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M-payments start-up RegaloCard raises $7m

04 January 2010  |  6735 views  |  0 Source: RegaloCard

RegaloCard, an innovative mobile payments company that has developed a free and instant alternative to costly money transfers announced today that it had closed a $7 Million round of financing from Dublin Ventures and Kinsail Corporation.

Under stealth development since 2007, RegaloCard is a prepaid gift card that you can buy in the United States but whose PIN to redeem the gift card is delivered instantly via mobile technology to the person you choose in Latin America, to make purchases at leading local retailers. RegaloCard is fast and easy to use. Consumers merely choose the gift card they wish to send to their families from the leading brands in their home country, and provide the name and cellular number of the recipient. Using the latest mobile payment technology the recipient in Latin America instantly receives a RegaloCard PIN which they can use to make purchases at any of the retailers locations same as cash. The RegaloCard service works with all mobile handsets and all carriers worldwide and is delivered instantly 24 hours a day 365 days a year, so recipients no longer have to go the bank or only receive gifts from their family members during banking hours. RegaloCards are available from the best known retail brands in country allowing consumers to choose from brands they know and love and have grown up with in their home country.

RegaloCard has received strong reviews from consumers and distributors alike as RegaloCard offers many unique benefits: 1. the RegaloCard service is absolutely free, consumers purchase a RegaloCard for $100 and their family receives $100 no additional charges, commissions, or hidden costs; 2. the RegaloCard service is literally instantaneous, the friend or relative in Latin America receives their RegaloCard PIN instantly via SMS no need togo to the bank during bank hours or wait on lines, they just go directly to the retailer chosen and purchase what they need; 3. send as little as $10 dollars, something that was impossible before with traditional money transfer services due to high commission rates; 4. the person who sends the RegaloCard is assured that the money is spent on the things they want as they chose the retailer where the RegaloCard PIN can b be redeemed; 5. RegaloCards are available from the best known retail brands from the immigrants home country, these are brands that the community knows and trusts and has grown up with from their home countries.

RegaloCard is currently available at test market locations in the US, and in the coming months will be available at thousands of retail locations across the country through a group of major US distributors which have agreed to distribute RegaloCard nationwide. RegaloCard, while initially focusing on the US Hispanic market, plans to expand the service to other regions in the near future that have a large number of immigrants residing in the US.

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