REGO announces $100m in funding
By Leandra Monteiro
Rego Payment Architectures, Inc., a COPPA-certified and GDPR-compliant provider of a white-label family digital wallet platform for financial institutions, announced that it has secured a critical banking partnership as well as raised approximately $100 million in funding to continue delivering its integrated banking solutions.
“Customers have demanded from their banks and credit unions the ability to provide their children with financial literacy tools that allow them to spend, save and donate with parental controls,” said Peter S. Pellulo, CEO and co-founder of REGO. “However, the IT and regulatory requirements can be overwhelming for many financial institutions. REGO is uniquely positioned to offer a secure and fully integrated solution.”
Though the demand for banking products for children under 17 is high, state and federal lawmakers are increasing protections over children’s data and privacy. Companies risk paying severe fines for not complying with federal laws such as Children’s Online Privacy Protection Act (COPPA) and similar laws passed by a growing list of states such as California, Utah, Colorado, Iowa and others.
Recently, REGO also announced its partnership with Q2, a provider of digital transformation solutions for banking and lending. This partnership enables all of Q2’s banking and credit union customers to offer a secure family digital wallet with children’s online safety in mind to their customers.
“REGO was built from the ground up to be a flexible, white-label solution for financial institutions,” explained Stuart C. Harvey Jr., chairman of REGO’s board of advisors and former CEO of Elavon Global Merchant Acquiring and Comdata. “Now, banks and credit unions of all sizes can offer REGO’s secure family wallet under their own brand at all levels of integration – from a co-branded standalone app or fully integrated in their own app.”
Furthermore, REGO has secured funding to continue building its secure platform. The company has raised approximately $100M in funding to date so that it can continue to invest in its technology, team, and growth in the market.
IBSi Daily News Analysis
December 05, 2023
Children's Online Privacy Protection Act
Why joining forces is key to boosting bankability and bridging climate finance gapsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage