Mobi724 and Banco Promerica Guatemala Sign Agreement

Mobi724 Global Solutions (TSXV:MOS) announced on Thursday (November 1) that the company through its wholly owned subsidiary, Mobi724 Smart Transactions, has entered into a commercial agreement with Banco Promerica Guatemala.

Mobi724, a company that offers integrated suite of multiple payment card-linked, digital marketing solutions, said the agreement with Banco Promerica will provide Mobi724’s suite of integrated card-linked offers and reward solutions.

The company said that members of Banco Promerica, a financial institution in the region, can redeem offers and pay with rewards points directly at the Point of Sale (POS) of a participating retailer by using a payment card.

“We are thrilled to be able to offer our innovative technology and card-linked solutions to our first bank in Guatemala through our integration with the Visa Offers Platform,” Marcel Vienneau CEO of Mobi724, said in the release. “We look forward to delivering a seamless experience to Banco Promerica’s clients, and to maximize cardholders’ purchase activity to generate incremental revenues for the bank.”

Banco Promerica, which is part of the Promerica Group, has presence in nine countries in the region.  The bank claims its assets rose by 3.7 percent in 2017 to more than US$1.75 billion,  compared to US$413.8 million in 2013 and US$141.2 million in 2009.

Crucially, Mobi724’s agreement with Banco Promerica comes just over a month after it signed a similar agreement with MercadoLibre, Argentina’s largest online marketplace platform.

Speaking to the Investing News Network (INN) in May, Vienneau said that the company was focused on expanding its presence in South America, Central America and Caribbean. Further, Vienneau said that company was “growing faster than anticipated” in the region.

Following the announcement, shares of Mobi724 were up 6.24 percent and closed the trading session on Thursday at C$0.085. However, the company lost 5.56 percent in the last month and 19.05 percent in the last three month period. Mobi724 has a “Sell” ranking on TradingView with nine verticals against, nine in neutral and eight in favor.

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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.