BlueKite Acquires RedCycle Networks, a Leading Developer of Bill Payment Technology Solutions in Latin America
MIAMI, Feb. 6, 2013 /PRNewswire/ — BlueKite (http://www.bluekite.com) today announced the acquisition of RedCycle Networks, a leading developer of bill-payment technology solutions in Latin America. In addition to the proprietary bill-payment technology platform developed by RedCycle Networks, the company has completed integrations with local billers including utilities and telecommunications companies in Mexico, Guatemala, El Salvador and South America.
Headquartered in Miami, BlueKite will leverage RedCycle Networks technology to provide more options to millions of consumers who emigrated and still support friends and families back in their home countries. The company already offers cross-border bill payment for services in countries including Mexico, Guatemala, Honduras and El Salvador and is currently developing integrations into other emerging markets in Africa, South America and South East Asia. Some of the bill-payment services available through BlueKite include electricity, gas, water, internet, cable, fixed and mobile phone and financial services. The BlueKite payment platform is expected to be available to consumers via internet, mobile devices, as well as through a clerk-assisted in-store version.
Camilo Saravia, founder of RedCycle Networks will continue to lead the business and join BlueKite as Vice President of Product and Biller Integrations, and Kyle Passarelli who has served as CTO for RedCycle will join the company as Vice President of Engineering.
“The acquisition of RedCycle Networks strengthens our presence and fits with our mission to provide consumers more options to direct and control the remittances they send back home,” said Jose Vargas, co-founder and President of BlueKite. “From a business standpoint, the acquisition brings together a leading proprietary technology platform that BlueKite will be able to scale and an experienced team.”
“Our combination with BlueKite brings substantial momentum and the right resources to grow our business,” said Camilo Saravia, founder of RedCycle Networks. “Our vision and growth strategy will benefit from BlueKite’s reach and financial strength, and we look forward to becoming part of the BlueKite team.”
BlueKite offers a unique, state of the art, web-based platform that allows consumers to make real-time cross border bill payments around the world. Payments are safe, accurate, reliable and guaranteed. BlueKite makes bill pay transactions possible through the integration of a proprietary payments platform with the accounting system of relevant service providers worldwide, allowing customers to view up to the minute balance information and pay bills immediately. Recently the company announced a $1.5 million seed round led by the founding team and PeopleFund. For more information please visit http://www.bluekite.com