total.
In the interim Peppermint has drawn down a total of $827,000 from a $1.5 million convertible note facility placed at 2.5 cents per share with Melbourne-based sophisticated investor Caason Group.
Kain continued: “In May, we formally launched our mobile app that was developed for the Co-operative Health Management Federation (CHMF), a premier technology-based organisation that allows cashless utilisation of member insurance accounts through its national network.
“We look forward to developing the next phase of the mobile ap for CHMF which will include the development of a wallet, QR code payments and other member-to-member functionalities.”
“Peppermint will continue to focus on the co-operative sector throughout the Philippines which provides us with access to members throughout regional and rural areas and is another important building bloc to help the company deliver financial inclusion to the people of the Philippines.”
In June Peppermint was named one of the world’s 50 ‘inclusive’ Fintech companies for driving financial inclusion and tailoring services and solutions for unbanked people in the Philippines.
As an “inclusive Fintech 50” company, judges of the global event said Peppermint “demonstrated the power of financial technology to expand access, usage and quality of financial services in advanced and emerging markets.”
Kain added: “We are incredibly proud to be named a global ‘Inclusive Fintech50” winner and believe the award justly recognises our business model and our company’s vision.
“In terms of funding, the $2 million PEGG Capital placement is imminent with regulatory foreign exchange and banking jurisdictional clearances currently being processed.
“The company has been in daily contact with PEGG Capital with respect to the delivery of this funding, which is unanimously recognised as the best outcome for Peppermint’s growth objectives and, ultimately, all of Peppermint’s shareholders.”