|Net Element, Inc. (NASDAQ: NETE) Increases Revenues, Records Double Digit Growth in Mobile Transaction Markets|
- Transactions processed rose by 14 percent to reach $2.8 billion in 2017
- Net Element launches new service, Fast Pass Funding, on proprietary Netevia platform
- Global ecommerce market reached $2.7 trillion in 2017, expected to hit $4.5 trillion in 2021
- Surge in mobile payments market tied to convenience, security
- JGR Capital initiates coverage on Net Element, Inc.
Global technology and value-added solutions group Net Element, Inc. (NASDAQ: NETE) continues to embrace emerging and disruptive technologies in its quest to improve the experience of mobile payment solutions for its clients and their customers. Net Element launched a wide array of partnerships in 2017, all geared toward connecting and simplifying payments across multiple sales channels throughout the globe.
SeeThruEquity noted in its recent update (http://nnw.fm/OF5o0) to Net Element’s 2017 performance report that the company’s revenue growth was driven by its North America Transactions Solutions business segment, which topped 21 percent year-over-year. Full year revenues for 2017 of $60.1 million represented an increase of about 11 percent over 2016’s $54.3 million. The company also improved its balance sheet, ending the year with cash on hand of $11.3 million and total financial debt of $7 million.
In addition, JGR Capital just announced initiation of coverage on Net Element (http://nnw.fm/3pktE), highlighting the following:
NETE has grown its North American Transactions Segment 28 percent year-over-year, largely attributable to its successes with the Unified Payments brand.
Net Element recently launched Netevia, its new product that is part of its decentralized blockchain technology solutions initiative.
Net Element recently joined the Enterprise Ethereum Alliance, which is the world’s largest open-source blockchain initiative.
NETE completed a $7.55 million restricted common stock and warrant private placement with an institutional investor to buttress growth with its blockchain initiatives.
One of the highlights of the report includes the recent news of Net Element’s same-day funding service called Fast Pass Funding. Launched by subsidiary Unified Payments, Fast Pass Funding works through the company’s proprietary multichannel payments platform, Netevia. This visionary platform, which connects and simplifies payments across a number of channels through a single integration point – including point-of-sale, ecommerce and mobile devices – gives eligible merchants access to funds in as little as three hours during regular business days (http://nnw.fm/jAfq4). That’s a huge improvement over the average funding times of between 12 and 24 hours. Fast Pass Funding is also delivered to merchants using Aptito, Net Element’s proprietary cloud-based restaurant point-of-sale and management system.
As a member of the Ethereum Alliance, the world’s largest open-source blockchain initiative with over 250-member companies, Net Element also plans to integrate new blockchain technologies into its Fast Pass Funding platform.
“We are very pleased with our 2017 progress and the strong balance sheet position as of December 31, 2017, which we believe positions the company for future growth and opportunities,” Oleg Firer, CEO of Net Element, said in a news release describing the company’s year in review and plans for 2018 (http://nnw.fm/oJS8A).
Global data from Statista (http://nnw.fm/HgS4K) anticipates a massive increase in worldwide ecommerce sales, from $2.7 trillion in 2017 to $4.5 trillion in 2021 – bringing with it opportunities too big to ignore. Net Element continues to keep an eye on the prize, pursuing strategies in the rapidly changing payment solutions market that are designed to achieve superior results, Firer said.
For more information, visit the company’s website at www.NetElement.com
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