Peppermint Innovation’s AI and CX forays ignite rapid growth and new partnerships

Perth-headquartered fintech Peppermint Innovation’s (ASX: PIL) strategic decision to build up its artificial intelligence (AI) and customer experience (CX) operations in late 2023 is already paying off.

The company has secured a number of global AI and CX contracts since reaching an agreement in December to add on XPON Technologies’ (ASX: XPN) established and proven ‘application modernisation’ expertise via the acquisition of two of its wholly-owned subsidiaries XPON Digital and Holoscribe Australia.

XPON Digital – renamed Peppermint Intelligence (PINT) – has secured several key contracts with world-renowned organisations.

Existing PINT client Amnesty International has extended a nine-year working relationship to expand CX-powered software use for the human rights specialists’ global campaigns.

PINT is tasked with creating unique digital campaigns for Amnesty International that drive audience engagement and advocate action against human injustices, consistently exceeding expectations in journey conversion and engagement rates.

Multiple contracts renewed

Peppermint’s managing director and chief executive officer Chris Kain said several other current clients – including Informa Connect, World Television and Action Against Hunger – have also agreed to renew specific projects.

“In December 2023, we forecast the strategic acquisition of XPON Technologies’ AI & CX divisions […] would provide a massive shot in the arm for the company and had the potential to turbocharge our revenue growth in a short space of time,” he said.

“I’m pleased to say PINT has secured combined contracts to the value of more than $525,000 since being acquired in December 2023.”

“These contracts range from two to 12 months, with revenue to be recognised as work is delivered on a monthly basis across the various projects.”

Long-term relationships

Mr Kain said PINT’s ongoing relationship with Amnesty is testament to the skill and expertise of PINT’s team and the quality outcomes it achieves for its customers.

“PINT’s focus is to design and lead innovative strategies that empower products to achieve their full potential and purpose.”

“The team is continually introducing CX optimisations and AI-driven personalisations to improve conversion and retention metrics, in line with its mission.”

PINT is now developing a ground-breaking AI-driven platform for a client that is aimed at matching and monetising people’s skills and experiences with those needing help.

The platform fully automates the end-to-end journey and experience using engagement with AI.

This includes the creation of profiles, building briefs, recommendations of solutions, matching briefs to experts, enhancing user ratings and profiles over time, scheduling sessions and even dispute management.

Expedited progress

“As I’ve previously mentioned, acquiring XPON’s AI and CX team has allowed Peppermint to leapfrog years of development in building similar capabilities, methodologies, frameworks and outputs from scratch,” Mr Kain said.

“During the past 8-9 weeks, we’ve been busy integrating our new AI and CX capabilities across our existing technological delivery capabilities as well as securing new contracts.”

“We are also using our PINT teams’ capabilities to undertake AI enhancement and optimisation on our bizmoto platform, as well as assisting one of our existing co-op clients to deliver a technical enhancement to their platform without having to engage a third-party service provider.”

AI integral to “super cycle”

A number of experts are forecasting the global economy is moving into a new “super cycle”, with AI and decarbonisation two key driving factors.

“According to research published in August 2023 by Statista Market Insights, the global market share of AI services in 2023 was around $365 billion, increasing to $462b in 2024,” Mr Kain said.

“In 2023, the AI market share in the UK alone was around $15b.”

“We believe AI is the single most important technology mega-trend of our generation and we have a clear roadmap to become the most advanced AI-powered lender in the Philippines,” he concluded.