(New York, NY) July 17, 2019 — Those without access to traditional banking methods, or those who prefer to not use a bank for their financial needs, can breathe a sigh of relief because Passfeed has solved how customers can bank more smoothly and securely.

This comes after the company finalized its registration with the Financial Crimes Enforcement Network (FinCEN) to become a Money Service Business (MSB). This distinction will allow Passfeed customers another option to borrow money outside the corporate banking system.

An “MSB” is used to describe businesses that serve as a currency dealer or one that acts as a money transmitter for various financial services. Passfeed registered as an MSB since their Digital Wallet is primed to also offer banking options and money lending such as its Paylater digital credit card.

With this official government distinction, Passfeed is able to lend its users various amounts in spending power per year based on their credit score. As an MSB, the company is taking the next step forward in transforming its App into a one-stop-shop for customers to borrow funds for purchases.

Passfeed’s marketing director, Dennis Sary, was elated once the registration with FinCEN was complete.

“Passfeed will be a customer’s go-to for lending money to help pay for any of the 1.5 million items we have on our App. It will be like having a bank in their pocket,” Sary said.

About Passfeed

Founded in 2018 by start-up entrepreneur, Richard Wang, Passfeed is reinventing online shopping. Our Fintech/eCommerce experience combines the best features of social shopping and banking. Consumers can shop, store and send money, share gift certificates and even take advantage of our Paylater service. The social sharing capabilities rewards our users with earned iPoints — which are then used to save money on additional purchases. With the motto “Never be boring” as a guide, Passfeed is the future of shopping and banking today!
You can learn more about Passfeed by logging onto www.Passfeed.com or by downloading the App for free at https://apps.apple.com/us/app/passfeed for your iOS device.

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If you would like more information about this topic, please call: Dennis Sary, Marketing Director at (929) 332-2099, or email at [email protected].