Libson and Flexia President Scott Walker first developed a cashless system about five years ago, and it now has more than 50 casinos under contract in Mexico. Mexican anti-money laundering laws require casino transactions to be electronic so Libson saw a clear opening in the market.
Later the duo developed the Card2Go system, a streamlined card which provided both a gaming account and a Mastercard account for casino visitors. Previously customers had to cash in and out at retail venues ‘cage’ systems, but Card2Go cut out the middleman.
Flexia fintech has expanded over the years to include features such as linked open loop cashless customer accounts, as well as ‘Know Your Client’ (an anti-fraud solution) and an anti-money laundering screening.
In 2021, MVB Financial Corporation acquired a 80% stake in Flexia for £2.5m, which kickstarted the company’s growth and brand recognition.
In June, the company partnered with AXES, a gaming management platform, to improve upon the AXES Cloud system. The two companies expect to combine technologies and create an innovative business intelligence platform.
This seems like a long-term collaboration between the companies, as they announced plans to exhibit their new product together at G2E 2022.
