Toronto's Mint Invests US$850,000 in Indian Mobile Payment Company

The Mint Corp., a Toronto-headquartered globally certified payments company, has obtained an option to acquire a 75 per cent ownership interest in vPay, a mobile payment solution business in India. vPay is a rapidly-growing, fully-integrated payment automation gateway business with blue-chip Indian corporate clients and is currently operating as a business division of vMobo Inc. Mint has invested US$850,000 to acquire an eight per cent secured convertible promissory note issued by vMobo Inc., with an option to invest an additional US$1.15 million to acquire an additional note. The investment in vMobo gives Mint a one-year option to acquire a 75-per-cent ownership interest in vPay for an additional investment of US$1 million into vPay. vMobo has agreed to transfer the vPay assets into a separate company. vPay, once divested from vMobo, will own all the assets, intellectual property and technology of its payment solution platform, and the client relationships for its payment services.

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