Peppermint Innovation Ltd raised A$1.102 million through a placement at 1.5 cents per share to sophisticated and professional investors.
The funds are designated for growth in bizmoLoan offerings and advancements in Artificial Intelligence (AI) and Customer Experience (CX).CPS Capital Group managed the placement and will receive a combination of management and placement fees, along with 15 million options.
CPS has also been mandated to provide corporate advisory services to Peppermint for six months.
The capital raise is part of Peppermint's strategy to become a leading AI-powered lender in the Philippines.
Peppermint recently acquired a new AI & CX business division, Peppermint Intelligence, aiming to significantly boost revenue growth.
The acquisition allows Peppermint to bypass years of development in AI and CX, focusing on immediate business growth.
Peppermint Innovation is an Australian company that operates the Peppermint Platform in the Philippines, focusing on mobile banking, payment, remittance, delivery and logistics, ecommerce, and finance technology.
This announcement is a summary of the company approved ASX announcement on 05/3/2024.