BLUE BELL, Pa., July 30, 2020 (GLOBE NEWSWIRE) — REGO Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT) today announced it has secured a significant round of funding to bring the total to $9.3 million to date in Series C funding led by SKB Capital. The funding will allow REGO to launch its secure mobile banking solution to families in the U.S. and the European Union later this year.
“Investors renewed their support for the REGO Digital Wallet, in light of robust demand for digital mobile wallets, particularly with cybersecurity and personal identity management protections. The closing of this strategic growth capital resolves the essential missing piece to move the REGO Digital Wallet into a position to begin to engage customers with its newly launched service in 2020,” said Suzanne E. Kecmer, founder, SKB Capital, and financial advisor for REGO.
REGO’s Digital Wallet is an unprecedented family-focused financial solution. It allows children to shop from parent-approved retailers, deliver peer-to-peer payments, teaches financial literacy, all while keeping identities secure. It has patented attribution and identity management methods, patented real-time access and data control, and independent verification, validation, and auditing techniques, among other core capabilities.
REGO’s Digital Wallet received the GDPRkids™ Trustmark from PRIVO in early 2020 demonstrating that REGO meets the requirements of the European Union’s General Data Protection Regulation (GDPR), as well as COPPA Safe Harbor certification with PRIVO, which is a Federal Trade Commission approved designation certifying that REGO is protecting children as they make online purchases.
“REGO is now in a position to finalize systems integration, kick-off our pilot program, as well as initiate a data business,” notes Scott McPherson, chief financial officer, REGO.
“With more children consuming and purchasing digital content and having online purchases shipped to their homes, ensuring that minors have a secure banking experience and protecting their personally identifiable information is more important than ever,” added Kecmer. “As the COVID-19 pandemic has dramatically shifted how people work, travel, and shop, having a safe, touchless solution that can be used anywhere is critical to keeping children and families safe.”
REGO’s Digital Wallet is available for partnering institutions. The consumer version of REGO Digital Wallet has an anticipated release in 2020. Learn more at regopayments.com.
Safe Harbor Statement
The information in this press release may contain forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties, and assumptions about us that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: our ability to raise additional capital, the absence of any material operating history or revenue, our ability to attract and retain qualified personnel, our ability to develop and introduce a new service and products to the market in a timely manner, market acceptance of our services and products, our limited experience in the industry, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, unexpected network interruptions or security breaches, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments, intense competition with larger companies, general economic conditions, and other risks as described by us in Item 1.A “Risk Factors” in our most recent Form 10-K; other risks to which our Company is subject; other factors beyond the Company’s control.
All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. The Company has no obligation to and does not undertake to update, revise, or correct any of these forward-looking statements after the date of this report.
About REGO Payment Architectures, Inc.
REGO is a digital solution that enables children to stay safe in today’s tech-first environment. The REGO Digital Wallet platform allows parents and guardians to enable online shopping or digital spending at approved retailers, control what funds are available for which purchases, and reward children or pay allowance via the app. REGO is an innovative financial platform uniquely positioned due to its Children’s Online Privacy Protection Act (COPPA) and General Data Protection Regulation (GDPR) compliance. Visit us at regopayments.com
About SKB Capital, LLC
SKB Capital is a corporate advisory services firm specifically focused on non-traditional advanced technologies. The company provides strategic planning, business development, board advisory, and investment banking services. Learn more at skbcapital.com
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