Cuentas Inc - CUENW STOCK NEWS

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.

Cuentas, Inc. (NASDAQ:CUEN & CUENW) has successfully acquired 19.99% of Cuentas SDI LLC, owner of the SDI Black011 assets, for $750,000. This acquisition allows Cuentas an option to purchase the remaining 80.01% for $2.46 million within 90 days. The deal grants Cuentas a 40% revenue share from Cuentas SDI during this period, decreasing to 20% afterward. The SDI assets produced $8.2 million in revenue in 2021, facilitating Cuentas' growth strategy in fintech solutions and expanding its market reach.

Cuentas has announced the appointment of Sandra Orihuela and Sara Sooy to its Board of Directors, bringing the total number to nine members. Orihuela will serve on the compensation committee, while Sooy will join the audit committee. Cuentas emphasizes that their diverse expertise will bolster the company's strategic objectives through 2022 and beyond. Sooy has a background in public service and commercial real estate, whereas Orihuela specializes in cross-border transactions and compliance. These appointments are expected to enhance Cuentas' leadership.

Cuentas, Inc. (Nasdaq: CUEN & CUENW) reported a 40% year-over-year revenue growth in its Q1 2022 financial results, totaling $394,000 compared to $225,000 in Q1 2021. The company’s total assets decreased to $9.6 million from $12.2 million while total liabilities rose to $3.3 million from $2.8 million. Driven by e-commerce services at retail locations, growth is expected to accelerate with the acquisition of SDI's Black011.com portal. Cuentas aims to enhance its services for the Hispanic market by partnering with major companies like Western Union and Incomm.

Cuentas (NASDAQ:CUEN & CUENW) has finalized a second amendment to acquire Black011.com, enhancing its distribution network to over 31,600 bodegas and convenience stores. The planned closing date is May 20, 2022, with penalties for non-closure. The acquisition aims to expand Cuentas' digital services, including its prepaid debit card and digital wallet, through a B2B platform that generates real-time profits for retailers. This move is expected to strengthen Cuentas' position in the prepaid market, leveraging Black011's large subscriber base and extensive retail network.

Cuentas is set to enhance its mobile app, allowing US cardholders to pay bills directly to over 30 service providers in Mexico, including utilities and telecoms. With payments processed in USD, transfers will reflect in Mexico within 48 hours. For a fee of $3.00 per transaction, customers can simplify their remittance process, avoiding cash collection at retail locations. This initiative follows the recent integration of Western Union's money transfer services, expanding Cuentas' offerings in the digital finance space for Hispanic and Latino communities.

Cuentas, a fintech provider, is enhancing digital payment access for Hispanic and Latino communities as traditional bank branches decline. Their outreach has begun in Southern California, targeting the over 7 million unbanked Hispanic households. The company has integrated Western Union's money transfer services into its app, allowing transfers up to $500 for $4.99. Cuentas also offers Amazon Cash at a 3% discount and accepts a Matricula Consular as ID. The app is available on major platforms, increasing financial inclusion for underserved populations amidst a significant growth in Hispanic demographics in the U.S.

Cuentas, Inc. (NASDAQ:CUEN, CUENW) has sponsored a March 2022 report by Perch Perspectives analyzing the impact of COVID-19 on the US fintech market. This report focuses on the rising immigrant population's needs and how fintech companies, including Cuentas, are addressing gaps in banking services. Key insights include the increased demand for digital financial solutions among the unbanked population and Cuentas' competitive position in this landscape. The full report is available for download, providing a detailed overview of market trends and competitive advantages.