October 2, 2019 – Toronto, Ontario – Newt Corporation (“Newt” or the “Company”) is pleased to announce the signing of an Enterprise Bill Payment SaaS Contract with Chedraui Group, a publicly-traded enterprisein Mexico City, Mexico.
Chedraui is the third largest Mexican supermarket and department store chain, which operates over 330 large-scale locations across Mexico. In addition, it also operates stores in the US states of California, Arizona, and Nevada under the name “El Super”. The company is traded on the Mexican Stock Exchange under the symbol CHEDRAUI.
Under the terms of the five-year contract, Newt’s SaaS software platform will be used for processing Bill Payments and Top Ups exclusively in all Chedraui locations throughout the entire Mexico. Chedraui’s 2018 transaction totals were in excess of $24,000,000 USD in Top Up and Bill Payment, and steady growth is anticipated in the upcoming years. Newt shall be the exclusive provider of Top Up and Prepaid Payment services, covering all Telecom, bill payment, and prepaid services at Chedraui’s retail locations and Point of Sales.
Under the agreement, Newt shall supply the technology at all 330 locations, featuring a dashboard and data analytics for top management of the company, providing data analytics on sales and performance at over 1,500 Chedraui’s cash registers.
Chedraui is continuously implementing new technologies, providing their customers with new additional options for mobile, bill payment and digital products, and elevating the shopping experience by increasing product offering and enhancing value at the register.
Steven Hoffmann, Founder and CEO of Newt, stated: “We are excited to have been invited by such a significant retail provider as Chedraui, and to be selected as a supplier, providing our software technology payment platform. This contract represents another validation of successful implementation of our current B2B strategy, providing prepaid SaaS software services, attractive value-added services, as well as a diverse product catalogue with competitive pricing to the market.”
Sergio Maya Aleman, CEO of Latin America of Newt Corporation, stated: “We are extremely pleased having been awarded this important contract for implementing Newt payment technology platform.” He added: “The contract also provides the company with a further connection between North America and Latin America and links market channels for future success for the company. We will continue to expand in Latin America as the market sector is steadily growing, and this contract represents a stable long-term revenue growth for Newt, while allowing Chedraui to perform better sales with a more effective response technology at Point of Sale, thanks to Newt’s SaaS technology connector.”
Chedraui is the second largest publicly-traded Mexican supermarket and department store chain, founded in 1927, which operates over 330 locations across Mexico. In addition, it also operates stores in the US states of California, Arizona, and Nevada under the name “El Super”. The company is traded on the Mexican Stock Exchange under the symbol CHEDRAUI.
For more information, visit www.chedraui.com.mx
Newt Corporation is a Canadian Company with subsidiaries in USA, Europe & Mexico, that aims to become a Fintech leader in services of prepaid and bill payment transfers while providing solutions for providers targeting the unbanked market. Utilizing the latest payment processing technologies and partners, Newt provides merchants, consumers, and the unbanked population with cashless mobile payment, bill payment, prepaid products, and other services for mobile devices and Point of Sale locations.
By choosing Newt’s SaaS solutions, users and businesses can take away complex developing internal capabilities of accepting bill payments or point of sales and digital product purchases, allowing merchants a quick and seamless transaction processing, payment acceptance and enhanced digital product line for their businesses in a more secure and efficient way.
Newt’s current platform utilization and client base are expanding in Latin America, thus experiencing an increased growth of businesses using Newts SaaS software solutions. With recent top enterprise companies looking for mobile wallet solutions and new processing capabilities, Newt’s portfolio of services is expanding. Newt’s next generation payment transfer solutions use new methods for payments, digital transfers, and bill payment in a mobile application. The company’s platform has been designed from the ground up for modern digital transfers with an ecosystem with full configurability, open API integration, and enhanced value-added services, and has expanded its B2B market to retailers, money transfer services, and financial institutions.
For more information, visit www.NewtFinancial.com
For further information, please contact:
100 King St. West, Suite 5700
Toronto, ON M5X 1C7
Forward – Looking Information
Certain information set forth in this news release may contain forward – looking information that involve substantial known and unknown risks and uncertainties. This forward – looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, failure to enter into a definitive agreement and complete the Acquisition, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward – looking information. The parties undertake no obligation to update forward – looking information except as otherwise may be required by applicable securities law.