Cuentas Releases Latest Shareholder Report, Boasts Record Growth, Upcoming Secured Credit Card, and More
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.
- Achieved largest revenue growth in e-commerce and digital content history in Q2.
- Acquired 20% of SDI Black 011, leading to expanded market reach.
- Negotiating with a Texas bank to offer secured credit cards through the mobile app.
- Partnership for merchant services to integrate with over 10,000 POS devices and 31,000 bodegas.
- None.
MIAMI BEACH, FL / ACCESSWIRE / July 20, 2022 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) ("Cuentas"), a leading fintech provider of mobile financial app and payment solutions, has issued a shareholder report with three major company updates:
- Cuentas, Inc. generated the largest revenue growth for e-commerce and digital content in company history (Q2) following its purchase of
20% of the assets of SDI Black 011, a leader in the digital product and service distribution industry, in order to reach more bodegas and retailers. Cuentas has up to 90 days from contract to acquire the remaining80% of SDI Black 011 assets. - Cuentas, Inc. is in final negotiations to sign with a Texas-based issuing bank, opening a new business segment that would enable Cuentas users to acquire a secured credit card using Cuentas' mobile app and ecosystem.
- Cuentas, Inc. is in final negotiations with a cutting edge technology company to offer merchant services, cash reloads and state of the art POS devices to Cuentas' current distribution channels. The POS solution is currently installed and active in over 10,000 locations in the US. Augmenting these existing 10,000 retail locations with Cuentas' 31,000 bodegas will diversify and expand Cuentas' retail distribution network significantly.
"These are three remarkable developments for our company, customers, and investors," says Arik Maimon, co-founder and Executive Chairman of Cuentas. "Such a massive leap in revenue is proof of the functionality of our ecosystem and the growing demand for Cuentas' services." He continued, "Our partnership with the Texas issuing bank would allow thousands of underbanked consumers to build credit, while our integration with the POS system will enable us to offer our products and services and potentially offer fast cash reloads on the Cuentas debit card through up to 31,000 bodegas. We are working diligently to maintain this positive trend in the months to come."
"I am very proud of the partnerships and relationships that Cuentas has developed which are directly reflected in the increased revenues for Q2," stated Michael De Prado, co-founder and Executive Vice-Chairman of Cuentas. "Cuentas is working diligently to develop new relationships with quality companies and we are looking forward to increased growth during Q3 and hopefully reaching critical mass by the end of the year in revenue", added De Prado.
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.
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.
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SOURCE: Cuentas, Inc.
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FAQ
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