Peppermint's CEO, Chris Kain, is a former banker from Barclays Capital, CSFB, National Australia Bank and Macquarie. He secured the the core technology for Peppermint and in core team - who have been working together in the Philippines since 2009 - just over 18 months ago, after previous management ran into difficulties with a multi-pronged set up in the United States and Dubai.
He says the opportunity in the Filipino remittance markets are large given most money transfers for the un-banked are done manually, with couriers or taxi drivers charging up to 9 per cent to move cash. Peppermint's platform is charging 2.5 per cent to 3 per cent.
A "solid business" could be built from winning 10 per cent to 15 per cent market share, he reckons. Peppermint will also look to expand into international remittances to the Philippines, which receives $US28 billion of remittances annually.
Out of interest, any ideas on what margins guys like Mint Wireless etc are making in Aus? I'm thinking a 2.5-3% margin in the Phillipines is probably quiet reasonable for PIL.
PIL Price at posting:
2.7¢ Sentiment: Buy Disclosure: Held
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