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Participation in the conventional financial system comes at a high cost for individuals with limited means. Overdraft charges and banking fees create barriers that prevent billions of people from accessing fundamental financial tools like savings accounts and credit lines.
This scenario has birthed an immense opportunity within the realm of fintech — developing technologically advanced, cost-effective financial services tailored to the underbanked.
The potential to serve the underbanked demographic is staggering. Estimates vary, but there are anywhere from 2 to 3 billion people globally who stand to benefit from such services.
Conventional banking institutions have historically failed to provide an affordable offering for these individuals, leading to the existence of two distinct financial service realms within the U.S. The first comprises entities like Chase, Wells Fargo, and MasterCard. The second encompasses payday loan companies and other exploitative services that predominantly cater to the lower socioeconomic class.
With the widespread adoption of smartphones across various demographics and advancements in the banking infrastructure, the hurdles and expenses associated with creating financial services products have significantly diminished. These factors have ushered in a new era of startups and services dedicated to addressing the needs of an underserved customer base that has long been overlooked or mistreated by the mainstream financial industry.
Cuentas, Inc. (NASDAQ:CUEN) is at the forefront of establishing an alternative financial ecosystem tailored to the expanding demographic excluded from conventional financial avenues. Leveraging its proprietary technologies, the company adeptly integrates FinTech, e-finance, and e-commerce services to forge comprehensive solutions that furnish cutting-edge digital financial services. These services are primarily directed at populations in America and, with a forward-looking perspective, globally, who remain underserved and underbanked.
Central to this initiative is the Cuentas Platform, where Cuentas Mobile, the company's telecommunications solution, seamlessly converges with Cuentas Money, its foundational suite of financial services.
Cuentas Mobile is the first step in Cuentas’ endeavor to bring advanced, budget-friendly telecommunications solutions to those who have been excluded from their benefits. Featuring an expanding array of plans and services, all harnessed through the nation's expansive 5G and 4G LTE network, Cuentas Mobile places the might of this network squarely within the grasp of your hand.
Cuentas Money has been meticulously crafted to offer an extensive spectrum of instantaneous financial services and remedies, catering to the burgeoning demographic deprived of such provisions. This synergy fuses a robust application with unparalleled accessibility, affording users the command to seamlessly oversee all their transactions, payments, and money transfers in a single, centralized platform.
Cuentas Secures $2 Million Investment from Investors, Demonstrates Trust in Leadership with Extended CEO and President Employment Agreements
On August 31, Cuentas, Inc. (NASDAQ:CUEN) proudly unveiled two significant developments. Firstly, the company has triumphantly secured a capital infusion of $2 million from investors. Secondly, the tenure of the CEO and President employment agreements has been extended, aligning with Cuentas' visionary strategy to enhance revenue and bolster profitability.
The leadership at Cuentas remains steadfastly committed to the realization of the company's aspirations. The recent injection of capital empowers the acceleration of numerous ongoing projects. Notably, Cuentas has been strategically channeling additional resources into its Fintech and Mobility platforms. With this newfound financial impetus, the organization anticipates attaining pivotal milestones in the forthcoming months.
Anticipate forthcoming announcements from Cuentas, brimming with exciting progress. This encompasses significant strides in the new Cuentas Money Application, accompanied by a comprehensive suite of financial solutions. The company's trajectory is poised for innovation and positive transformation in the near future.
“We are very appreciative to our investors who have shown their support and dedication to the success of Cuentas” said Cuentas CEO and Co-Founder, Arik Maimon. “We will continue to dedicate our efforts to achieve our goals.”
“We continue to dedicate our time, effort and experience towards the success of Cuentas”, said Cuentas President and Co-Founder, Michael De Prado. “We expect to integrate new capabilities and services in the coming months that should help to launch Cuentas to greater success”, added De Prado.
Please visit here for additional information on Cuentas, Inc. (NASDAQ:CUEN).
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Cuentas Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Cuentas Inc.’s industry; (b) market opportunity; (c) Cuentas Inc.’s business plans and strategies; (d) services that Cuentas Inc. intends to offer; (e) Cuentas Inc.’s milestone projections and targets; (f) Cuentas Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Cuentas Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Cuentas Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Cuentas Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Cuentas Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Cuentas Inc.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Cuentas Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Cuentas Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Cuentas Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Cuentas Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Cuentas Inc.’s business operations (e) Cuentas Inc. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, Cuentas Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Cuentas Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Cuentas Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
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