Sparta Commercial Services, Inc. reports developments across a fintech and private-credit business with diversified operations in financial services, e-commerce and mobile technology, and health and wellness. Its Agoge Global USA subsidiary operates EZBroker360, a platform for staged financing, compliance, invoicing, settlement and cross-border payment support for Brazilian import and export activity.
Company news also covers municipal and commercial financing transactions, credit-line relationships, lending capacity updates, platform adoption, technology partnerships and product launches. Sparta has also reported its completed move of SRCO common stock to the OTCQB Venture Market.
Sparta Commercial Services, Inc. (OTC PINK:SRCO) launched EZBroker360, operated by its subsidiary Agoge Global USA, at the 2024 Startup Summit in Florianópolis, Brazil. The event, hosted by Sparta's joint-venture partner Wedev Group Ltda., attracted over 10,000 participants. EZBroker360 aims to revolutionize financial management for Brazilian importers and exporters by combining a Merchant of Record model with comprehensive services, including invoice management, bill of lading, import/export declarations, and staged financing.
The product offers extended payment terms up to 120 days and covers supplier payments, freightage, and associated costs. Already successfully launched with several companies, EZBroker360 is gaining traction rapidly, with a growing waiting list of interested customers. The launch highlights Sparta's expansion into the Brazilian market and its partnership with Wedev Group to foster innovation in global business growth.
Sparta Commercial Services (OTC PINK:SRCO) announces the launch of EZBroker 360, an innovative blockchain-based import/export platform developed by its subsidiary Agoge Global USA in partnership with Brazilian software developer WeDev Group. The platform aims to simplify international trade with Brazil by:
1. Reducing payment transaction times from days to hours
2. Decreasing costs through stablecoin and blockchain technology
3. Offering staged financing for freightage, taxation, and compliance
4. Implementing industry-standard AML/KYC procedures
This solution addresses major challenges in the Brazilian market, potentially unlocking rapid growth in its $590 billion import/export sector. The platform is now live and processing transactions for both U.S. and Brazilian businesses, marking a significant milestone after substantial investment in development and testing.
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Sparta Commercial Services, Inc. (OTC PINK:SRCO) announced a strategic partnership between its subsidiary Agoge Global USA and WeDev Group, a Brazilian software and blockchain innovator. The collaboration aims to enhance cross-border payments between Brazilian exporters and US importers using stablecoins and blockchain technology. This initiative is expected to reduce transaction times from days to hours and lower costs significantly. The partnership will commence in early 2023, with a five-year initial agreement and potential for further technological expansion.
Sparta Commercial Services, Inc. (OTC PINK:SRCO) announced the addition of The Country Club of Winter Haven in Florida to its client roster. This partnership enhances their mobile app offering through iMobileApp, which specializes in digital marketing for member-based clubs. The app includes tools like food ordering, notifications, and event promotions, leading to increased member engagement. Dyal Randall, Membership Director, expressed positive feedback from members about the app's utility. Sparta continues to expand its diverse portfolio of services.
Sparta Commercial Services (OTC PINK:SRCO) announced a partnership with ZAGMotoX to provide the iMobileApp, enhancing customer access to aftermarket powersports parts and accessories. ZAGMotoX's Parts Manager praised the app for its professionalism and ease of use. Sparta's CEO expressed pride in delivering a valuable tool for ZAGMotoX's online business. The iMobileApp is part of Sparta's broader service offerings, which include custom mobile applications and municipal financing solutions.
Sparta Commercial Services (OTC PINK:SRCO) announced that the Leon County Sheriff's Department selected its Municipal Lease program to finance Harley-Davidson police motorcycles. This program enables municipalities to spread equipment costs over time, reducing annual capital outlays. Sparta's Municipal Finance Program caters to various asset classes, aiding local agencies in securing necessary equipment more affordably. Tim Coxwell from the Sheriff's Office praised Sparta's competitive rates and efficient documentation process, enhancing ease of transaction.
Sparta Commercial Services (OTC PINK: SRCO) launched SpartaPayIQ, a payment gateway for businesses to accept cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.
Settlements can be made in USD or EUR, with options to retain cryptocurrency. The system utilizes blockchain technology to stabilize exchange rates for 15 minutes post-invoice creation, reducing volatility risks.
This launch marks Sparta's entry into the cryptocurrency sector and is part of a broader strategy to introduce additional cryptocurrency products in the future.
Sparta Commercial Services (OTC PINK:SRCO) has announced the Town of Yemassee, SC, is returning to its Municipal Finance Program for the sixth time since 2016, primarily for affordable equipment financing. Chief Gregory Alexander emphasized the program's ease and budgetary fit for municipal needs. As COVID restrictions ease, Sparta anticipates increased budget allocations for essential equipment. The program supports municipalities with financing for various needs, including police and emergency services equipment, since 2006, highlighting ongoing relationships with municipal clients.