MIAMI, September 28, 2018 /PRNewswire/ --
Cuentas, Inc. (OTCQB: CUEN) (the "Company" or "Cuentas"), a FinTech company delivering mobile banking, credit and telecommunications to the unbanked, underbanked and underserved population, today outlined the Company's strategy to integrate new mobile fintech capabilities into the Cuentas platform, all designed to broaden its user base and ultimately increase revenue.
Cuentas, Inc. has continued to identify innovative companies with products and technologies that complement one another to essentially build an ecosystem of resources for the underbanked. It has developed a portfolio of technologies capable of providing three overarching services including mobile banking, credit and telecommunications. These services allow customers access to mobile banking, card transfers, ATMs, reloadable cards, bill pay, mobile wallet, gift cards, online purchasing, security and telecom, data and video - all via their mobile device.
This concept for a comprehensive, cross border service offering was made possible by a series of intellectual property developments, acquisitions, agreements and partnerships with leading companies who meet nationally recognized banking standards, ultimately creating a platform with open and closed loop consumer purchasing and mobile banking capabilities for its target markets. In September, Cuentas announced it had signed a letter of intent with Banxit Ltd, an Israeli fintech company with a unique secure payment financial technology platform.
This consolidation of integrated technologies uniquely positions the Company to serve as an important financial resource for an untapped market, that of the underbanked. Currently, there are 26 million underbanked households in the United States, representing some 70 million people. Many of these individuals are legal immigrants, individuals who too often are undercompensated, and also who send a significant amount of their income home to families abroad. As 28.5% of Latinos were underbanked as of 2014, there is significant opportunity to provide a superior, cost effective fintech product that supports these individuals and their families.
Cuentas, Inc. also views an opportunity to expand its offering to customers without a U.S.-issued ID, allowing them to use their international ID to open an account. As Cuentas, Inc. strives to make banking more affordable and convenient for the underbanked, customers are provided with low monthly costs of service compared to competitors including wire transfers and long-distance phone calls.
The next steps for Cuentas now also consist of completing and pursuing approvals for API functionality with leading fintech platforms and established app hosting platforms. Achieving these goals would expose a significant number of potential users to the platform, facilitating their use of modern banking methods. The Company anticipates making a series of announcements regarding availability for the app later in 2018. Further, the Company also seeks to raise its corporate profiling by partnering with strong sponsors and influencers who understand the need for the product, and why it represents the future for the underbanked.
"We take pride in offering a comprehensive mobile banking service to a demographic that, constrained by outdating banking and communications methods, may have often struggled to provide for themselves and their families. We have been very pleased to establish this platform consisting of cutting-edge technologies that ultimately provide our customers with services that are affordable and convenient," said Arik Maimon, CEO of Cuentas, Inc. "While we have experienced initial success with our existing customer base, we know we have only scraped the tremendous market opportunity before us. By enabling banking for anyone who owns a mobile phone, including the underbanked, we've created a model that we expect to exceed last year's $58 million revenue figure, and ultimately provide value to our growing base of security holders.
As it continues its corporate evolution, Cuentas, Inc. has carefully instituted a Board of Directors comprised of members who possess extensive background and experience in the fintech sector including banking, technology and telecommunications. Directors include Arik Maimon, Founder and CEO of the company and most of its subsidiaries; Michael De Prado, President and COO, with 20 years-experience in executive positions in the banking, technology, and telecommunications industries; Adiv Baruch, CSO, who serves as Chairman of Jerusalem Technology Investments Ltd. as well as the Chairman of Maayan Ventures, a platform for investments in innovative technology companies; Arik Filstein, an advisor to the Cuentas Board of Directors, is a successful Israeli entrepreneur and well-known executive in the Tel-Aviv Stock Exchange; Orlando Taddeo, who prior to joining Cuentas, Inc. founded the investment company Heritage Ventures Ltd. Taddeo also founded telecommunications company, Limecom Inc. in 2006; Jeff Lewis, an advisor to the Cuentas Board of Directors, who is a proven leader in the payments and financial services industry with over 30 years of management experience; Richard Berman, a 35-year vet with venture capital, senior management and merger acquisitions experience in the fintech and biotech fields.
About Cuentas, Inc.
Cuentas is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative mobile banking, mobility, and telecommunications solutions, including wireless MVNO, to underserved, unbanked, and emerging markets. For more information, visit http://www.cuentas.com, and follow the Company on Twitter.
SOURCE Cuentas, Inc.