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MIAMI BEACH, FL/ACCESSWIRE/July 20, 2022/ Cuentas, Inc. (NASDAQ: CUEN)(NASDAQ: CUENW) (“Cuentas”), a leading fintech provider of mobile financial applications and payment solutions, has released a report to shareholders containing three major updates of the company:
- Cuentas, Inc. generated the strongest e-commerce and digital content revenue growth in company history (Q2) following the purchase of 20% of the assets of SDI Black 011, a leader in the distribution industry of digital products and services, in order to reach more bodegas and retailers. Cuentas has up to 90 days from the contract to acquire the remaining 80% of the assets of SDI Black 011.
- Cuentas, Inc. is in final negotiations to sign with a Texas-based issuing bank, opening up a new business segment that would allow Cuentas users to acquire a secure credit card using the Cuentas mobile app and ecosystem.
- Cuentas, Inc. is in final negotiations with an advanced technology company to offer advanced merchant services, cash top-ups and point-of-sale devices to Cuentas’ current distribution channels. The POS solution is currently installed and active in over 10,000 locations in the United States. Increasing these 10,000 existing outlets with Cuentas’ 31,000 bodegas will significantly diversify and expand Cuentas’ retail distribution network.
“These are three remarkable developments for our company, our customers and our investors,” said Arik Maimon, co-founder and executive chairman of Cuentas. “Such a massive increase 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 enable thousands of underbanked consumers to build credit, while our integration with the point-of-sale system will allow us to offer our products and services and potentially to offer fast cash top-ups on the Cuentas debit card up to 31,000 bodegas We are working diligently to maintain this positive trend in the coming months.
“I am very proud of the partnerships and relationships that Cuentas has developed which are directly reflected in the increase in second quarter revenue,” said Michael De Prado, co-founder and executive vice president of Cuentas. “Cuentas is working diligently to develop new relationships with quality businesses and we expect further growth in the third quarter and hopefully reach critical mass by the end of the year in revenue terms. ‘business,” De Prado added.
This press 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 than modified. The statements in this press release, which are not purely historical, are forward-looking statements and include all statements regarding beliefs, plans, expectations or intentions regarding the future. Except for historical information presented herein, the matters discussed in this press 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 these statements, including that we will meet the NASDAQ listing standard or successfully launch the Cuentas GPR card and mobile app. Statements that are not historical facts, including statements that are preceded, followed or that include words such as “believe”, “plan” or “expect” or similar statements, are forward-looking statements.
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a fintech e-commerce and finance services provider with proprietary technology that provides digital financial services to underbanked and unbanked Hispanic, Latino, and immigrant populations. , including mobile and financial services, prepaid card debits, ACH and mobile deposits, cash back, peer-to-peer money transfer and other services. The Cuentas General Purpose Reloadable Card (GPR) 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.
THE SOURCE: Cuentas, Inc.
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