Payment provider, Mint Payments (ASX:MNW) has achieved some significant growth milestones in past 12 months in relation to its active user base, certifications, product development and commercialisation of its payments processing services.
But this has come at a cost to the company’s bottomline, which experienced a net loss of $7.23 million for the 2015 financial year ending June 30.
The company attributed the net loss to the investments it has made in product certifications and product development initiatives, which are expected to produce incremental revenue.
Operating revenue during FY15 increased 79 per cent to $3.8 million.
Mint Payments saw its active user base grow to about 4500, processing $40 million in transaction value on its payment platform. This was up from 1800 active users and $16 million in transaction value in FY14.
The overall amount of transactions also increased from 92,000 to 222,000 in FY15.
During FY15, Mint Payments achieved significant product certifications including Chip & Pin, EFTPOS, Remote Key Injection, Contactless and approvals under the Visa Ready and MasterCard Mobile Point of Sale programs.
Mint Payments also expanded its partnership network to include eWay, Tappr, Rewardle and Community CPS Australia (trading as Beyond Bank Australia).
It is also in the process of raising funds through a placement with its investor, Vix Investments to raise $4 million and announced a share purchase plan to raise a further $1 million. The funds will be used to pursue growth opportunities within its omni-payments strategy and make its foray into certain Asia Pacific markets.
In April, Mint launched its newest product portfolio of online payment solutions called Minternet and formed a partnership in May with the Bank of New Zealand, deploying and enhancing its PayClip payments product.