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Il y avait une journée de rencontre pour plusieurs compagnie technologique lundi dernier à toronto et mint effectuait un présentation. Voici, en anglais, ce que Chris Hogg a dit .... c'est EXTRÊMEMENT positif..!
Here are what my notes say:
retail/public owns 40% of stock, they have 2,700 clients and about 525,000 card holders, 3rd largest cardholder in uae, largest non-bank cardholder, govt requires all migrant workers to be paid electronically, mint is focused on organic growth with long term contracts b/w 3-5 years, last month there was $200,000,000.00 worth of payroll processed by mint
The foreign worker mindset important to mints outlook - 32,000,000 migrant workers in gulf; typical foreign worker is in mid 20s, they are generally in region working for 6 years, and paid 3-5 times more than in home area, make about $10,000.00 per year and relies on 1) mobile phone, 2) money transfer as they send back about 80% of income, and loans. Mint is in all three. for example, last month min processed $25,000,000.00 mobile top up for its clients
8 of mints top 10 clients are the regions 8 top construction companies
Mint is the largest owner of ATMS for non bank entity with about 180 locations
over next 2 quarters will begin to derive income from Jordan, Saudi, and Egypt
Central bank of Uae recommendation for Mint to speak to various govts in region about biz and encouraging taking the cash out & putting it in plastic to control payment, anti-terrorist, etc.
about 300,000 cards in Niarobi coming
Mint is vertically integrated:
Pay roll cards - $15, mobile top up - $6, load - $125, remittance - $50, equals 196
top 5 managers own 25% of mint
2-3 yr thinks 8-10x return
balance of cards will be completed by january 2013, mobile top ups have been live since july 2012,
overall, mint is cheaper to use than comp western union, $6 to use western vs $4 to use mint, the process is easier too as clients can simply use their phone to transfer the money
Overall, Hogg was very confident
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