Cuentas Acquires Record Number of New Card, App and Mobile Wallet Users in May 2022

Rhea-AI Summary

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.

Positive

• Record increase in account registrations by 172% in May 2022 compared to Q1.
• Successful marketing initiatives boosting brand awareness and user engagement.
• Strong feature adoption rates, including discounts and fee-free transfers.

Negative

• None.

Targeted Marketing and Popular Features Like Exclusive Cardholder Discounts Driving the Trend

MIAMI, FL / ACCESSWIRE / June 8, 2022 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) ("Cuentas"), a leading fintech provider of mobile financial app and payment solutions had the largest increase in account registrations in May 2022, and the company is on pace to have a record Q2.

In the first two months of the second quarter, new users have already outpaced acquisition rates for the full first quarter by 172%. The uptick is driven by several strategic marketing initiatives that have increased overall brand awareness and affinity among key target audiences and users in priority markets.

"New Cuentas user registrations are at an all-time high," said CEO Jeff Johnson. "Consumers are responding to the convenient money-saving features in the Cuentas app, including discounts in the Cuentas store and the ability to send money to other cardholders with no fee."

Recent promotional programs and a major brand awareness campaign have increased awareness of the Cuentas card and app features and are demonstrating positive momentum around key performance indicators such as feature adoption and fund loads.

The brand has plans in place to sustain this momentum with ongoing activation and engagement initiatives that can drive ongoing user engagement, increased transaction volume and ongoing feature utilization.

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 un-banked 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.

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. 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.

Investor Relations:
Cuentas, Inc.
800-611-3622
info@cuentas.com

SOURCE: Cuentas, Inc.

View source version on accesswire.com:
https://www.accesswire.com/704281/Cuentas-Acquires-Record-Number-of-New-Card-App-and-Mobile-Wallet-Users-in-May-2022

FAQ

What led to the record increase in Cuentas user registrations in May 2022?

Strategic marketing initiatives and promotional campaigns increased brand awareness, leading to a 172% rise in new accounts.

What features of the Cuentas app are popular among users?

Key features include discounts in the Cuentas store and the ability to send money to other cardholders without any fees.

What is Cuentas' strategy for maintaining user engagement going forward?

Cuentas plans ongoing activation and engagement initiatives to sustain user interest and increase transaction volume.

What demographics does Cuentas primarily serve?

Cuentas focuses on underbanked and unbanked Hispanic, Latino, and immigrant populations.

What are the expected outcomes of Cuentas' current marketing efforts?

The marketing efforts are aimed at continuing to drive user engagement and feature utilization, potentially increasing revenue.