Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2 ), (Munich: A2PU92) (the "Company") is pleased to provide an update on recent developments that reflect the Company’s commitment to continued stability and growth.
Leadership Changes at Revolupay EP SL
On September 4th, the board of directors unanimously agreed to make key structural changes within Revolupay EP SL to better support the development of the Company’s Banking as a Service model. These changes will enhance the Company’s ability to deliver impeccable service to enterprise and consumer clients, while positioning Revolupay for long-term growth.
As part of this restructuring, Mr. Alfredo Manresa and Ms. Rocio Jimenez will transition their responsibilities for the day-to-day directorship of Revolupay to Mr. Yoel Rosenheck, a member of the board and internal Chairman of RevoluGROUP Canada Inc., upon receiving authorization from the financial regulator. Both will assist in transitioning compliance services to a specialized company, ensuring a smooth and efficient handover. RevoluGROUP has engaged Herbert Smith Freehills to represent the Company before the Bank of Spain and to guide these management changes.
New Leadership at Revolugroup USA Inc.
In line with the Company’s expansion of its Banking as a Service model, Mr. Daniel McCracken, a U.S. citizen residing in Florida, has been appointed as the new CEO of Revolugroup USA Inc. Mr. McCracken brings extensive experience in payment systems both in the U.S. and internationally, which will be instrumental in refining the Company's commercial strategy, particularly in Open Banking services and ACH transfers.
Mr. McCracken’s responsibilities will include ensuring that Revolugroup USA complies with all regulatory requirements, safeguarding the Company’s standing with regulatory bodies. He will also work closely with the Board of Directors and Revolupay to drive future growth. RevoluGROUP will provide further updates on these developments as they progress.
Technological Partnership to Strengthen Revolupay
To enhance its technological resources and reduce operational costs, RevoluGROUP is currently reviewing an opportunity to partner with a UK-based software development company that offers a comprehensive modular fintech platform. This platform will provide the tools and integration necessary to bolster Revolupay’s Banking as a Service model.
The software, which is already approved and operational within the EU, would allow Revolupay to launch fully automated banking services for companies and individuals across the European Union. Through this partnership, the Company will also gain the ability to issue dedicated IBAN accounts in EUR, USD, and GBP, along with integrated MasterCard services for issuing and acquiring. Additionally, Revolupay will be able to operate independently with both VISA and MasterCard.
Potential Business Development Opportunity in Bangladesh
RevoluGROUP has been approached by a group of international investors to explore discussions with the Central Bank of Bangladesh, thanks to the work of board member Mr. Mab Shahria. This opportunity aligns with Bangladesh’s growing financial sector, particularly its peer-to-peer (P2P) payments market, which has seen a compound annual growth rate (CAGR) of 20% since 2018 and reached US$395 billion in transaction volume.
To evaluate this opportunity, the board has appointed Mr. Erik Aaron Lara and Mr. Gavin McMillan to conduct initial due diligence and report their findings to the board.
Summary
The actions taken this week reinforce RevoluGROUP’s dedication to strengthening its core subsidiaries, Revolupay EP SL and Revolugroup USA, while enhancing its technological resources and exploring growth opportunities in Bangladesh. These strategic measures aim to position the Company for long-term success, operational excellence, and increased shareholder value.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the Company's website at www.RevoluGROUP.com.
RevoluGROUP Canada, Inc.
"Erik Aaron Lara Riveros"
______________________
Erik Aaron Lara Riveros
Interim CEO
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 800 9676
Email: info@revolugroup.com
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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.