Peppermint has signed a deal with global company TurnKkey Lender. Pic: Getty Images
Peppermint signs strategic partnership deal with global TurnKey Lender platform to power up its bizmoPay app
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The agreement with TurnKey Lender will help Peppermint’s registered bizmoto users to grow their business seamlessly.
Fintech company Peppermint Innovation (ASX:PIL) continues to make progress on its strategic goals, signing a deal with global company TurnKkey Lender that will deliver all the ‘back-end’ support services for bizmoPay.
The agreement will help bizmoto’s user base scale their businesses by means of the “smartest and most seamless lending experience available”, the company said.
“This agreement will allow any of bizmoto’s 55,000+ qualified agents, bizmoGo riders and registered network members to seamlessly apply for micro-enterprise loans to grow their business,” commented Peppermint Innovation’s CEO, Chris Kain.
What is TurnKey Lender
US-based TurnKey Lender offers the back-office engine services to power lending platforms around the world using its artificial intelligence (AI) technology platform.
The company provides businesses like Peppermint with an easy-to-use integrated SaaS platform that is easily adjusted to the business needs of each company.
The software also includes all the functionality required to make the lending process fully digital.
TurnKey’s AI-based solution uses proprietary bank-grade technology and advanced API integrations to automate every step of the lending process from a single cloud-based solution.
According to the company’s website, its technology can seamlessly process up to 460 applications a second.
Delivering financial inclusion to the unbanked and underbanked
The TurnKey deal will assist Peppermint’s primary strategy to provide an alternative non-bank micro-enterprise lending service in its core market of the Philippines.
Kain said his company’s objective has always been to deliver an innovative technology solution to facilitate financial inclusion, micro-business enterprise and consumer convenience to Filipino customers, many of whom are unbanked or under-banked.
To do this, the company is targeting four key business sectors – mobile payments, eCommerce, delivery and logistics, and mobile financial services.
Although Peppermint is currently powering its own bizmoto mobile micro-enterprise platform, the agreement with TurnKey Lender will provide Peppermint with all the ‘back-end’ support services and functionality required to deliver its comprehensive bizmoPay offering.
Key to Peppermint’s goal is the pending approval from the Philippines’ regulator for a financial lending licence.
Once approved, micro-enterprise loans will be made available to qualified bizmoto agents, bizmoGo riders and registered network members.
The company has so far signed up over 55,000 bizmoto agents across the country.
In addition to the deal with TurnKey, Peppermint has recently signed other partnerships with fintech providers to expedite its inroads into the Philippine market.
Deals with ECPay, Cebuana Lhuillier, Bank of the Philippine Islands and GCash have all been signed by Peppermint in the past six months.
This article was developed in collaboration with Peppermint, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
