GreenBox POS Canadian Subsidiary, MoltoPay, Announces Onboarding of New Canadian Merchant Client

Rhea-AI Summary

GreenBox POS (NASDAQ: GBOX) announced its Canadian subsidiary, MoltoPay, has onboarded a new merchant client in the food delivery sector. This aligns with GreenBox’s strategy to expand internationally after acquiring MoltoPay on August 3, 2020. The MSB license of MoltoPay allows businesses to use GreenBox’s services without needing their own license, ensuring compliance with Canadian regulations. CEO Fredi Nisan highlighted this as the largest addition to their Canadian portfolio, aiming to enhance secure digital payment transactions.

Positive

• Onboarding of the largest merchant client in Canada since acquiring MoltoPay.
• Expansion of international footprint in the compliant digital payment space.
• MoltoPay's MSB license allows businesses to save time and costs on compliance.

Negative

• None.

SAN DIEGO, CA, Feb. 23, 2021 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX) (the “Company”), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions today announced its Canadian subsidiary, MoltoPay, a Money Service Business (MSB) registered and licensed with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) has recently onboarded a new merchant client in the rapidly growing food delivery industry onto the Company’s blockchain based payment platform.

As part of the Company’s international expansion strategy, GreenBox acquired 100% of the shares of MoltoPay on August 3^rd, 2020 allowing the Company to leverage its MSB license status. Businesses choosing GreenBox as their MSB partner for Canada based business transactions benefit from not having to obtain their own license, a significant benefit in saving time and costs associated with the process. All such business transactions within the GreenBox ecosystem are therefore compliant with regulatory requirements. GreenBox's subsidiary MSB licensing aligns perfectly with its robust blockchain based technology for processing secure payments.

“The recently onboarded merchant client is the largest of the Canada based portfolio that we have added to our platform since acquiring MoltoPay,” said Fredi Nisan, Chief Executive Officer at GreenBox POS. “The MoltoPay acquisition and MSB license provide GreenBox with a great opportunity to expand our footprint by onboarding Canadian businesses from offering secure digital payment transactions in a compliant fashion. Moving forward, we expect to see more Canada based businesses recognize the value of this offering and adopt our blockchain based payment technology.”

About GreenBox POS

GreenBox POS is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, helping to reduce fraud and improve the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, please visit the Company's website at www.greenboxpos.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Investor Relations Contact:

Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
GBOX@mzgroup.us
www.mzgroup.us

FAQ

What recent development occurred with GreenBox POS and GBOX in Canada?

GreenBox POS announced the onboarding of a new merchant client in the food delivery industry through its subsidiary MoltoPay.

How does MoltoPay benefit businesses using GreenBox POS's services?

Businesses using GreenBox POS through MoltoPay do not need to obtain their own Money Service Business license, saving time and costs.

When did GreenBox acquire MoltoPay?

GreenBox acquired MoltoPay on August 3, 2020.

What is GreenBox's strategy for expansion?

GreenBox's strategy includes leveraging its MSB license and blockchain technology to expand its international footprint in secure payment solutions.