OLB Group Rebrands Subsidiary Serving the Unbanked and Underbanked as "MOOLA CLOUD"
Rhea-AI Summary
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.
Positive
- 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
Negative
- None.
News Market Reaction
On the day this news was published, OLB gained 13.01%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
FAQ
What is MOOLA CLOUD's target market size for OLB Group (NASDAQ:OLB)?
What services does OLB Group's MOOLA CLOUD offer in 2024?
How is OLB Group (NASDAQ:OLB) distributing its MOOLA CLOUD services?
