Peppermint Innovation Secures A$2.1M Investment as User Base Grows 10%

• A$2.1 million strategic investment from Philippine payments partners
• Registered users grow 10% to 63,427 across 199 cooperatives
• Wallet prefunding hits ₱210.95 million, signalling strong platform trust
• Successful rollout of QRPh Person-to-Merchant payment capability
• Obsidian dispute resolved, clearing path for ASX reinstatement

Strategic Investment Validates Regulated Payments Platform

Peppermint Innovation Ltd (ASX:PIL) secured a A$2.1 million strategic investment in the March quarter from Philippine payments sector players Optimal Payments Place Inc. and Tsunami Financial Solutions Inc. This capital injection not only fuels growth but also serves as a strong endorsement of Peppermint’s regulated infrastructure and Electronic Money Institution (EMI) licence, critical for accessing national payment rails. The backing from established local partners underscores Peppermint’s increasing relevance in the Philippines’ fast-evolving digital payments landscape, as it pivots from platform development to commercialisation.

All funds from the placement have been received, with shares issued following shareholder approval in late April. This follows the initial tranche of the raise reported earlier in the year, marking a full close on the A$2.1 million capital boost. The investment aligns with Peppermint’s focus on expanding transaction frequency and building recurring revenue streams through deeper engagement with cooperative members and merchants.

User Growth and Wallet Prefunding Signal Platform Traction

Registered users of Peppermint’s Pinoy Coop Mobile (PCM) platform climbed approximately 10% quarter-on-quarter to 63,427, spanning 199 cooperatives within the MASS-SPECC network. This growth was driven by targeted onboarding initiatives such as General Assembly activations, which remain effective in scaling member acquisition and engagement. The expanding user base is increasingly supported by strong wallet prefunding, with PCM wallet balances reaching ₱210.95 million in Q1 2026; representing nearly 43% of total prefunding achieved in all of 2025.

Transaction volumes remained stable during the quarter, with ATM-to-bizmoto cash-in transactions totaling ₱182.25 million across 39,628 transactions, and InstaPay/PESONet transfers maintaining ₱178.44 million with a 7% increase in transaction frequency. These figures suggest that while transaction values are steady, users are transacting more frequently, indicating deeper integration of the platform into everyday financial activity.

This steady growth in wallet prefunding and transaction activity builds on the momentum from the previous quarter, where Peppermint reported robust wallet funding and transaction surges across the cooperative sector, as detailed in their wallet prefunding and transaction volumes update.

Advancing Payment Technology and Merchant Services

During the quarter, Peppermint successfully rolled out the QRPh Person-to-Merchant (P2M) payment capability, with receiver functionality now live and full commercial rollout targeted for May 2026. This development marks a significant expansion beyond peer-to-peer wallet transactions, enabling users to pay merchants directly and broadening use cases across the platform.

The company also progressed integration with national payment infrastructures, including ongoing work toward PESONet direct participation, while maintaining full connectivity to InstaPay and QRPh rails. Platform performance remained robust, with transaction success rates consistently between 99.7% and 99.9%, reflecting a secure and scalable system ready to support higher volumes and new payment services.

Efforts to onboard merchants and expand payment acceptance points are accelerating, supported by the strategic investment and growing industry partnerships. This focus on payment processing and merchant services aims to increase transaction volumes and generate recurring, transaction-based revenue streams.

Legal Resolution Clears Path for ASX Reinstatement

Crucially, Peppermint resolved the previously disclosed monetary dispute with Obsidian Global GP LLC during the quarter. The settlement agreement released the company from all claims, with the final cash payment made on April 30th. This resolution removes a significant overhang, allowing management to concentrate on operational growth and commercial execution.

With the Obsidian matter settled and fresh capital secured, Peppermint is advancing its application for reinstatement to trading on the ASX, pending satisfaction of the exchange’s requirements. The company continues to engage with funding partners and industry participants to bolster its capital position as it scales transaction activity.

This legal and financial progress builds on Peppermint’s earlier settlement of statutory demand reported in late 2025, marking a turning point in the company’s recovery and growth trajectory.

Cash Flow and Operational Efficiency

Peppermint reported an operating cash outflow of A$653,000 for the quarter, reflecting ongoing investment in platform development, marketing, and staff costs. However, net cash increased by A$50,000 due to financing activities, leaving the company with A$637,000 in cash and equivalents at quarter-end. The company estimates approximately one quarter of funding runway at current operating levels but anticipates improved cash flow from increased transaction volumes and commercial activity starting in Q2 2026.

Administrative and remuneration expenses remain the largest cash outflows, consistent with a company transitioning from development to commercial operations. Continued focus on platform scalability, security, and merchant onboarding will be critical to sustaining growth and moving toward profitability.

Bottom Line?

Peppermint Innovation’s strategic capital raise and legal resolution lay groundwork for scaling its payments platform, but execution and ASX reinstatement remain key near-term milestones.

Questions in the middle?

• How quickly can Peppermint convert registered users into active transacting customers?
• What impact will the QRPh P2M rollout have on transaction volumes and revenue?
• When will ASX formally reinstate Peppermint’s shares for trading?