uBUCK Technologies has shipped the first batch of uBUCK prepaid debit cards to The Bahamas headquarters of Deltec Bank & Trust.
The move builds on an agreement signed last November, under which Deltec agreed to sell uBUCK prepaid debit cards to their customers.
The cards can be availed by Deltec bank and wealth management customers through the uBUCK platform.
The agreement also allows Delta to market the card programme to private bank networks in the Caribbean, South America, Asia, and Europe.
After concluding the first batch of card issuance, uBUCK will look to further commercialise its debit card platform as part of the partnership’s next phase.
uBUCK CEO James Youn said: “Once the initial batch of cards are released with Deltec and their customers, we will move quickly to the next phase which includes providing uBUCK prepaid debit cards to Deltec clients across the globe. Deltec has been the right partner to confirm our business model and distribution channels to get us to our target $1M monthly recurring revenue mark this summer.
“Our revenue forecast is based on business growth via Deltec, growth in private banks that need our technology, commercialization of uBUCK Pay on Google and Apple app stores, as well as the prospective roll-out of our physical store distribution channels.”
uBUCK is part of LiteLink Technologies. uBUCK has obtained $175,000 for debit card funding from Deltec to date.