New York, January 16, 2018 – Regalii (https://www.regalii.com), a NYC-based fintech company offering a white label bill payments platform to financial institutions (banks and fintech’s), receives an investment from IGNIA and several venture capital funds.
Regalii offers financial institutions a white label API that enables customers to pay all their bills on a single platform in real-time. By aggregating bills and providing a central record for cards, addresses, and settings, the platform significantly improves the experience of paying bills. The API allows financial institutions to offer new services while gaining access to customers’ spending habits, including utilities, cell phones, loans, credit cards, and subscriptions.
Regalii, created in 2013 and launched in Y-Combinator now powers over 30 of the world leading remittance companies, banks and mobile wallets across 11 countries, with a physical presence in NYC, Mexico City and Toronto.
Regalii is backed by leading venture capital funds such as Sequoia, Andreessen Horowitz, Kapor, Maverick, Capricorn, Winklevoss Capital, and Y-Combinator.
“We are in the digital era and payments generally still need up to 3 days to be processed. There is clearly a need for new technologies in the banking system at a time where banks have client retention challenges, and customers need quicker, more efficient and convenient ways to organize their finances. We are thrilled to partner with Regalii in the bill payment market as we share the vision and are convinced of the huge market opportunity” said Álvaro Rodríguez Arregui, Co-Founder and Managing Partner of IGNIA.
“Today, there is no single standard for data exchange on consumers’ financial liabilities (ie, credit cards, bills, loans). This hinders both financial institutions and consumers,
especially the 80% of consumers who pay their bills on a month-to-month basis. Because consumers today favor convenience over loyalty, banks are losing digital business to fintech competitors while simultaneously fintench is having trouble breaking the stronghold of traditional banking. The fact that consumers can access all their financials easily and securely through their primary financial institution via the Regalii API makes loyalty to a single financial institution possible again.” said Regalii CEO Edrizio de la Cruz.