Mobi724 Global Solutions Inc. (“Mobi724” or the “Company”) (TSX-V: MOS), a fintech company announces that on September 12, 2019, its wholly owned subsidiary, Mobi724 Smart Transactions Inc, signed a 4-year commercial agreement, effective that same date, with Up Sí Vale, the leading provider of employee benefits solutions in Mexico and a subsidiary of international cooperative Group Up, to deploy Mobi724’s fintech capabilities through Up Sí Vale platform.
Up Sí Vale issues prepaid payment cards which companies, who are clients of Up Sí Vale, distribute to their employees as a part of an employee benefits program. The payment cards can be used for regular purchases among the broad network of participating merchants. As of 2019, Up Sí Vale processes over 86 million transactions annually and delivers services to over 5 million of its cardholders.
Under the agreement, Mobi724 will enable and process reward transactions within Up Sí Vale’s ecosystem. This will empower merchants, which include national and international blue-chip brands, to deliver personalized and relevant offers directly to Up Sí Vale cardholders. The cardholders will be able to redeem cash-back offers directly at the point-of-sale of participating merchants, both online and in-store. Revenues from this agreement are to be generated on per-transaction basis.
Gerardo Yepez, General Manager of Up Sí Vale said:
“There is great synergy between the two companies. Mobi724’s solutions enable us to leverage the purchasing power of our cardholders to our targeted merchants’ network. This is aligned with our desire to use innovation in order to improve the quality of life of our cardholders. We are excited to partner with a market leading and innovative company.”
Marcel Vienneau, CEO of Mobi724 stated:
“We are very pleased to enter into an agreement with a partner that is a market leader and transacts such a high volume of transactions in a key market in Latin America. We plan to launch in Q4 2019 and leverage our AI powered card-linked solutions.”