Business
Cuentas Files Annual Report and Provides Shareholder Update
Cuentas Files Annual Report and Provides Shareholder Update.
About this update from Cuentas Inc.
[{"type":"text","content":"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 Prepa...