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Newly licensed RevoluPAY taps global remittance market

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RevoluPAY, a wholly owned Spanish subsidiary of Canada’s RevoluGROUP, is gearing up its one-stop shop of services for the global remittance market.

The app offers a range of services which allow remittance beneficiaries to do more with the cash sent to them from overseas.

RevoluPAY advert for remittance story

RevoluPAY’s primary focus will be on the unbanked market

The Spanish subsidiary, founded in 2018, is the product of 1982-founded RevoluGROUP’s shift to fintech in 2017.

PSD2 licence win

The fintech landed its licence under the Second Payment Services Directive (PSD2), from the Central Bank of Spain at the end of May.

This means RevoluPAY’s app-linked Visa card can process unlimited amounts of cashflow. Previously, the firm said it was “shackled by transaction volume limitations”.

“We have accrued around 12,000 users during beta trials across Android and iOS,” CEO, Alfredo Manrease Ruiz, tells FinTech Futures.

Manresa Ruiz notes that landing its PSD2 licence means it can grow “rapidly”, having already built its infrastructure and software systems.

The app

RevoluPAY’s primary focus will be on the unbanked market, which Manresa Ruiz says is “ten times” bigger in size than the world’s banked population and “thus attractive”.

“The unbanked tend to be remittance beneficiaries from one source or another,” says the CEO. “Those people historically receive cash remittances […] and thus, [are] limited to buying things locally”.

With RevoluPAY’s app, remittances are sent digitally. This means beneficiaries can choose whether to cash-out with one of the fintech’s local partners, or to spend the money via the app at retail and online partners.

These partners allow users to add phone minutes, book travel, buy software, video game credits or retail products, as well as send gift cards.

Partners include Xbox, Spotify, Tesco, Starbucks, IHOP and Amazon. Users can earn 2% of their order amounts in rewards.

According to its website, RevoluPAY will also offer financing for self-employed workers, international companies and project work.

It also says it will offer a ‘RevoluMED’ feature so users can make healthcare and health insurance payments with their remittances.

RevoluPAY app

The fintech has said it is in the process of acquiring Money Services Business (MSB) licenses in the US

“On the flip side, for banked citizens our proposal is entirely different,” says Manresa Ruiz.

This offering will help banked customers with travel expenses, saving on foreign exchange and storing multicurrency accounts.

Remittance corridors

Still at embryo stage, the fintech is continuing to flesh out its financial partner list.

Last month, it signed a deal with Nigerian fintech Flutterwave. This has opened up remittance corridors to 46 African countries for RevoluPAY.

This year the start-up also landed a deal with Latin American money transfer service Argenper. This partnership means RevoluPAY users can pick up remittances via 3,000 of Argenper’s agencies across Argentina, Peru, Chile and Ecuador.

Its partnership with Russia’s national payment system Mir Card covers corridors to Russia, Vietnam, Thailand, the UK, Tajikistan and Turkey.

The fintech says it is in the process of acquiring Money Services Business (MSB) licenses in the US, starting with Florida.

With its newly acquired PSD2 licence, the start-up is confident that its MSB licences will “be expeditiously granted”.

What next?

Manresa Ruiz says the fintech will continue to deploy its two verticals, ‘RevoluMED’ and ‘RevoluESPORTS’.

He says the start-up is working on four others but is “unable to divulge [further] at this time”.

The company generates its revenue from user transaction fees, as well as though partner and merchant commissions, and foreign exchange spreads.

“Through our verticals, we also receive cyclical commissions from the wholesalers of the services rendered,” Manresa Ruiz adds.

In January, parent company RevoluGROUP announced it had closed an “oversubscribed” $1 million private placement. It used the capital to expand its presence in the US and drive marketing.

Read next: Nigerian paytech Flutterwave raises $35m, partners with Worldpay

Source: https://www.fintechfutures.com/2020/06/newly-licensed-revolupay-taps-global-remittance-market/

Blockchain

Fintech Firm Rapyd Launches Local Payment Solution in Mexico

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Rapyd, a global fintech as a service company, announced this week that it has launched a single “full-stack” integrated local payment solution in Mexico, in partnership with several major Mexican payment providers.

The new payment solution, which follows on from the company launching a similar solution in the UK, allows local and global companies to access every local payment method through one API, contract, and reconciliation service. Rapyd has launched this new solution in partnership with Banregio, RedEfectiva, Cacao Paycard and others.

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Through its platform, businesses in Mexico can accept major local payment methods, including cash, bank transfers, and cards through a single connection. Furthermore, through the solution, businesses are able to disburse funds through bank transfers, cards, and push to cards in Mexico as well as globally.

Eric Rosenthal of Rapyd
Eric Rosenthal, VP and MD for the Americas at Rapyd
Source: LinkedIn

Commenting on the new solution, Eric Rosenthal, Vice President and Managing Director for the Americas at Rapyd said in the statement: “Mexico is one of Latin America’s high-growth markets. Our full-stack launch will contribute greatly to Mexico’s growing economy by helping local businesses digitize the acceptance of all payment methods in ecommerce marketplaces, digital platforms, gig economy, lending companies, neo-banks, and others. 

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“Our platform also enables global businesses to accept every major local payment method through one, powerful and simple API integration, removing the complexities of fragmented payment infrastructures and allowing global companies to quickly service the growing Mexican market.”

Rapyd solution allows for business expansion abroad

One of the main bonuses of the solution, according to Rapyd, is that the integrated payments network allows companies to integrate complex local payments systems simultaneously. This, therefore, can facilitate the expansion of local businesses abroad, the company said.

“At Banregio the success of our customers is our mission. We work every day to offer innovative financial solutions and strive to be part of the growth of businesses in Mexico. Rapyd is one of our loyal partners and we are proud of this launch,” added Pedro Valenzuela, Head of Marketing at Banregio in the statement. 

“We look forward to being a part of Rapyd’s solution as they aim to increase the ability for Mexican consumers to access the global ecommerce market and for businesses to significantly improve user experience in Mexico, throughout Latin America and around the world.”

Source: https://www.financemagnates.com/fintech/payments/fintech-firm-rapyd-launches-local-payment-solution-in-mexico/

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SoFi Applies for a US National Banking Charter

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SoFi, an online student lender, has filed for a national bank charter with the Office of the Comptroller of the Currency, taking a step towards becoming a bank, Business Insider reported on Thursday.

If approved, this will enable the fintech company to directly offer loans to its customers without the involvement of any partner banks.

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“We firmly believe that by pursuing a national bank charter, we will be able to help even more people get their money right with enhanced value and more products and services,” Anthony Noto, chief executive at SoFi, said.

This the second attempt of the fintech to gain a banking license as it also applied for the same in 2017, but later withdrew following the departure of its senior executives including its former CEO Mike Cagney for allegations of sexual harassment.

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The recent application to form “SoFi Bank, National Association” is being reviewed by the OCC, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC).

Fintechs are taking a direct shot at banking

SoFi is one of the most well-funded Silicon Valley fintech to date, raising $2.3 billion since its inception. The company made its name by offering cheap refinancing options to college students during the Great Recession of 2008 and 2009 when the big banks were cautious in any risky financial step.

Apart from its core offerings, SoFi was also jumped into other areas of business including crypto trading. The company also bought Galileo, a digital payments company, earlier this year, for a $1.2 billion cash-and-stock deal.

The startup also expanded into Asia after the acquisition of the parent firm of Hong Kong-based online brokerage 8 Securities.

Meanwhile, SoFi is not the only US fintech to attempt for a banking license. LendingClub, anther online lending platform, gained the same license with a $185 million acquisition deal of Radius Bancorp. Twitter CEO’s fintech startup Square also received approval from FDIC for launching a bank charter.

Source: https://www.financemagnates.com/fintech/news/sofi-applies-for-a-us-national-banking-charter/

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Australian Neobank 86 400 to Prepare for Series B Funding Round, as it Focuses on Helping Customers Earn More from their Savings

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Australian neobank 86 400 has reportedly moved to its next phase of growth only a year after being awarded a banking license. The digital bank says that it will be focusing on helping its customers with new ways to earn more money from their savings.

The management at 86 400 says it will be working on a Series B funding round. The banking challenger noted that it will continue to work cooperatively with Morgan Stanley. 86 400 claims that there has been strong early interest from various Australian and foreign institutional investors.

The digital bank finalized a Series A investment round in April 2020, during which it secured $34.5 million in capital. The Australian challenger bank has raised a total of  $90 million, to date.

According to 86 400, its main achievements in the past year include:

  • Successful launch of everyday banking products, and began to work on various “over the top” financial products that might not be available at other banks;
  • Became the first bank to provide digital mortgages in Australia;
  • Recruited 10 new staff members since COVID-19 outbreak;
  • Launched five new products after pandemic and lockdowns began;
  • Performed a major upgrade to core technologies during these challenging times

The digital bank claims that consumers have opened over 225,000 accounts on its platform. The 86 400 team revealed that they’ve accepted over $300 million in customer deposits and handled more than $1 billion in transactions in the past year.

Robert Bell, CEO at 86 400, stated:

“With so much economic uncertainty at the moment, it’s more important than ever Australians feel on top of their finances. Our next phase of growth is going to do just that – deliver the features they wouldn’t expect from a traditional bank, which will help customers budget better, spend wiser and save more.”

Bell added:

“And with great interest rates, and smart features like our upcoming bills prediction and Energy Switch, we’re confident we can help each customer save as much as $3000 over the next 12 months. Australians have long called out for a smarter approach to banking, and together that’s exactly what we are building.”

Chairman Anthony Thomson remarked:

“Building a bank is not an easy thing to do and it’s great to see the number of those who’d recommend 86 400 as a place to work has risen three-fold since license.”

There are currently 109 professionals working at 86 400. In July 2019, the bank reported that it had 85 employees, which was before it acquired a banking license.

Source: https://www.crowdfundinsider.com/2020/07/163837-australian-neobank-86-400-to-prepare-for-series-b-funding-round-as-it-focuses-on-helping-customers-earn-more-from-their-savings/

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