- Regalis is a mobile payments system targeted towards Latin America that allows users to send money back home for the purposes of paying bills or buying groceries using mobile gift card platform.
- They have found a way “to hack the mobile gift card,” De la Cruz, cofounder. It effectively this means that Regalii taps into the infrastructure that is already in place as a way of delivering the sum of money to recipients, with cash never coming into the equation.
- Regalii provides its service for a $3 flat fee, as compared to many other services that work on a combination of fees and/or commissions. The company claims to offer 60% cost savings for typical remittances.
- In Latin America alone, this is a $69 billion opportunity annually.
- The key of this start up is tapping into 7,000 retailers (ie mum and pop stores). They did this via leveraging the asset of their finance packer – second largest bank in South America.