Today, Bitspark announced that it received funding from RGAx, the innovation accelerator of Reinsurance Group of America, Incorporated, one of the world's largest life reinsurance companies headquartered in St. Louis, Missouri, United States. RGAx partners with and invests alongside enterprising companies developing solutions to the biggest problems in the fintech and insurance industries. Bitspark’s pioneering money exchange technology and placement in the blockchain industry brings a unique perspective on cash based remittance transactions around the world. The two companies will be collaborating to further their mutual ambitions of providing financial protection to traditionally underserved populations.
Commenting on the investment by RGAx, George Harrap CEO of Bitspark Limited said: “We are excited to be working with excellent partners in RGAx. Their presence, in the U.S., Asia Pacific region, and beyond, gives RGAx the global scope and expertise to accelerate Bitspark to the next level.”
“At RGAx we are actively partnering with our existing clients and new innovators, such as Bitspark, to create business opportunities that improve consumer access to financial services,” said Dennis Barnes, CEO, RGAx. “We believe Bitspark’s technology could help reduce friction for the millions of people who use remittance to support their families and friends abroad.”
Bitspark and RGAx are committed to fostering innovation in the areas of cash remittance payments and insurance, and Bitspark will be issuing new updates on upcoming projects soon. Additional terms of the investment, including the amount, are not being disclosed.
RGAx is the innovation accelerator within Reinsurance Group of America, Incorporated. A Fortune 500 company, RGA is among the leading global providers of life reinsurance and financial solutions, with approximately $3.3 trillion of life reinsurance in force and assets of $58.7 billion as of September 30, 2017. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri and operations in 26 countries, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA please visit www.rgare.com and for more information about RGAx visit www.rgax.com.
Bitspark limited is fintech company based in Hong Kong and provides cryptocurrency brokerage services to Money Transfer Operators (MTOs) around the world. Bitspark was a pioneer in the blockchain remittance space and was the first in the world to conduct an end to end remittance transaction using Bitcoin as the means of payment. The company now operates predominantly in 7 countries with over 100 000 cash distribution options including banks, convenience stores and mobile money payments. Bitspark is focused on providing blockchain solutions to the remittance industry to expand the cost efficiencies and benefits of cryptocurrencies to more people around the world.
Bitspark is a bankless money transfer ecosystem that enables businesses and people to cash in and cash out cryptocurrencies across Asia and Africa.