Cuentas Reports Over 1,000% Revenue Growth from $109k in Q3-2021 to Over $1.1 Million in Q3-2022
November 15, 2022 at 08:26 AM EST
MIAMI BEACH, FL / ACCESSWIRE / November 15, 2022 / Cuentas, Inc. (Nasdaq:CUEN & CUENW) ("Cuentas"), a leading fintech provider of mobile payment solutions filed its 10Q with the SEC for the period ended September 30, 2022, reporting revenue growth, significant increase of over 1,000% from $109,000 in Q3 of 2021 to over $1.1 million in Q3 of 2022.
Cuentas' Gross Profit related to revenue increased from $18,000 in Q3 of 2021 to $116,000 in Q3 of 2022, which is an increase of over 630% when comparing quarter by quarter and the total operating loss decreased from $2.4 million in Q3 of 2021 to $2.26 million in Q3 of 2022.
Q3 revenue growth was driven by continued growth in digital and e-commerce services including financial services sold both through the mobile app and brick and mortal retail Point of Sale (Bodegas) locations. Cuentas recently signed an agreement with InComm Payments, the creator of the VanillaDirect Load network, to expand its digital product offering and cash reload capabilities to qualified bodegas, convenience stores and POS outlets.
"Cuentas continues to expand its digital product and service distribution footprint as well as capabilities and use of the Cuentas Prepaid Debit card, mobile app and other wallet features," said Cuentas Co-founder and CEO Arik Maimon. " In Q1 of 2023, Cuentas is scheduled to add certain financial features to its Mobile App to be able to compete with Cash App and Venmo, which have become very popular apps in the US. Cuentas feels that having cross border money transfer capabilities in its App, powered by Western Union, should give its App a competitive advantage against Cash App & Venmo."
"We feel that our launch of the No-Cost Cuentas Mobile/ Cuentas App for financial services combo offer on Black Friday will create great interest. Any customer that switches their wireless services from any wireless carrier in the US to Cuentas Mobile and obtains an active Cuentas App account will be rewarded with Unlimited Talk & Text with 200 MB High Speed Data for free for using the Cuentas App for all your financial services needs, emphasizing our slogan "Cuentas, Your money, your way", stated Co-founder and President Michael De Prado. "In addition, Cuentas has signed an exclusive partnership with the MASL Professional Soccer League. Cuentas is expected to launch its combo product for financial and wireless services the same day that the MASL soccer league opens its season with its first game, November 25, 2022, also known as Black Friday."
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, 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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