Rego Payment Architectures, Inc. Secures Extension of $20 Million Line of Credit

Rhea-AI Summary

Rego Payment Architectures, Inc. secures a $20 million investor line of credit extension until March 13, 2025, enabling the expansion of its Banking-as-a-Platform offering to community and global financial institutions. The company aims to raise $120 million for developing a COPPA & GDPR compliant mobile wallet and super app, catering to the growing demand for secure digital solutions.

Rego Payment Architectures, Inc, secures an extension until March 13, 2025 for its $20 million investor line of credit paving the way for expansion of its Banking-as-a-Platform offering to community and global financial institutions

BLUE BELL, Pa., March 19, 2024 (GLOBE NEWSWIRE) -- Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT), today announced it has secured an amendment to its $20 million line of credit (“LOC”) 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.

Safe Harbor Statement

The information in this press release may contain forward-looking statements on REGO’s 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 REGO that may cause the 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 REGO’s expectations include, but are not limited to: REGO’s ability to raise additional capital, the absence of any material operating history or revenue, REGO’s ability to attract and retain qualified personnel, the ability to develop and introduce a new service and products to the market in a timely manner, market acceptance of REGO’s services and products, REGO’s 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 REGO in Item 1.A “Risk Factors” in REGO’s most recent Form 10-K; other risks to which REGO is subject; other factors beyond REGO’s control.

All subsequent written and oral forward-looking statements attributable to REGO, or persons acting on REGO’s behalf, are expressly qualified in their entirety by the foregoing. REGO 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.

Media Contact:

Pawan Murthy

Chief Marketing Officer

Rego Payment Architectures, Inc.

pawan@regopayments.com

FAQ

What is the ticker symbol for Rego Payment Architectures, Inc.?

The ticker symbol for Rego Payment Architectures, Inc. is RPMT.

What is the purpose of securing a $20 million investor line of credit extension?

The purpose of securing the extension is to enable the expansion of the company's Banking-as-a-Platform offering to community and global financial institutions.

Who provided the amendment to the line of credit for Rego Payment Architectures, Inc.?

The amendment to the line of credit was provided by one of the company's major investors, Mr. James Davison.

What is the strategic planning focus for Rego Payment Architectures, Inc. in 2024?

The company aims to develop and commercialize a COPPA & GDPR compliant mobile wallet and super app with the raised funds.

Why are banks and credit unions turning to FinTech providers like REGO?

Banks and credit unions are seeking COPPA & GDPR compliant solutions for family wallet services, driving them towards FinTech providers like REGO.