RedCloud Enters into Agreement to Launch ‘Sube As A Service’ for 16M users

Today marks a landmark win for the London based FinTech company, RedCloud Technologies, as it announces the integration of Sube prepayment through its innovative ‘Super-App’, Red101, which, together with RedCloud’s unique Agency Banking network, empowers retailers to become a new generation of financial services providers.

Sube is the latest service to be added to the rapidly expanding range of financial products delivered on-demand through the RedCloud platform, accessible from any mobile or connected device.

Similar to New York’s, MetroCard, and London’s Oyster Card, Sube is the contactless smart card system introduced in Argentina in February 2009 for use on public transport services, with over 16M users making 11 million trips per day.

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Justin Floyd, CEO, and Co-founder commented, “RedCloud’s launch of Sube will mean that retailers that are already using the Red101 super-app can now complete Sube transport card prepayments for their customers, and by doing so can massively increase their consumer footfall. Retailers and consumers want a better way of accessing electronic financial services without needing a bank or credit card, and we’re pioneering the way in which existing retail infrastructure is used to create a global Agency Banking Network to distribute digital financial services at scale".

RedCloud continues to strengthen payment volume and transaction number growth through its platform and is targeting significant growth through a number of highly innovative digital financial services products that will be released into the market over the coming months.

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.

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Brands and logos used for representative example purposes only. Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who use RedCloud applications should make their purchase decisions based upon features that are currently available.

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