Mint Wireless raises A$3 million of expansion capital

Mint Wireless completed a share placement on Friday, raising A$3 million of new capital. The company said proceeds of the placement would be used to develop its mobile payments' platform in Australia and New Zealand.

Mint's mobile payments technology allows merchants to accept payments on smartphones and other mobile devices.

The company has forecast that mPOS (mobile point-of-sale terminal) transactions in Australia will be worth A$7 billion in 2014, growing to $20 billion by 2017.

Last month, Mint signed a deal with the accounting and business software company, MYOB, to integrate Mint's mobile payment system with MYOB software. Under the agreement, Mint will receive a licence fee from MYOB, as well as a proportion of the transaction fees from users of the mobile payment solution once it is incorporated into MYOB's software.

Last week, the company announced that it had also signed a distribution contract with National Australia Bank's New Zealand subsidiary, BNZ, to distribute mPOS terminals.