Why the Peppermint (ASX:PIL) share price is falling today

The Peppermint Innovation (ASX: PIL) share price has fallen 14% today after the company shared what looked to be good news.

| More on:
A man wearing glasses and a checkered shirt looks gobsmacked as he puts his hand to his cheek, representing the fall of the Zip share price is cheek

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Peppermint Innovation Limited (ASX: PIL) share price has fallen 14.7% today, despite good news from the company. This morning, the financial technology company announced it has signed an agreement with the Philippines' largest micro-financial services provider.  

The agreement will allow users of Peppermint's Bizmoto product to withdraw and deposit money at 2,500 shops in the Philippines.

At the time of writing, the Peppermint share price is 2.9 cents, down from Friday's closing price of 3.4 cents. Let's look closer at why the Peppermint share price is falling today. 

Peppermint's agreement with Cebuana Lhuillier

The agreement announced today will allow users of Peppermint's Bizmoto platform to withdraw and deposit money in any one of Cebuana Lhullier's 2,500 storefronts.

Bizmoto is a Philippines-based fintech product for micro-business owners and entrepreneurs. It allows users to receive and manage payments securely and easily.

According to Peppermint, Cebuana Lhuillier is the Philippines' largest and leading micro-financial services provider.

Under the agreement, Cebuana Lhuillier will earn a fee when Bizmoto agents deposit money to the platform at one of its shops.

Peppermint also takes a fee when users perform transactions on the platform.

Today's news from Peppermint comes just weeks after the company made a deal with the Bank of Philippines (BPI).

The agreement with BPI will see users able to transfer money from the bank onto the Bizmoto platform.

Commentary from management

Peppermint managing director and CEO Chris Kain said the latest agreement increased the platform's convenience and accessibility.

It is yet another 'brick in the road' as we build out our bizmoto ecosystem, further integrating our bizmoto platform into the established Philippines' payments industry as we seek interoperability across the digital payments landscape throughout the Philippines.

Peppermint aims to continue to align itself with strategic and established partners across the Philippines' payments landscape to ensure the bizmoto platform and ecosystem of services is convenient and accessible to as many Filipino people as possible.

 Peppermint share price snapshot 

The Peppermint share price is currently in a unique position. Until late February of this year, the company's shares had been frozen for nearly 18 months.

Peppermint has been listed on the ASX since 2008, with its highest closing price occurring in October 2009, when it closed at 37 cents. When it was frozen, the Peppermint Innovation share price was a comparatively measly 1 cent.

Since it started trading once more in February, Peppermint Innovation share price has risen and fallen a number of times. Though, it is currently right where it started a few months ago.

The company has a market capitalisation of around $54 million, with approximately 1.5 billion shares outstanding.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Coles, Liontown, Lovisa, and Wildcat shares are dropping today

These ASX shares are having a difficult session. But why?

Read more »

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.
Materials Shares

Why are ASX lithium shares like Pilbara Minerals crashing on Tuesday?

Lithium stocks are getting another whack today.

Read more »

Miner and company person analysing results of a mining company.
Materials Shares

Up 2,150% in a year, why is the Wildcat Resources share price crashing today?

Investors appear displeased with Wildcat's latest update on the Tabba Tabba project.

Read more »

Happy couple enjoying ice cream in retirement.
Share Fallers

2 classic ASX 200 shares you can buy for cheap now to hold for years

Experts reckon these well-known stocks are in a temporary dip that shrewd investors could take advantage of.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Cettire, Fletcher Building, Lake Resources, and Nick Scali shares are falling today

These ASX shares are having a tough time on Monday. But why?

Read more »

Businessman puts hand over eyes on a sinking boat in ocean
Materials Shares

Down 80% in a year why are Lake Resources shares tumbling again today?

ASX lithium stock Lake Resources is under selling pressure again on Monday.

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why Ampol, Calix, Collins Foods, and Propel shares are tumbling today

These ASX shares are ending the week in the red. But why?

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Australian Finance Group, Chalice, DroneShield, and ResMed are sinking today

These ASX shares are having a tough time on Thursday. But why?

Read more »