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Mint Wireless records $4.4 million half yearly loss

Mint Wireless records $4.4 million half yearly loss

The net loss up 169 per cent on the previous year

Online shopping

Credit card and a network cable representing online shopping.

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Mint Wireless has reported a $4.4 million net loss in its 2014 half yearly results following a $10 million capital raising.

According to a company statement, the loss position, which was up 169 per cent on the previous year, reflects the investment in sales, marketing and product development.

The company posted operating revenue of $1.1 million, a 33 per cent increase on the corresponding period.

These results reflected the company's mobile payments solutions being adopted by a growing base of distribution partners.

In the first half the year the company launched its new EMV-compliant chip and pin card readers for tis key foundation customer, MYOB, through their mobile payment solution MYOB PayDirect.

It has now grown its active user base to more than 3,000 users, processing about $30 million in transaction value on the Mint Payments platform.

The company also strengthened its distribution network by entering into agreement with new strategic customers and partners, including Community CPS Australia Limited, trading as Beyond Bank Australia, one of Australia's largest mutual banks and Auscabs, a provider of mobile payment solutions targeting the taxi market in Australia.

A number of product certifications were obtained during the half year including chip and pin, EFTPOS, remote key injection and contactless, which took longer than expected, and has affected the speed of user roll out for major customers.

The company continues to work with its distribution partner to actively deploy the solution to the A/NZ market.

The company expects the monthly growth of active users and transaction value significantly increased in the second half of the year.

Having now completed the product build phase, including investments in operational support, technology and compliance certifications, the company will be focused on driving sales growth and increasing revenue during the next period, according to a company statement.

With the core platform and certifications now being completed, resource requirements have been reduced to align with its lower resource need to deliver on its future product roadmap.

It will launch a "card not present" payment product offering at the beginning of the fourth quarter, which rounds out the product set and completes the "omni channel payments strategy for the company.

"This channel is seen as high growth potential and highly complementary to Mint's card present mobile payment product offering," according to a statement.

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