![\"\"](\"https:\/\/icrowdnewswire.com\/wp-content\/uploads\/2020\/06\/4127-logo.png\"){kind=logo}
<\/p>\n<\/p>\n
RevoluPAY, a wholly owned Spanish subsidiary of Canada’s RevoluGROUP, is gearing up its one-stop shop of services for the global remittance market.<\/p>\n
The app offers a range of services which allow remittance beneficiaries to do more with the cash sent to them from overseas.<\/p>\n
![](\"https:\/\/www.fintechfutures.com\/files\/2020\/06\/REVOLUPAY.jpg\")
<\/p>\nRevoluPAY’s primary focus will be on the unbanked market<\/p>\n<\/div>\n
The Spanish subsidiary, founded in 2018, is the product of 1982-founded RevoluGROUP’s shift to fintech in 2017.<\/p>\n
PSD2 licence win<\/p>\n
The fintech landed its licence under the Second Payment Services Directive (PSD2), from the Central Bank of Spain at the end of May.<\/p>\n
This means RevoluPAY’s app-linked Visa card can process unlimited amounts of cashflow. Previously, the firm said it was “shackled by transaction volume limitations”.<\/p>\n
“We have accrued around 12,000 users during beta trials across Android and iOS,” CEO, Alfredo Manrease Ruiz, tells FinTech Futures.<\/p>\n
Manresa Ruiz notes that landing its PSD2 licence means it can grow “rapidly”, having already built its infrastructure and software systems.<\/p>\n
The app<\/p>\n
RevoluPAY’s primary focus will be on the unbanked market, which Manresa Ruiz says is “ten times” bigger in size than the world’s banked population and “thus attractive”.<\/p>\n
“The unbanked tend to be remittance beneficiaries from one source or another,” says the CEO. “Those people historically receive cash remittances […] and thus, [are] limited to buying things locally”.<\/p>\n
With RevoluPAY’s app, remittances are sent digitally. This means beneficiaries can choose whether to cash-out with one of the fintech’s local partners, or to spend the money via the app at retail and online partners.<\/p>\n
These partners allow users to add phone minutes, book travel, buy software, video game credits or retail products, as well as send gift cards.<\/p>\n
Partners include Xbox, Spotify, Tesco, Starbucks, IHOP and Amazon. Users can earn 2% of their order amounts in rewards.<\/p>\n
According to its website, RevoluPAY will also offer financing for self-employed workers, international companies and project work.<\/p>\n
It also says it will offer a ‘RevoluMED’ feature so users can make healthcare and health insurance payments with their remittances.<\/p>\n
![](\"https:\/\/www.fintechfutures.com\/files\/2020\/06\/REVOLUPAY-2.jpg\")
<\/p>\nThe fintech has said it is in the process of acquiring Money Services Business (MSB) licenses in the US<\/p>\n<\/div>\n
“On the flip side, for banked citizens our proposal is entirely different,” says Manresa Ruiz.<\/p>\n
This offering will help banked customers with travel expenses, saving on foreign exchange and storing multicurrency accounts.<\/p>\n
Remittance corridors<\/p>\n
Still at embryo stage, the fintech is continuing to flesh out its financial partner list.<\/p>\n
Last month, it signed a deal with Nigerian fintech Flutterwave<\/a>. This has opened up remittance corridors to 46 African countries for RevoluPAY.<\/p>\n This year the start-up also landed a deal with Latin American money transfer service Argenper. This partnership means RevoluPAY users can pick up remittances via 3,000 of Argenper’s agencies across Argentina, Peru, Chile and Ecuador.<\/p>\n Its partnership with Russia’s national payment system Mir Card covers corridors to Russia, Vietnam, Thailand, the UK, Tajikistan and Turkey.<\/p>\n The fintech says it is in the process of acquiring Money Services Business (MSB) licenses in the US, starting with Florida.<\/p>\n With its newly acquired PSD2 licence, the start-up is confident that its MSB licences will “be expeditiously granted”.<\/p>\n What next?<\/p>\n Manresa Ruiz says the fintech will continue to deploy its two verticals, ‘RevoluMED’ and ‘RevoluESPORTS’.<\/p>\n He says the start-up is working on four others but is “unable to divulge [further] at this time”.<\/p>\n The company generates its revenue from user transaction fees, as well as though partner and merchant commissions, and foreign exchange spreads.<\/p>\n “Through our verticals, we also receive cyclical commissions from the wholesalers of the services rendered,” Manresa Ruiz adds.<\/p>\n In January, parent company RevoluGROUP announced it had closed an “oversubscribed” $1 million private placement. It used the capital to expand its presence in the US and drive marketing.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Tags:<\/b> Ruby Hinchliffe<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"See Campaign: <\/strong>https:\/\/www.fintechfutures.com\/2020\/01\/nigerian-paytech-flutterwave-raises-35m-partners-with-worldpay\/<\/a>
Contact Information:<\/b>
Ruby Hinchliffe<\/p>\n
<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n<\/div>\n
\nContact Information:<\/h3>\n
RevoluPAY, a wholly owned Spanish subsidiary of Canada’s RevoluGROUP, is gearing up its one-stop shop of services for the global remittance market. The app offers a range of services which allow remittance beneficiaries to do more with the cash sent to them from overseas. RevoluPAY’s primary focus will be on the unbanked market The Spanish … Continue reading Newly licensed RevoluPAY taps global remittance market<\/span><\/a> Continue Reading