London Based FinTech, RedCloud, processes ARS $1.1bn in Payments in Argentine Launch

RedCloud Technologies, the London based FinTech company, announces reaching its first milestone as it reported over ARS $1.1bn has flowed through the platform since its pilot launch – transforming the way in which retailers and small businesses are able to access financial services, and distribute innovative digital financial products, in what RedCloud calls ‘the financial services shared economy’, where anyone can access, and enable others to access, financial services, from anywhere, on any digitally connected device.

The largest contributor to the volume was RedCloud’s eData service, by which merchants and retailers can earn an additional revenue stream from their storefronts by providing eData/Mobile Airtime Pre-Payments from their storefronts, through RedCloud’s platform which can be accessed instantly through any mobile or connected device. RedCloud’s top 300 merchants carried out over 55,000 eData/Bill Pay transactions for over 30,000 unique customers, demonstrating the vast potential network effects and reach of RedCloud’s Financial Services Shared Economy.

Opening a RedCloud account is instant and fully digital, and gives any unbanked SME access to RedCloud’s highly secure platform which provides a comprehensive range of digital services for SMEs to bank, pay and transact digitally, as well as enabling RedCloud retailers to become ‘e-tailers’ and earn an additional revenue stream direct from their storefronts by offering digital pre-payment and electronic financial services like cash deposits, bill payments and more, to their existing customers and local communities – all without the need for a credit or bank card – in what is a game-changing model for the high scale distribution of financial services to the unbanked population globally.

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Commenting on passing the ARS $1bn mark, CEO & Co-Founder, Justin Floyd commented “This is just the start of RedCloud’s vision to create a financial service shared economy, by which we help to bank unbanked SMEs, and also empower them to serve their unbanked customers.

We are very excited to see the continued momentum as we launch Sube Transport Card Pre-Payments, as well as Edenor Electricity Bill Payments, later this month, as we expect these services to significantly capture further volume growth. Further still, with an exceptionally strong B2B pipeline with Argentine distributors, and plans on launching in Nigeria and Vietnam within the next month or so well underway, we expect our volume to not just continue growing, but also to accelerate in monthly growth rate.

The demonstrated reach of our platform is also exciting, with just 300 of our top retailers reaching over 30,000 customers. The network effects, Big Data capabilities & influence over footfall that our platform could have gone one step further to show that we’re not just a mobile banking platform, but really a financial services marketplace by which banked and unbanked SMEs can gain access an array of digital banking services, come together to buy and sell physical goods, and trade digital goods, access financial services like insurance products, loans, etc and also distribute them to their local communities – RedCloud is empowering a vastly under-served, highly unbanked SME market, using technology, to an extent that no other Digital Payments Platform has ever done.

Along with the 55,000 eData transactions, RedCloud’s platform saw over 25,000 Cash-In transactions showing strong appetite by merchants to digitize their cash and begin transacting through the RedCloud App. The ARS $1.1bn of volume has also been reached long before the British FinTech announced its long-anticipated integration with Sube last month. Over 1000 merchants have been KYC’d and expected to begin using the RedCloud platform to offer Sube Transport Card top-ups to their customers. Argentina’s national transport card system, Sube, which is used by over 16M commuters daily who prepay over ARS $6.8bn each month onto their transport cards, is one of the latest service to be added to the rapidly expanding breadth of financial products available for retailers to distribute through RedCloud’s platform, which already include eData from major Telecom’s companies including Claro, Movistar, Personal and Nextel, as well as AT&T’s DirecTV subscription payments.

About RedCloud

RedCloud is a UK based FinTech company with a mission to level the financial playing field for the underbanked. Through the RedCloud platform, banked and unbanked businesses can access the world’s first Agent Banking ‘super-app’, Red101, without the need for a bank or credit card.

Downloading the super-app gives users entry to RedCloud’s Unique Agency Banking Network, which utilizes the expansive retail infrastructure that exists in markets to allow merchants to monetize spare capacity of their storefronts and provide financial services to the unbanked to make deposits, withdraw cash, transfer money, and make online and offline sales, thereby creating a Financial Services Shared Economy and the world’s first direct cash-to-mobile payments solution.

RedCloud’s Universal Transaction Platform allows merchants, distributors, and FMCGs to make and receive instant, secure digital payments, from any connected device with or without a bank account, and generating a full electronically captured record of transaction to provide Big Data business analytics, automated business operations through numerous integrations, and business scoring through our AI-driven engine to drive financial inclusion for unbanked businesses.

With RedCloud, unbanked users can transact without needing a debit card, credit card, or a brick and mortar bank, and do not need to maintain a minimum bank account balance, nor do they have to pay the high fees charged by banks, ATMs and payments processors.

Check out RedCloud’s Digital Banking App, Red101, at:

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