LAS VEGAS, Oct. 25, 2016 /PRNewswire/ -- Money20/20 Conference - Regalii, a New York City-based platform for global consumer finances and bills, today reported rapid growth over the past twelve months after its decision to evolve beyond cross-border bill payments to include domestic bill payments (a $3+ trillion market). In a related announcement today -- at the Money20/20 Conference in Las Vegas -- Regalii also announced a major enhancement to its platform to meet consumer expectations in the expanded marketplace.
"As we grew our footprint in the US and in other countries, we discovered something we did not expect," said Edrizio De La Cruz, co-founder and CEO of Regalii. "The benefits of mobile bill pay are relevant not only to immigrants who are looking for better ways to pay the bills back home. They are relevant to everyone looking for a smarter way to manage their bills, no matter who they are or where they are from."
"When we first invested in Regalii, we saw the opportunity to back a startup that saw around corners in the global market that others could not see," said Mitch Kapor, investor and founder of Kapor Capital. "Perhaps it took an immigrant to see an opportunity to not only serve other immigrants, but all people who are being underserved in a very large market."
Regalii's expanded market marks the latest phase of growth and maturity for the company.
- Upon forming the company with the intention of changing the way remittances are managing, it pivoted strategically to become a cross-border bill pay company, serving a fast-emerging market.
- In 2015, Regalii evolved its technology to become a platform company, enabling it to partner with financial institutions by providing them with an API to create services for their customers. In the past twelve months, the company has experienced 36x growth in transactions, and is now in eleven countries, partnering with 35 leading banks and remittances companies.
- Today, Regalli is now growing as a domestic + global bill pay platform. In the eleven countries that Regalii serves, it is processing domestic bill pay in three (the U.S., Mexico and the Dominican Republic).
"While the global opportunity for bill-pay is interesting, we are especially excited about the opportunity in the US," said De La Cruz. "But it's not just about the market size. It's also about the narrative. As an immigrant, the biggest measure of success is not what you are doing for your own community, but what you are doing for the nation at large. We're proud of what we've built, and proud that we are helping others."
We are Regalii, the creators of the first mobile global platform for consumer bill pay and data management. Our mission: to help unify and modernize the bill payments market to better serve people and their families in the new global economy. We're enabling the world's leading financial institutions -- in banking, remittances, and mobile wallets -- to leverage our platform to help everyone, everywhere pay their bills, with the most innovative, efficient, and cost-effective services.
Based in New York City -- and with a presence in Mexico -- Regalii is funded by Andreessen Horowitz, Kapor Capital, Initialized Capital, and other leading technology investors. For more information, visit us today at regalli.com.