Melbourne-based boutique investment manager Acorn Capital has made a substantial investment in ASX-listed mobile payments firm Mint Wireless.
The micro-cap specialist has purchased 31,000 shares from the directors of TAAJ Corporation, which include the founders of the business, and are now a new substantial shareholder in the company.
The investment follows the launch of its app development platform for iOS and Android to take advantage of burgeoning mobile Point-of-Sale (POS) transactions.
‘Mintegrate’ targets developers building mobile applications for small and medium enterprises who are increasingly shifting toward mPOS services to collect payments using tablets and smartphones.
According to the Australian Bureau of Statistics there are more than two million small to medium enterprises representing almost 96 per cent of all Australian businesses, and Mint aims to grow its mPOS market share through SME’s.
Mint Wireless estimates the value of mPOS transactions in Australia will rise to US$7 billion in 2014, with the potential to grow to US$20 billion in 2016.
Mint Wireless chief executive, Alex Teoh, said it offered Australia’s first simple, yet powerful, mobile payment integration for developers.
“Having developed mobile payment solutions for the market since 2007, Mint Wireless has built on our experience and heritage to deliver a bank–grade and industry compliant solution that will exceed the expectations of developers, their customers and end users,” he said.