VANCOUVER, British Columbia, May 21, 2020 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt:IJA2) (the “Company”) is pleased to announce that RevoluPAY S.L has been granted the Pan-European PSD2 license by the Central Bank of Spain. Company CEO, Steve Marshall, comments: “While this has been a long and arduous road, today we have been granted the PSD2 license. I believe that we have utilized the interim time wisely, building a venerable ensemble of revenue verticals which are now poised to fully capitalize upon the new unlimited processing ability granted to us via this proprietary Central Bank issued PSD2 license. I would further like to extend my gratitude to our shareholders for their sheer patience and tenacity over these past 18 months. The entire management of RevoluGROUP are appreciative of your unwavering support of the company through what seemed like an endless journey. Likewise, I would like to extend a special thank you to our corporate legal counsel Hogan Lovells and, in particular, Director Jaime Bofill. Those countless days and nights you invested alongside us to guarantee our future are greatly appreciated Jaime”
About the PSD2 Central Bank Issued License
Several United States Tech Companies possess the coveted PSD2 license, however, RevoluGROUP became the first Canadian company to be granted the banking license via the company’s Barcelona based wholly owned subsidiary RevoluPAY S.L. Under the auspices of EU Directive 2015/2366, RevoluPAY is licensed by means of the said EU Banking Directive, administered by the European Commission as a payment service provider throughout the European Union (EU) and European Economic Area (EEA). Beyond the borders of the 27 EU member countries, through bilateral banking agreements or analogous licensing, RevoluPAY will now pursue the rapid penetration of the North and South American Markets, Asia and, subsequently, the rest of the world. The PSD2 directive's aim is to augment banking competition and engender participation in the payments industry from nonconventional banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users. The key objectives of the PSD2 directive are creating a more integrated payments market, making digital payments safer and more secure and protecting consumers. In preparation of the granting of its PSD2 open banking license, during 2018 and 2019, RevoluGROUP developed and launched its proprietary flagship technology RevoluPAY®, the Apple and Android multinational payment app and the RevoluPAY app-linked Visa Card. Conceived entirely in-house, the RevoluPAY app features proprietary, sector specific, technology of which the resulting source code is the property of the company. RevoluPAY’s built-in features include: Leisure payments, travel payments, forex, retail and hospitality payments, Remittance payments, Real Estate payments, Healthcare Payments, Egaming, Esports, pay-as-you-go phone top-ups, Utility Bill payments, alternative Lending, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at worldwide multi-billion dollar leisure sectors and, + $595 billion family remittance market. While awaiting the license the company processed millions of dollars in transactions during the financially capped live trials, subsequently, RevoluGROUP has demonstrated the real-world robustness of its Fintech platforms and secured its place in the disruptive banking sector of the future. From today, RevoluPAY is authorized to process unlimited transaction volumes into the future.
RevoluPAY S.L Increases Paid-Up Share Capital
As a consequence of the license having been granted The Company preemptively further increased the paid-up share capital of RevoluPAY S.L by 300,000 Euros (approx. C$ 463,000). Said capital is now 735,000 euros as at 14 May 2020.
Links Utilized in this News Release
The Company’s flagship technology is the PSD2 Licensed RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY’s built-in features include: Leisure payments, Travel Payments, Retail and Hospitality payments, Remittance Payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and, + $595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY EP S.L located in Barcelona. RevoluPAY EP S.L is a fully self-licensed European PSD2 payment institution under the auspices of EU Directive 2015/2366. RevoluGROUP Canada Inc. controls 5 wholly owned subsidiaries on 4 continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian company deploying advanced technologies in the; Online Travel, Vacation Resort, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Blockchain Systems, and Fintech app sectors. Click here to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO) visit the Company’s website at www.RevoluGROUP.com. The Company has approximately 161,658,772 shares issued and outstanding.
RevoluGROUP Canada Inc.
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RevoluGROUP Canada Inc.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
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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 for further information.