BLUE BELL, Pa., March 19, 2024 (GLOBE NEWSWIRE) — Rego Payment Architectures, Inc. (OTCQB: RPMT), today announced it has secured an amendment to its $20 million line of credit from one of its major investors, Mr. James Davison. This amendment extends the LOC until March 13, 2025.
Peter S. Pelullo, Chief Executive Officer at REGO, said, “This extension positions and solidifies the company’s ability to execute our strategic planning activities for 2024. With access to this LOC, the company will have raised approximately $120 million for the development and commercialization of a ‘best-in-breed,’ award winning, COPPA & GDPR compliant mobile wallet and super app. Pressure from Congress and parents to protect the privacy and security of children and the elderly who use digital products and services continues to mount. Banks and credit unions are now looking to FinTech providers like REGO, who can deliver a unique, one-of-a-kind offering that is COPPA & GDPR compliant, for their family wallet solutions. Based on the reception that we have received from small and large banks, credit institutions, as well as channel providers, we believe REGO is well positioned to achieve our objective of expanding our Banking-as-a-Platform services into the broader financial institutional community, as well as executing our ultimate strategic goal this calendar year.”
For more information about REGO, please visit regopayments.com
About REGO
Rego Payment Architectures, Inc. (“REGO”) is a family digital wallet platform that empowers financial institutions to let their customer’s children spend, save, donate and invest in a safe, parent-controlled environment. Founded in 2008, REGO is the only family digital wallet platform to be certified COPPA (Children’s Online Privacy Protection Act) and third-party GDPR (General Data Privacy Regulation) compliant. REGO has also been awarded multiple patents related to the safety of parent and child data, including age verification of users. Built from the ground-up to protect the privacy of children’s data, REGO offers financial literacy tools for parents to teach their kids to be smarter shoppers, savers, givers and investors. Financial institutions of all sizes can offer a family digital wallet product through REGO as a white-labeled stand-alone application or fully integrated into their existing app.
