Cuentas Files Second Quarter 2020 10Q Report and Provides COVID-19 Update
Cuentas, Inc. (OTCQB:CUEN) filed its quarterly report for Q2 2020, showcasing the launch of its Mobile App with 1,779 registered accounts. The app leverages online marketing via Facebook and Google Ads. Cuentas plans to introduce international money transfer services in Q1 2021. The company reports a shift towards mobile banking due to COVID-19, highlighting agreements with top industry players. Cuentas offers a prepaid Mastercard with various features, aiming to cater to the underbanked Hispanic population. The report emphasizes growth potential in the digital payment sector.
- Launched Cuentas Mobile App with 1,779 registered accounts.
- Plans to offer international money transfer services in Q1 2021.
- Secured 5-year agreements with top industry leaders in fintech.
- Positioned to benefit from the shift towards online banking during the COVID-19 pandemic.
- None.
MIAMI, FL / ACCESSWIRE / August 13, 2020 / Cuentas, Inc. (OTCQB:CUEN) ("Cuentas"), a leading FinTech provider of mobile banking and payment solutions serving Latino and Hispanic consumers, filed its quarterly report for the period ended June 30, 2020. (see filing at cuentas.com/sec)
Cuentas officially launched the Cuentas Mobile App in Q2 2020 and currently has 1,779 registered accounts. Cuentas is marketing online through Facebook SDK & Google Ads using advanced tool platforms such as Firebase and Google Analytics. The Cuentas Mobile App is available for download thru the Apple App Store and Google Play Store.
Cuentas has been working diligently with a major provider of international remittances to procure these services and hopes to be able to offer international money transfer services via the Cuentas Mobile App in Q1 of 2021. As part of the global mobile banking strategy, Cuentas is looking to be able to deliver card to card transfers internationally. If we are able to achieve thus, it will be the first GPR card with this global functionality.
"We are extremely excited from the results and product performance. After securing 5 year agreements with top tier industry leaders in the Fintech vertical market, we are seeing a major shift from traditional banking to online banking and mobile banking," stated Michael De Prado, co-founder and President. "The current COVID-19 pandemic is creating opportunities that fit very well with Cuentas's long term strategy", added De Prado.
Cuentas offers a proprietary general-purpose reloadable (GPR) card, the Cuentas prepaid Mastercard, (funds deposited in an FDIC insured bank account) with ATM, direct deposit, cash reload, free Cuentas card to Cuentas card transfers and mobile banking capabilities, among other key features - such as purchasing discounted gift cards and adding Mass Transit Credits to digital accounts (available in California, Connecticut, Michigan, and shortly, New York City). Upcoming App upgrades will also include international remittance and other services.
"Cuentas is strategically positioned to take advantage of new, improved technological capabilities and not be held back as many traditional banks are constrained by homebound clients who cannot visit their local branches," stated Arik Maimon, Founder and Chief Executive Officer of Cuentas. "During the pandemic, we have seen tremendous growth of Apps similar to Cuentas, like Venmo, CashApp and others who grow their users exponentially. Therefore, Cuentas is in the right place at the right time to follow that trend." added Maimon.
About Cuentas
Cuentas, Inc. (OTCQB: CUEN) is a FinTech service provider with proprietary technology to provide solutions for the underbanked and un-bankable Hispanic and Latino population. Its' disruptive services include, but are not limited to, mobile banking, online banking, prepaid debit, ACH and mobile deposits, cash remittance, peer to peer money transfer, and bank accounts to customers who previously could not obtain bank accounts. The proprietary Cuentas General Purpose Reloadable (GPR) Card provides holders with a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit www.cuentas.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 news 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. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "estimate", "anticipate", "believe", "plan" or "expect" or similar statements are forward-looking statements. Forward-looking statements contained in this news release include statements relating to other publicly available information regarding Cuentas.
Investor Relations
Cuentas, Inc.
investor@cuentas.com
800-611-3622
SOURCE: Cuentas, Inc.
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https://www.accesswire.com/601528/Cuentas-Files-Second-Quarter-2020-10Q-Report-and-Provides-COVID-19-Update
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