OLB Group Rebrands Subsidiary Serving the Unbanked and Underbanked as "MOOLA CLOUD"
The OLB Group has rebranded its subsidiary as MOOLA CLOUD, focusing on serving the unbanked and underbanked through bodegas and convenience stores nationwide. The platform offers expanded services including mobile Top-Up, Point of Banking (POB) services, and downloadable gift cards. The initiative targets a significant market opportunity, with FDIC data showing approximately 7.1 million unbanked and 24.2 million underbanked households in the U.S. as of 2019. The company leverages its experience in transaction processing to deliver financial services through local establishments, including prepaid cell phone services via Black Wireless and Mango Mobile.
Il gruppo OLB ha rebranding la sua filiale come MOOLA CLOUD, focalizzandosi sul servizio di persone non bancarizzate e sotto-bancarizzate attraverso bodega e negozi di convenienza a livello nazionale. La piattaforma offre servizi ampliati tra cui ricariche mobili, servizi di Punto Bancario (POB) e carte regalo scaricabili. L'iniziativa mira a un'importante opportunità di mercato, con dati della FDIC che mostrano circa 7,1 milioni di famiglie non bancarizzate e 24,2 milioni di famiglie sotto-bancarizzate negli Stati Uniti nel 2019. L'azienda sfrutta la sua esperienza nell'elaborazione delle transazioni per fornire servizi finanziari attraverso esercizi locali, inclusi servizi per telefoni cellulari prepagati tramite Black Wireless e Mango Mobile.
El grupo OLB ha renombrado su filial como MOOLA CLOUD, enfocándose en servir a las personas no bancarizadas y sub-bancarizadas a través de bodegas y tiendas de conveniencia en todo el país. La plataforma ofrece servicios ampliados que incluyen recargas móviles, servicios de Punto de Banca (POB) y tarjetas de regalo descargables. La iniciativa busca una oportunidad de mercado significativa, con datos de la FDIC que muestran aproximadamente 7.1 millones de hogares no bancarizados y 24.2 millones de hogares sub-bancarizados en EE.UU. en 2019. La empresa aprovecha su experiencia en el procesamiento de transacciones para ofrecer servicios financieros a través de establecimientos locales, incluidos servicios de teléfonos móviles prepagados a través de Black Wireless y Mango Mobile.
OLB 그룹은 자회사를 MOOLA CLOUD로 브랜드 리뉴얼하며 전국의 식료품점과 편의점을 통해 은행 계좌가 없는 고객과 저축 계좌가 적은 고객을 대상으로 서비스를 제공하는 데 집중하고 있습니다. 이 플랫폼은 모바일 충전, 뱅킹 포인트(POB) 서비스, 다운로드 가능한 상품권 등 확장된 서비스를 제공합니다. 이 이니셔티브는 2019년 기준으로 미국 내 약 710만 가구가 은행 계좌가 없고 2420만 가구가 저축 계좌가 적다는 FDIC 데이터를 바탕으로 상당한 시장 기회를 목표로 하고 있습니다. 이 회사는 거래 처리 경험을 활용하여 Black Wireless 및 Mango Mobile을 통해 사전 결제 모바일 서비스 등 지역 상점을 통해 금융 서비스를 제공합니다.
Le groupe OLB a rebrandé sa filiale en MOOLA CLOUD, en se concentrant sur le service des personnes non bancarisées et sous-bancarisées à travers des bodegas et des dépanneurs à l'échelle nationale. La plateforme offre des services élargis comprenant le rechargement mobile, des services de Point de Banque (POB), et des cartes-cadeaux téléchargeables. L'initiative vise une opportunité de marché significative, des données de la FDIC montrant environ 7,1 millions de ménages non bancarisés et 24,2 millions de ménages sous-bancarisés aux États-Unis en 2019. L'entreprise utilise son expérience dans le traitement des transactions pour fournir des services financiers à travers des établissements locaux, y compris des services de téléphonie mobile prépayée via Black Wireless et Mango Mobile.
- Expansion into large underserved market of 31.3 million unbanked/underbanked households
- Strategic distribution channel through existing bodega and convenience store network
- Diversification of revenue streams through new financial services offerings
- None.
Insights
The rebranding to MOOLA CLOUD represents a strategic pivot into the significant unbanked/underbanked market, estimated at over 31.3 million U.S. households. The bodega distribution model is particularly shrewd, leveraging existing community trust and accessibility in underserved areas. While the business potential is substantial, execution will be key given the competitive landscape of alternative financial services providers.
The expansion beyond mobile services into Point of Banking (POB) services could create meaningful revenue streams, as unbanked consumers typically pay
Bodega and Convenience Store Distribution Channel Offers Rapid Rollout Potential
NEW YORK, NY / ACCESSWIRE / November 19, 2024 / The OLB Group, Inc., (Nasdaq:OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise, announced today the rebranding of its wholly owned subsidiary for the distribution of mobile services to MOOLA CLOUD, moolacloud.com with additional services and products. MOOLA CLOUD is a unique and proprietary solution for the unbanked and underbanked consumer sector serviced by bodegas and convenience stores nationally.
Ronny Yakov, CEO of OLB Group, said, "We are extremely excited to launch the new services and transform the company, not only for mobile services and downloadable gift cards, but now adding mobile Top-Up as well as Point of Banking (POB) services. This rebranding reflects the greatly enhanced platform offering additional features, capabilities and products."
Mr. Yakov added, "This underserved market is a huge opportunity for OLB Group for revenue and income growth."
Addressing the Needs of the Underbanked and Unbanked
The underbanked and unbanked population represents a significant portion of the U.S. market. According to the Federal Deposit Insurance Corporation (FDIC), approximately 7.1 million households in the U.S. were unbanked in 2019, and another 24.2 million households were underbanked. This sector often relies on alternative financial services such as payday loans, check cashing, and prepaid cards due to limited access to conventional banking services.
OLB Group has recognized this market opportunity and aims to provide comprehensive financial solutions tailored to these communities. By leveraging management's extensive experience in transaction processing and merchant services, OLB is poised to deliver accessible financial products through convenient and familiar local establishments.
Utilizing Bodegas and Convenience Stores
Bodegas and convenience stores are integral parts of many communities, especially in urban areas. These stores offer a convenient and accessible point of service for financial products. OLB Group is deploying its financial services through these channels, thereby reaching a broader audience.
This initiative includes the integration of prepaid cell phone services via Black Wireless and Mango Mobile, which are part of OLB Group's portfolio. These services offer affordable and flexible communication solutions that are essential for staying connected in today's digital age.
About OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to merchants in all 50 states. In addition, through its ownership of the Black 011 platform, OLB Group can provide its services to an additional network of 31,600 convenient stores and bodegas in the United States. DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin in a facility in Tennessee utilizing sustainable hydroelectric and solar power.
Contacts
OLB Group Investor Relations
Rick Lutz
ir@OLB.com
(212) 278-0900 Ext. 333
SOURCE: The OLB Group, Inc.
View the original press release on accesswire.com
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