MIAMI, FL / ACCESSWIRE / March 31, 2020 / Cuentas, Inc. (OTCQB:CUEN) ("Cuentas"), a leading FinTech provider of mobile banking and payment solutions serving Latino and Hispanic consumers.
"We want to thank our shareholders for their continued support and belief in our vision," stated Michael De Prado, Co-Founder, President and COO. "Our diligent and focused efforts in 2019 have strengthened our foundation and placed us in a great position to execute on the launch of the Cuentas Mobile App and prepaid Mastercard. As disclosed in our recently filed 10K with the Securities and Exchange Commission (SEC), we reported positive shareholders' equity of $5.3 million for the year-ended December 31, 2019, up from a negative shareholders' equity of more than $6 million at the prior year-end. This, combined with no long-term debt and industry-leading bank and processer partnerships, should allow us to also move forward with our plans to uplist to NASDAQ."
The Cuentas Mobile App and prepaid Mastercard provide a comprehensive banking solution for the 20 million+ unbanked U.S. Latino community, uniquely enabling access to the U.S. financial system to those without the necessary paperwork to bank at a traditional financial institution while enabling greater functionality than a traditional bank account.
A proprietary general-purpose reloadable (GPR) card, the Cuentas prepaid Mastercard provides an FDIC insured bank account with ATM, direct deposit, cash reload, free Cuentas card to Cuentas card money transfers and mobile banking capabilities, among other key features – such as purchasing discounted gift cards and adding Mass Transit Credits to digital accounts (available in California, Connecticut, Michigan, and shortly, New York City). Upcoming App upgrades will also include international remittance and other services.
Now available for download now on Apple App Store and Google Play Store , the Cuentas Mobile App allows consumers to easily activate their Cuentas prepaid Mastercard, review their account balance and conduct financial transactions. Cuentas is also introducing free card-to-card money transfers from one Cuentas card to another Cuentas card, using the Cuentas Mobile App, which will be a very useful and competitive feature. People can register from their home with instant approval and a Cuentas Prepaid Mastercard will be sent to their address in a few days. Cardholders can then receive ACH transfers, Direct Deposits and Free Card to Card Money Transfers so they can purchase products and services online from the safety of their home.
"The launch of our cost-effective solution suite for the unbanked, underbanked, and Latino communities couldn't have come at a better time," continued De Prado. "As the world adjusts to the current reality of the COVID-19 pandemic, the need for virtual banking and cashless financial solutions has become a critical issue for our target communities. Additionally, through our partnership with the VanillaReload network of more than 50,000 retailers (https://www.vanillareload.com/partners.html), our customers can now also reload their Cuentas prepaid Mastercard at Walgreens, Dollar General and soon at Wal-Mart, 7-Eleven,CVS, Rite Aid, and more nationwide. " "
"Cuentas provides a disruptive, cost-effective, and unique financial solution set for the unbanked and underbanked population segments," Arik Maimon, Co-Founder and Chief Executive Officer of Cuentas. "After years of building the foundation for future success, we're very excited to now move into our next phase of operations as we look to rapidly scale our business in the months and quarters ahead, creating long-term value for our shareholders. I am glad we are able to help people keep their lives going forward as normal as possible as most people are restricted from going out, even to their own bank branch. Cuentas is able to resolve these limitations immediately."
About Cuentas
Cuentas, Inc. (OTCQB: CUEN) is a FinTech service provider with proprietary technology to provide solutions for the underbanked and un-bankable Hispanic and Latino population. Its' disruptive services include, but are not limited to, mobile banking, online banking, prepaid debit, ACH and mobile deposits, cash remittance, peer to peer money transfer, and bank accounts to customers who previously could not obtain bank accounts. The proprietary Cuentas General Purpose Reloadable (GPR) Card provides holders with 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://www.cuentas.com
Forward-Looking Statements
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 news 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 "estimate", "anticipate", "believe", "plan" or "expect" or similar statements are forward-looking statements. Forward-looking statements contained in this news release include statements relating to other publicly available information regarding Cuentas.
Investor Relations
Dave Gentry, CEO
RedChip Companies
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dave@redchip.com
SOURCE: Cuentas, Inc.
ReleaseID: 583327
