Kuwait-based investment company Noor Telecom
has signed an investment deal worth $3m with prepaid card provider
Mint Middle East.
Canada-based Mint will use the investment to
finance expansion of its prepaid corporate payroll business in the
region. The Middle Eastern prepaid market is seen as ripe for
growth because of government efforts to replace cash usage with
corporate prepaid payroll cards.
The Saudi and UAE central banks have
introduced regulation to make corporates that pay employees with
cash to implement payroll or prepaid cards.
“This is another milestone in the expansion of
Mint’s prepaid and payroll card business in the emerging markets at
a time when the business has turned cash positive for the first
time,” said Chris Hogg, Mint CEO.
“We have secured not only expansion capital
but also a valuable partnership with one of the Middle East’s most
respected financial investment companies.”
Mint was Canada’s first provider of prepaid
products. It works with partners to customise prepaid card
programmes. The company’s prepaid products include general options
for underserved, youth and employee payroll clients.
In a statement, Noor Telecom, a specialist
telecoms investment company, said it would provide Mint with $3m
over six months to support Mint’s working capital requirements.