19.03.2024 13:00:07 - dpa-AFX: GNW-Adhoc: RevoluPay Announces Strategic Agreement with SHIFT Financial Services Ltd.
Vancouver, BC, March 19, 2024 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-
V: REVO (http://web.tmxmoney.com/quote.php?qm_symbol=revo)), (Frankfurt: IJA2
(https://www.boerse-frankfurt.de/equity/revolugroup-canada-inc)), (Munich:
A2PU92 (https://www.boerse-muenchen.de/Aktie/CA76156R1029)) (the "Company") is
pleased to announce that RevoluGROUP, through its wholly owned subsidiary
RevoluPAY, has entered into a strategic collaboration with SHIFT Financial
Services Ltd. ("SHIFT"). This collaboration offers SHIFT intermediary transfer
solutions for core, high-value, and high-margin payment transactions, leveraging
the RevoluPAY innovative multi-currency payment solutions catering to the
dynamic needs of global businesses and consumers.
"Our collaboration with SHIFT is a testament to our commitment to providing top-
tier financial solutions that meet the evolving demands of the global market,"
commented Alfred Manresa, Director of RevoluGROUP and General Manager of
RevoluPAY. "Together, we are setting a new standard for multi-currency
transactions, driving the digital payments revolution forward."
The agreement sets forth a detailed operational framework that encompasses
intermediary services for processing international transactions streamlined
through the RevoluPAY platform. SHIFT has concluded extensive compliance and
transaction testing, delivering global transactions exceeding USD $400,000 in
under a week and is prepared to rapidly scale up transactions to support clients
evolving requirements.
Update on the Erik Riveros Agreement
RevoluGROUP is also excited to announce an initial verbal agreement with Mr.
Erik Aaran Lara Riveros, marking a significant milestone in our commitment to
innovate within the financial sector. This agreement, built on mutual respect
and a shared vision for the future, underscores a firm foundation of trust and
collaboration. A key highlight from our discussions includes Mr. Riveros's
commitment to a $647,000 penalty payment, demonstrating his strong belief and
confidence in the shared objectives. This amount will be held in trust as both
parties enter into a formal agreement to solidify our strategic partnership,
aiming to substantially increase transaction volumes and secure a financial
injection of up to CAD 12.47MM by Mr. Riveros into RevoluGROUP Canada Inc.
Moving forward, both parties are focused on finalising the written agreement and
completing the due diligence to ensure a seamless and prompt finalisation.
RevoluGROUP will keep its shareholders informed of any developments throughout
this process.
"Mr. Riveros's commitment and financial backing are paramount to accelerating
our mission of revolutionizing the financial ecosystem.", remarked Gavin
McMillan, CEO of RevoluGROUP Canada Inc. "This partnership is an excellent
example of the mutual dedication to innovation, and we look forward to rapidly
concluding the steps necessary to move forward quickly and efficiently."
About SHIFT Financial Services
SHIFT Financial Services Ltd., based in the UK, has rapidly established itself
as a leader in the fintech space, specialising in providing innovative and
secure payment solutions that cater to a diverse clientele ranging from
individuals to businesses. With a focus on compliance and customer satisfaction,
SHIFT utilises state-of-the-art technology to ensure that each transaction is
fast and secure, offering its users peace of mind. The company is authorised by
the Financial Conduct Authority (FCA) and regulated by HMRC, underscoring its
commitment to adhering to the highest standards of regulatory oversight. SHIFT's
suite of services includes money transfers, mobile wallet solutions, and custom
payment services tailored to the specific needs of its clients. Through its
dedication to excellence and innovation, SHIFT Financial Services Ltd. is
reshaping the landscape of financial transactions, making them more accessible,
efficient, and safe for all parties involved.
About RevoluPAY®
The Company's flagship Neobanking technology is RevoluPAY
(http://www.revolupay.es/)®, the Apple
(https://itunes.apple.com/us/app/revolupay/id1437640699) and Android
(https://play.google.com/store/apps/details?id=com.revolupayclient.vsla.revolupa
yconsumer&hl=en_CA) multinational payment app. Conceived entirely in-house,
RevoluPAY features proprietary, sector-specific technology of which the
resulting source code is the Company's intellectual property. RevoluPAY's built-
in features include Remittance Payments, Forex, Retail and Hospitality payments,
Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits,
Utility Bill payments, Leisure payments, Travel Payments, etc. RevoluPAY is
aimed at the worldwide multi-billion dollar Open Banking sector and + $630
billion (https://www.worldbank.org/en/news/press-release/2022/05/11/remittances-
to-reach-630-billion-in-2022-with-record-flows-into-ukraine) family remittance
market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY
EP S.L located in Barcelona. RevoluPAY is a licensed United States MSB
(https://www.docdroid.net/gDc85Wc/revolupay-msb-license-florida-pdf), Canadian
FINTRAC (https://www10.fintrac-canafe.gc.ca/msb-esm/public/detailed-
information/msb-
details/7b226d73624f72674e756d626572223a3136333133342c227072696d6172795365617263
68223a7b226f72674e616d65223a227265766f6c75766970222c2273656172636854797065223a31
7d7d/), and European PSD2 payment institution 6900
(https://euclid.eba.europa.eu/register/pir/view/PSD_PI/ES_BE!6900) under E.U.
Directive 2015/2366 with EU Passporting (https://docdro.id/pxKAGJc). RevoluGROUP
Canada Inc. controls five wholly owned subsidiaries
(https://revolugroup.com/subsidiaries/) on four continents.
About RevoluGROUP Canada Inc.
RevoluGROUP Canada Inc. is a multi-asset, multidivisional, publicly traded
Canadian Company deploying advanced technologies in; Banking, Mobile Apps, Money
Remittance, Cross-Border Forex Payments, Mobile Phone Top-Ups, EGaming,
Healthcare Payments, Esports, Invoice factoring, Online Travel, Vacation Resort,
Blockchain Systems, and Fintech app sectors. Click here
(https://revolugroup.com/about/about-revolugroup/) to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the
Company's website at www.RevoluGROUP.com (http://www.revolugroup.com/).
RevoluGROUP Canada, Inc.
"Gavin McMillan"
______________________
Gavin McMillan
CEO and Director
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Email: info@revolugroup.com (mailto:info@revolugroup.com)
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FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This release includes certain statements that may be deemed to be "forward-
looking statements". All statements in this release, other than statements of
historical facts, that address events or developments that Management of the
Company expects, are forward-looking statements. Although Management believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially from those
in the forward-looking statements. The Company undertakes no obligation to
update these forward-looking statements if Management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause actual
results to differ materially from those in forward-looking statements, include
market prices, exploration and development successes, continued availability of
capital and financing, and general economic, market or business conditions.
Please see the public filings of the Company at www.sedar.com
(http://www.sedar.com/) for further information.
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