Vancouver fintech startup BlocPal will soon be a publicly traded company.
BlocPal has agreed to complete a business combination by way of a reverse takeover of 1290448 B.C. Ltd and in the process will raise a $25 million concurrent private placement.
“Today marks a significant step for BlocPal’s evolution as we continue to expand and bring advanced fintech solutions to communities all over the world,” said Nick Mellios, CEO of BlocPal. “We remain committed to delivering strong shareholder value as we work towards a public listing and continue on our path to drive financial inclusion globally.”
BlocPal is a digital transaction company that integrates blockchain and payment processing solutions to make financial services more affordable and accessible.
BlocPal has been a champion for new fintech solutions for companies like mBnk, who are leveraging an integrated retail network to provide a wide array of financial services to millions of underserved people in India. BlocPal has created a digital wallet app that provides money management tools like credit cards and withdrawals and deposit services, making essential banking services available.
For enterprises, BlocPal’s digital payment services help reduce transaction costs, create new revenue streams, and build loyal relationships with their customers.
“We’re very excited to be part of the growth and impact BlocPal is making with its innovative financial inclusivity solutions.” said Michael Lerner, CEO & Director. “It’s a great opportunity to create change, grow and empower communities around the world.”
Over the last year, BlocPal has been working diligently in Canada’s First Nations communities, Mexico and India on finding tech-driven solutions to achieve affordable financial services. Providing affordable and accessible banking makes building a credit history, transferring funds and saving money possible to communities who, in the past, have not been privy to classic banking.