Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") is pleased to announce that RevoluSEND is to start remittances to Venezuela, now serving 117 countries. RevoluPAY EP S.L. entered into a Definitive Agreement ("DA") on the 2nd of September 2022 with DOL Corporation Inc., trading as ITALCAMBIO, the market leader in local Venezuelan remittance deliveries.
ITALCAMBIO, founded in 1948, currently occupies the #1 spot for local delivery of international family remittances and money transfers in Venezuela. ITALCAMBIO maintains 39 physical remittance collection points across Venezuela. ITALCAMBIO operations attained the prestigious ISO 9001 designation in 2008, perpetually maintaining said status.
The Venezuelan Remittance Market
The Venezuelan diaspora in the United States comprises nearly 460,000 who were either born in Venezuela or reported Venezuelan ancestry or race, according to tabulations from the United States Census Bureau. A significant population of the Venezuelan diaspora lives in Florida. Other significant Venezuelan diaspora populations worldwide are: Colombia (2,009,000), Peru (978,000), Ecuador (659,000), Chile (472,000), Brazil (361,000), Spain (297,000), and Panama (121,528) as per United Nations Population Division estimates.
Venezuela received family remittances of approximately $3.54bn USD in 2021. The main remitting country was the United States, with approx. USD $869,471,947, followed by Spain $449,064,000, Chile $446,040,000, Colombia $442,984,500, Peru $400,491,000, and lastly, Brazil $341,145,000.
RevoluPAY is a self-licensed Neobank having secured E.U. PSD2 Central Bank, Canadian FINTRAC CANAFE, United States FINCEN, and Florida Office of Financial Regulation financial licensing and permits. The licensed E.U. financial institution 6900 RevoluPAY is a primary issuer of Visa® Cards and an official Visa® Affiliate Member. Through RevoluPAY international proprietary financial licensing and bilateral banking agreements, the Company intends to assist ITALCAMBIO with the capture of remittances in the aforementioned primary markets, channeling those funds for delivery through the extensive ITALCAMBIO network into Venezuelan territory.
Links Used in this News Release.
ITALCAMBIO Website - https://www.italcambio.com/
ITALCAMBIO Physical offices - https://www.italcambio.com/sucursales.php
Venezuelan Remittance Data - https://tinyurl.com/bdzhdpjs
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, Crypto-to-fiat exchange, Retail and Hospitality payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, Gaming Credits, Leisure payments, Travel Payments, etc. RevoluPAY is aimed squarely at the worldwide multi-billion dollar Open Banking sector, cross-border forex payments, and + $595 billion family remittance market. RevoluPAY® is operated by the European wholly-owned subsidiary RevoluPAY EP S.L situated in Barcelona. RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and European PSD2 payment institution 6900 under the auspices of E.U. Directive 2015/2366 with EU 27 Country Passporting and official issuer of Visa® Cards and authorized Visa® Affiliate Member. 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. The Company has approximately 189,957,876 shares issued and outstanding.
RevoluGROUP Canada, Inc.
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RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
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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.