Mobile Payments App and Fintech Files First Quarter 2022 10Q Report
MIAMI, FL / ACCESSWIRE / May 16, 2022 / Cuentas, Inc. (Nasdaq:CUEN & CUENW) ('Cuentas'), a leading fintech provider of a mobile financial app and payment solutions reported 40% year-over-year revenue growth in its quarterly report for the period ended March 31, 2022.
Total revenue for Q1 ending 3/31/2022 was $394,000 vs $225,000 for the same period of 2021. The 2022-Q1 10Q report shows Total assets of $9.6 million as of March 31, 2022 as compared to $12.2 Million as of Dec 31, 2021.
Total Liabilities are $3.3 Million as of 3/31/2022 compared to $2.8 million as of 12/31/2021.
Q1 revenue growth was driven by an uptick in digital and e-commerce services sold through retail bodega locations. This growth is expected to accelerate upon completion of the recently announced progress in the acquisition of SDI's Black011.com portal with integrations into 31,600 bodegas wireless retailers, and convenience stores. The transaction is expected to close in the 2nd quarter with a reduced price of $2.976M down from $3.1M.
'Cuentas continues to focus on expanded distribution and use of the Cuentas Prepaid Debit card, mobile app and other wallet features, as well as the integration with one of the largest distribution channels for prepaid wireless services and digital content in the US, through the Black011 acquisition,' said Cuentas CEO Jeff Johnson. 'This distribution strategy, along with our recently announced remittance partnerships are part of our tiered growth strategy to bring Cuentas to the Latino and Hispanic market and our longer-term strategy to scale globally in the coming years.
Cuentas serves Hispanic and Latino markets by delivering convenient and affordable digital, payments and financial tools via the Cuentas Prepaid Debit card and mobile app. As the Hispanic population of the U.S. grows, the need for affordable banking, check cashing, and international remittance services is growing rapidly. There are more than 7 million U.S. Hispanic households that are unbanked, and, as millions more arrive in the U.S. in the coming years, this market is increasingly underserved by traditional financial services providers.
To continually provide better solutions for this important market, in the first quarter, Cuentas announced two major new capabilities.
- Cuentas partnered with Western Union to provide cross border money remittances to over 200 countries worldwide with payments from our Cuentas Mobile App.
- Cuentas partnered with Incomm to make prepaid transit cards available at hundreds of New York City retail locations.
Cuentas cardholders can also access exclusive cardholder discounts and get access to their money up to two days faster when they directly deposit their wages or government benefit check.
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.
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.
SOURCE: Cuentas, Inc.
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