December 23, 2020 – Toronto, Ontario – Newt Corporation (“Newt” or the “Company”) is pleased to announce the approval of a regulated financial services license for lending services in Mexico, approved by CNBV (Comision Nacional Bancaria y de Valores) – the National Securities Exchange Commission of Mexico.
The license, obtained by the subsidiary of Newt, covers activities including, but not limited to, lending through physical and digital credit cards, account custodian services connected to a mobile wallet, employee payroll lending and equipment leasing.
The licence has been obtained under a regulated SOFOM (Sociedad Financiera de Objeto Multiple), a special type of Mexican financial entity that can perform financial services and act as a trustee in certain transactions under the Mexican laws and regulations. Under the regulatory framework, with Newt’s equity participation and serving in capacity as directors and management of the company, named as “Apoyo Tu Porvenir” ( “ I Support Your Future”) , Newt’s customers will benefit from enabling lending options in the software, including white label credit card services, further enhancing physical to digital integration with credit lending on mobile apps, kiosks or on the web.
The partnership has been launched in conjunction with the legal and compliance team of BRRH Abogados Law Firm in Mexico City. The SOFOM entity includes a complete management team, a compliance department, and legal operations.
Newt’s SaaS software, combined with lending and bank processing services, is part of the company’s continued strategy to expand the service offering to its clients. Thanks to Newt’s equity investment in “Apoyo Tu Porvenir,” Newt will begin to enable lending functions integrated into its software for Latin America with enhanced digital capabilities for enterprises, governments, and B2B.
Steven Hoffmann, CEO and founder of Newt Corporation , stated: “We are pleased to participate with Newt within a regulated framework for digital lending, and to provide the offering to our clients alongside our SaaS Payment Solutions Software. Our clients are requesting digital solutions for their employees for credit cards, mobile app employee payroll advancement, and other digital financial services.” He added: “This SOFOM
provides us with expanded business opportunities for our clients. We envision this as a step forward bringing Newt closer to becoming a financial services technology company, utilizing our digital knowledge and experience.”
Arturo Rodríguez Habeica , Director of BRRH Abogados, stated: “We are proud to participate in innovative projects that allow better options for the users of financial services in Mexico, as they face the current global economic situation. Through this financial entity, investors and users can have the certainty of being involved with a team of honest and capable professionals, as well as to be sure of the technological and legal tools used by the entity to control their financial transactions, always respecting the applicable regulations.”
About Apoyo Tu Porvenir SAPI de CV
Apoyo Tu Porvenir (“I Support Your Future”) is a Sociedad Financiera de Objeto Múltiple ( SOFOM ) – a special type of Mexican financial entity that can grant loans, leasing operations, and factoring, as well as act as a trustee in certain transactions. The company serves the entire territory of Mexico.
About BRRH Abogados Law Firm
BRRH Abogados is a Law Firm incorporated in 2010, with a very strong experience in financial, compliance and stock exchange transactions, as well as real estate projects. Their team is committed to offering exceptional services to Mexico’s business community, as well as to a considerable number of clients and investors. The firm offers qualified services, in a personal way, providing the necessary confidence to its clients as to execute its business purposes within the highest required legal standards.