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.