Cuentas Announces Exclusive Software Licensing and Transaction Sharing Agreement with The OLB Group to Serve 32,000 Nationwide Bodega and Convenience Store Network

Rhea-AI Summary

Cuentas, Inc. (Nasdaq:CUEN) has partnered with OLB Group to enhance its payment solutions through a licensing and transaction sharing agreement. This collaboration enables Cuentas to implement new Point of Sale (POS) systems in bodegas nationwide, providing users the ability to load cash onto their mobile app. The partnership includes a revenue-sharing model for POS device sales and additional digital services. This strategic move aims to broaden Cuentas' offerings and improve financial access within underserved communities, marking a significant growth opportunity for the company.

Positive

• Exclusive agreement with OLB Group to enhance payment solutions.
• Implementation of new POS systems in bodegas nationwide.
• Revenue sharing from POS device sales and digital services.
• Expansion of financial services for underserved communities.

Negative

• None.

Enters into Strategic Collaboration with OLB to Expand Placement of Cuentas' Payment Solutions on Point-of-Sales Devices

MIAMI BEACH, FL / ACCESSWIRE / August 29, 2022 / Cuentas, Inc. (Nasdaq:CUEN & CUENW) ("Cuentas"), a leading fintech provider of mobile financial app and payment solutions, announced today it entered an exclusive licensing and transaction sharing agreement and strategic collaboration with The OLB Group, Inc., (NASDAQ: OLB), a diversified Fintech eCommerce merchant services and mobile payment provider. The collaboration and integration with OLB's platform will allow Cuentas to upgrade its Bodega network and help them evolve into financial centers.

Cuentas' collaboration with OLB enables it to provide new Point of Sale ("POS") systems in locations for users to load cash on their Cuentas Mobile App and Digital Wallet amongst other financial mobile apps associated with major US brands. Cuentas will rebrand its mobile payments product as Cuentas.net for its bodega network. The Cuentas Mobile App provides financial services including routing and account numbers for Direct Deposit and early payday capabilities.

The Cuentas and OLB Group merchant services relationship includes a revenue share for profits resulting from the sale or rental of OLB point-of-sale devices, as well as for the sale of digital e-gift content, gaming, and mobile top-ups for domestic and international wireless services.

"We're thrilled to finally say that Cuentas has achieved under contract, the ability to diversify its products under Cuentas.com which serves the current Mobile App, available in Android and IOS. Cuentas.net will serve the mobile payments segment. Cuentas Mobile will serve the mobility customers that will be able to enable their cell phone services under the Cuentas family of products to become their financial services provider," says Arik Maimon, Cuentas co-Founder and Interim CEO. "This collaboration is a major step for the company. It opens new doors for the growth of our services and further exploration into the fintech solution space." He continued, "These crucial relationships are creating opportunities that profoundly expand the company's scope and impact to the underserved segments of the population. I am very proud that Cuentas is one of the only companies in the US that combines those three services bundled into one offering to provide our customers with major incentives and discounts for their day to day shopping as a one stop shop."

"We at OLB Group see the opportunity to expand our merchant services base in a market that we currently don't have a footprint and also provide existing products and services to those bodegas and convenient stores as additional stream for revenues besides the 10,500 merchants that we currently service", stated Ronny Yakov the CEO of OLB Group,

"We are excited that the Cuentas brand will now be present on Point Of Sale (POS) receipts, merchant sale slips and upgraded consumer-facing cash register touch screen displays," stated Michael De Prado, co-Founder and Interim President at Cuentas. "This will enable the suite of innovative one-stop Cuentas prepaid products and services to be available with both digital and physical alternatives and options. All the above should translate to more profitable revenues and better customer acquisition numbers," added De Prado.

About Cuentas

Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a fintech e-finance and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and unbanked Hispanic, Latino and immigrant populations including mobile and financial services, prepaid debit card, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. The Cuentas General Purpose Reloadable (GPR) Card includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://cuentas.com.

About The OLB Group, Inc.

The OLB Group, Inc. (NASDAQ:OLB) is a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states. DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin utilizing sustainable natural gas with an initial deployment of efficient 1,000 ASIC-based S19j Pro 96T mining computers. For more information, visit https://olb.com

Forward-Looking Statements

This news release contains "forward-looking statements", as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements including that we will meet the standard for listing on NASDAQ or successful in our launch of the Cuentas GPR card and mobile app. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "believe", "plan" or "expect" or similar statements are forward-looking statements.

Media Contact

Matthew Aversa
UPRISE Media
646-924-5733
matthew@uprisemgmt.com

SOURCE: Cuentas, Inc.

View source version on accesswire.com:
https://www.accesswire.com/713767/Cuentas-Announces-Exclusive-Software-Licensing-and-Transaction-Sharing-Agreement-with-The-OLB-Group-to-Serve-32000-Nationwide-Bodega-and-Convenience-Store-Network

FAQ

What is the recent collaboration between Cuentas and OLB Group about?

Cuentas has entered into an exclusive licensing agreement with OLB Group to improve its payment solutions through new Point of Sale systems in bodegas.

How will the partnership with OLB Group impact Cuentas' services?

The collaboration will enable Cuentas to provide enhanced financial services, allowing users to load cash onto their mobile app and offering a revenue-sharing model.

What is the significance of Cuentas' POS systems in bodegas?

The POS systems will facilitate cash loading for the Cuentas Mobile App, improving financial access in underserved communities.

What revenue opportunities does the deal with OLB Group create for Cuentas?

Cuentas will benefit from a revenue-sharing model for the sale or rental of OLB POS devices, as well as from digital services such as e-gift and mobile top-ups.

What is Cuentas' stock symbol?

The stock symbol for Cuentas is CUEN.