One of its primary investors, Mr. James Davison, provided Rego Payment Architectures, Inc. with a $20 million line of credit (or “LOC”). The award-winning, COPPA-certified super app Mazoola® is the flagship product of REGO, a platform designed with privacy in mind. The family-focused solution provider offers a variety of fintech-for-kids products, such as MazoolaEnabledSM, a white label version of Mazoola made available to Financial Institutions, and MazoolaPaySM, a buyflow payment button that provides children with anonymity when making online purchases. Both MazoolaEnabled and MazoolaPay guarantee that a child’s privacy is always protected because they are built on the same patented, COPPA and GDPR approved technology.
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Peter S. Pelullo, Chief Executive Officer at REGO, said, “This LOC positions the company to execute our strategic planning activities for 2023. With access to this LOC, the company will have raised approximately $100 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 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.”
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