Mobile payments company Mint Wireless has made a big investment in technology and people to try to turn around its loss-making business. It made a loss of A$6.3 million for the 12 months to June on revenue of $2.1 million.The company's performance cannot be compared with the previous corresponding period because of significant changes to its operations. It closed a loss-making micro-transactions business and divested a Malaysian subsidiary.It took an impairment charge of $830,000 after scrapping its old mobile payment platform.The most notable feature of the result was a big expense line, which included investment in technology (it upgraded its mobile payment technology to meet chip and PIN standards) and the hiring of more sales and marketing staff.Despite a string of losses (the company has not made a profit since listing in 2007), Mint Wireless's balance sheet is in good shape after it completed a $13 million capital raising in May and renegotiated a $6 million debt facility.In April it appointed a new chief executive, Robin Khuda, who has an IT and telecommunications background. Mint's co-founder Alex Teoh moved from the CEO position to the role of executive chairman.Mint Wireless supplies mobile point of sale terminals and supporting payment infrastructure. During the year it won a contract to supply the accounting software company MYOB.Last year, it entered into an agreement with BNZ to provide BNZ's PayClip mobile payments service. And in April it signed an agreement with Electrolux Home Products to develop a mobile payments solution for Electrolux service technicians.