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Boustead Client Newt Signs Agreement with Element Bank for its Digital Lending Program in Mexico

Irvine, CA and Toronto, Ontario — February 2, 2021 – Boustead Securities, LLC (“Boustead”) client Newt Corporation (“Newt”or the “Company”), an integrated platform for digital financial services, today announced that it has entered into an agreement with Element Bank (the “Agreement”) to issue branded credit and debit cards in conjunction with Newt’s upcoming lending program targeting enterprises, credit unions and government employee programs. The software and credit solutions combine an enhanced mobile application and a secured digital wallet, providing self service functions, such as access to credit at reduced costs and solving issues employees face on a regular basis, while managing their finances with a better customer experience.

Under the terms of the Agreement, Newt’s subsidiary jointly with Element Bank will issue branded credit and debit cards to every employee who downloads and signs on to Newt’s Lending-as-a-Service (“LaaS”) application, white labeled by their employer. The credit program cards link directly to a mobile wallet within the mobile application, allowing employees to make payments with the card, pay bills, receive payroll advances, and access credit for purchasing products online and in stores, all while developing their credit score.

Sergio Maya Aleman, CEO of Latin America of Newt, stated: “Signing this agreement with Element Bank provides us with more tools to service our customers and expand our network in Mexico. This partnership reinforces our ability to integrate digital solutions for our B2B customers and enhances our business model, including our credit services. Our goal is to provide more financial accessibility and support social inclusion by providing our business customers with effective solutions for their employees. We believe this will enable Newt to grow, increase our transactions and revenue participation in credit.”

According to the Economist, as of December 2020, only 37% of Mexicans over 15 years of age had a bank account, and some 86% of all payments in Mexico were made in cash. According to Fitch Ratings, payroll deductible loans have become a relevant product for non-bank financial institutions (“NBFI”) and banks in the country over the past few years. As of December 31, 2020, payroll loans represented 6.0% of banks and AMDEN (Mexican Association of Payroll Lenders) loans.

Newt intends to provide access to more competitive credit offerings with reduced fees to employees on their mobile phones, targeting the unbanked market. Newt’s objective is to utilize agile, easy to use, resilient tech architecture, and to provide access to competitive credit and financial services on its platform to users that may be traditionally unbanked, helping them establish credit and access the digital economy, while working with employers to benefit their employees’ financial well being.


About Newt

Newt Corporation is a digital payment and financial services platform enabling enterprises to serve the large underbanked population in the Americas with digital financial products and services and access to credit. Newt provides a fairer, faster, accessible ecosystem that fills the credit accessibility gap and reshapes the way businesses and consumers save, move money and conduct commerce. The Company’s financial ecosystem offers mobile and digital bill payments, cross-border money transfers, digital wallet, prepaid stored value cards, and access to a large leading catalog of digital gift cards and subscription services. Newt’s omnichannel distribution and processing capability allows consumers to conveniently connect through mobile, web, point-of-sale and Newt branded electronic payment center kiosks located across a network of merchant locations. Newt is also bringing credit financing for small to medium sized enterprises, payroll loans for consumers, credit cards, loan financing, and other credit services for those who lack access to traditional financing.

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About Boustead Securities, LLC

Boustead Securities, LLC is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority-owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information visit please visit:

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This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this document and other statements made from time to time by us or our representatives might not occur.

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