RPMT - Rego Payment Architectures Inc. Secures Extension of $20 Million Line of Credit | Benzinga
BLUE BELL, Pa., March 19, 2024 (GLOBE NEWSWIRE) -- Rego Payment Architectures, Inc. ("REGO") (OTCQB:RPMT), today announced it has secured an amendment to its $20 million line of credit ("LOC") from one of its major investors, Mr. James Davison. This amendment extends the LOC until March 13, 2025.
Peter S. Pelullo, Chief Executive Officer at REGO, said, "This extension positions and solidifies the company's ability to execute our strategic planning activities for 2024. With access to this LOC, the company will have raised approximately $120 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 and the elderly 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 ...