Welcome to our dedicated page for CUENTAS news (Ticker: CUEN), a resource for investors and traders seeking the latest updates and insights on CUENTAS stock.
Cuentas Inc., a financial technology company, provides mobile banking, online banking, prepaid debit, and digital content services to the unbanked, underbanked, and underserved communities in the United States and internationally. It offers prepaid voice, text, and data mobile phone services; domestic and international long-distance voice, text, and data telephony services. The company also provides Cuentas Fintech app, a mobile application that allows cardholders to store and manage their products purchased in the Cuentas virtual marketplace where tier-1 retailers, virtual in-game currencies, Amazon cash, and cellular telecom prepaid minutes top-ups can be purchased usually at discounted prices. Cuentas Inc. was founded in 2005 and is headquartered in Miami, Florida.
Cuentas, Inc. (Nasdaq:CUEN) has entered a marketing agreement with LSI Group to promote the Cuentas Mobile App in Central America, including El Salvador and Honduras, aiming to acquire 200,000 US-based cardholders within one year. The partnership will facilitate cross-border remittances with low transfer fees of only $4.99 for amounts up to $500, helping families in Latin America receive funds efficiently. Upon achieving the target, the exclusivity of the contract will extend to a total of three years. This collaboration aims to improve financial access for underbanked communities.
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.
Cuentas, Inc. (Nasdaq: CUEN & CUENW) announced that co-founders Arik Maimon and Michael De Prado will serve as Interim CEO and Interim President, respectively, following the departure of former CEO Jeff Johnson. This change aims to restore the company’s market capitalization, which peaked at $123 million in July 2021. Cuentas is positioned to compete with leading firms like Green Dot and PayPal in the mobile payment sector. Maimon expressed confidence in the company’s contracts and future, highlighting that Cuentas is undervalued and poised for growth.
Cuentas, Inc. (NASDAQ:CUEN, CUENW) reported a remarkable 280% year-over-year increase in e-commerce revenue for the first half of FY2022 compared to the same period in FY2021. The company attributed this growth to a combination of factors, including the acquisition of 19.9% of Cuentas SDI LLC, which aims to diversify its prepaid offerings. CEO Arik Maimon expressed optimism for continued revenue growth and cost-cutting measures to reduce operating expenses. Cuentas is focused on enhancing services for underbanked populations.
Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) will host an Earnings and Shareholder Update Conference Call on August 18, 2022, at 4:30 PM ET. The call will discuss Q2 earnings results filed on August 15, 2022, along with three significant updates previously mentioned in the July 20 shareholder report. Participants can register online and submit questions during the call. Cuentas offers fintech solutions targeting underbanked populations, including a General Purpose Reloadable card and mobile app for financial services.
Cuentas, Inc. (NASDAQ: CUEN & CUENW) announced a $3 million private placement agreement with an institutional investor to purchase 4,224,044 shares of common stock and warrants at $0.71022 per share. The warrants have an exercise price of $0.59 and will be exercisable immediately, expiring in five and a half years. Net proceeds will be used for general working capital and marketing. The offering will close on or about August 8, 2022, subject to customary conditions. The securities are part of a non-public offering and will require a registration statement for resale.
Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) reported significant advancements in its recent shareholder update. The company achieved its largest revenue growth in e-commerce history for Q2, attributed to acquiring a 20% stake in SDI Black 011. Additionally, Cuentas is in final negotiations with a Texas bank to launch a secured credit card through its mobile app, aiming to aid underbanked consumers. Furthermore, a partnership for merchant services will extend its retail network to 31,000 bodegas, enhancing distribution. These developments are expected to boost Q3 growth and overall market presence.
Cuentas, Inc. (NASDAQ:CUEN, CUENW) announced that co-founder and Executive Chairman, Shalom Arik Maimon, purchased 32,850 shares of CUEN on the open market, reflecting his confidence in the company's future. Maimon stated that he believes the shares are undervalued and highlighted the company's role in providing essential financial services amidst economic challenges. Cuentas focuses on offering digital financial solutions to underserved populations, including prepaid debit cards, remittance services, and digital wallets.
Cuentas, Inc. (NASDAQ:CUEN, CUENW) announced on June 15, 2022, that it has regained compliance with Nasdaq listing rules following the appointment of two independent board members, Sandra Orihuela and Sara Sooy. Orihuela will serve on the compensation committee, while Sooy will join the audit committee. This strategic move enhances Cuentas' governance and potentially strengthens its market position. The company specializes in delivering digital financial services to underserved Hispanic and Latino populations, offering solutions like mobile financial apps and prepaid debit cards.
Cuentas, Inc. (NASDAQ:CUEN, CUENW) reported a record increase in account registrations in May 2022, with new user acquisitions surpassing first-quarter totals by 172%. This growth is attributed to targeted marketing initiatives and promotional campaigns that enhanced brand awareness among key demographics, particularly the underbanked Hispanic community. CEO Jeff Johnson noted strong adoption of money-saving app features, including fee-free money transfers. The company aims to maintain momentum with ongoing engagement strategies to boost transaction volume and feature utilization.
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