Cuentas Lead Investors Show Confidence By Converting Warrants for Over $2 Million
Company Plans to Use Capital Raise to Expand Cuentas Fintech and Cuentas Mobile Business Divisions.
MIAMI BEACH, Fla., Aug. 31, 2023 /PRNewswire/ -- Cuentas, Inc. (Nasdaq: CUEN) (Nasdaq:CUENW) ("Cuentas"), the Company that is creating an alternative financial ecosystem for the underbanked and underserved segment of the population who do not have access to traditional financial and lifestyle alternatives, announces the successful capital raise of over $2 Million from investors to enable its forward-looking plan to increase revenue and profitability of Cuentas Inc.
Cuentas Management is dedicated to work towards the success of Cuentas and with this capital raise has provided financial liquidity to enable advancement of multiple projects. Cuentas has been investing additional resources into the Fintech and Mobility platforms and with the availability of additional funds expects to achieve important milestones during the upcoming months.
Cuentas expects to announce exciting advancements to its new Cuentas Money Application and financial solutions package in the near future, and are in discussions to enable lending capabilities.
"Cuentas successfully closed on the Brooksville property near Tampa, FL for $5.1 Million with majority control," said Cuentas CEO and Co-Founder, Arik Maimon. "Management will continue to focus to make all three Cuentas divisions to be on a secure path for success. I believe that Cuentas is a unique group in the world to provide essential services with financial inclusion, mobile services and rental apartments as solutions for the underserved population. I am proud that this Cuentas Triple Play is becoming a reality," added Maimon.
"We are very appreciative to our investors who have shown their continued support and dedication to the success of Cuentas," said Cuentas President and Co-Founder, Michael De Prado. "This investment of over $2 Million specifically was raised to expand the Fintech and Mobility divisions of Cuentas Inc.", added De Prado.
About Cuentas Inc
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is creating an alternative financial ecosystem for the growing population who do not have access to traditional financial alternatives. The Company's proprietary technologies help to integrate FinTech (Financial Technology), e-finance and e-commerce services into solutions that deliver next generation digital financial services to the under-banked and underserved populations across America and eventually, he world. The Cuentas Platform integrates Cuentas Mobile, the Company's Telecommunications solution, with CUENTAS Money, its core financial services offerings to help entire communities enter the modern financial marketplace. In Q1 of 2023 Cuentas launched Cuentas Casa, an alternative housing community development solution based on a revolutionary, patented, sustainable building system. Management believes adding this construction technology to its offerings bridges the 'need gap', providing a first of its kind combination of financial and lifestyle solutions to the underbanked and underserved, putting the Company in a unique position to take advantage of what has been called a Trillion-dollar opportunity .
About CUENTAS Mobile
CUENTAS Mobile is Cuentas' first step in our plan to bring increasingly powerful and cost-efficient telecommunications solutions to those that have been unable to acquire or afford them. With a growing selection of plans and services, delivered on the nation's largest 5G and 4G LTE network, Cuentas Mobile puts the power of the network in the palm of your hand.
About CUENTAS Casa
CUENTAS CASA's unique approach to property development combines state-of-the-art sustainable building technology with intelligent property management systems with the goal of developing complete residential communities in a fraction of the time and at a fraction of the cost of traditional development. By selectively acquiring locations near metropolitan areas and immediately working with our partners to move into the construction phase, CUENTAS is able to pass on the savings in construction and maintenance directly to the resident. Management has seen rental prices reduced by as much as 30% over traditional residential communities.
About CUENTAS SDI
Cuentas SDI, LLC. is the company that owns the platform of Black011.com and the network serving over 31,000 convenience stores ("Bodegas") in and around New York and New Jersey. The Company is managed and controlled by The OLB Group, Inc. Cuentas Inc., is a shareholder in Cuentas SDI, LLC. Black011.com is the network that will deliver a range of services to the network's customers, including digital incentives, promotions, gift cards, discounts, top up services, telecommunication services, money transfer solutions and other digital and physical products and solutions true the network of financial partners.
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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