Peppermint Innovation’s bizmoLoan revenues increase 178% quarter-on-quarter

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By Imelda Cotton - 
Peppermint Innovation ASX PIL bizmoLoan revenue increase 2023

Australian fintech company Peppermint Innovation (ASX: PIL) has spent the three months to end September “sharply focused” on the development of its bizmoLoan mobile app lending service and electronic money issuer (EMI) wallet as key streams of new revenue.

The company’s bizmoLoan offering continued to evolve during the period, resulting in a 178% increase in gross loan book revenues compared to the June quarter.

The total number of loan applications increased by 106% while the actual number of loans approved in the same period dropped by around 40%.

The increase was primarily due to a high level of interest generated by short-term employee loans and micro-business loans launched early in the quarter.

AI tools

Advanced artificial intelligence (AI) tools are being adopted to streamline bizmoLoan products and enhance the customer experience.

They have been considered critical to scaling the company’s loan services, automating loan processing and personalising the customer journey.

It is expected the integration of AI will lead to greater market penetration, improved borrower satisfaction, better lead conversion rates and increased profitability.

Strategic partnership

During the quarter, Peppermint secured a five-year strategic partnership with the Philippines’ largest regional co-operative federation, MASS-SPECC.

The deal will allow it to develop, deliver and service MASS-SPECC’s Pinoy Coop app via the white labelling of its EMI wallet and mobile banking app.

The updated Pinoy Coop app — which will be tagged Built on Bizmoto / Powered by Peppermint — is forecast to deliver substantial revenue to Peppermint when it is rolled out later this year to MASS-SPECC members.

Peppermint has also locked in a two-year contract extension with Filipino health management organisation Co-operative Health Management Federation enabling its EMI services to be offered to the 58,000 customers and more than 820 health providers across 185 co-operatives.


In September, Peppermint’s wholly-owned subsidiary Peppermint Bizmoto Inc (PBI) was issued two certifications by the Bangko Sentral ng Pilipinas, commonly known as the Central Bank of the Philippines.

PBI received a Certificate of Registration as operator of a payments system and a Certificate of Eligibility for membership to the Philippines Payments Management Inc regulatory body.

The certifications allow direct connection to the nation’s PESONet and InstaPay retail funds transfer services.

It also allows PBI to operate its payments platform outside of the closed loop of bizmoto users and ensures that its role as a payment service provider stays at a high standard.