Vancouver, BC, March 19, 2024 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92) (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®, the Apple and Android 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 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, Canadian FINTRAC, and European PSD2 payment institution 6900 under E.U. Directive 2015/2366 with EU Passporting. RevoluGROUP Canada Inc. controls five wholly owned 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 to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the Company's website at 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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY 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 for further information.
