Mint Wireless raises $600,000 in placement

Mint Wireless has raised $600,000 to help fund the enhancement of its Australian mobile payment system.

Australian mobile and digital payment company Mint Wireless (ASX:MNW) has raised $600,000 through a placement to institutional investors.

In a market filing, the company revealed it had placed 35.9 million new shares at 1.7 cents per share.

Part of the proceeds will be put towards the development of EFTPOS and additional smartphone functionality for Mint's Australian mobile payment system.

Mint Wireless operates a .Net based transaction management system called the Dynamic Transaction Switch. The payment system server is hosted at Tier 1 data centres in Melbourne and Sydney.

The company clinched a potentially major deal in March to roll out its mobile payment solutions across 130 airports operated by European airline EasyJet.

In the filing, Mint Wireless also revealed that following the signing of this deal, it had fielded a number of enquires from Australian and UK merchants looking to adopt the system themselves, and is in “advanced discussions with a number of parties.”

The company is also involved in deploying micro-transaction terminals in Malaysia, and is in talks with distributors in Southeast Asian and other countries to expand this project to more markets.

MNW shares stayed flat in Monday's trading to $0.018.

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