Shares of leading FinTech provider of mobile banking and payment solutions focused on Hispanic and Latino communities Cuentas Inc. (CUEN) were increasing 17.75% in pre-market session to trade at $3.45.
Cuentas stock remained stable to close Thursday’s session at $2.93. There were 62574.0 shares of CUEN stock were traded, which was less than the average daily volume of 273.30K shares the last 50 days. A recent development may also give us more insight into CUEN stock rise in absence of directly relevant news.
What was the development?
A FinTech company specializing in electronic banking and eCommerce, Cuentas offers proprietary e-commerce and online banking solutions to the unbanked Hispanic and Latino populations. In addition to mobile and online banking, CUEN’s services include prepaid debit cards, ACH and mobile deposits, cash remittance, peer-to-peer money transfers, and providing access to bank accounts for customers who previously could not open a bank account.
Cuentas has recently signed a Marketing Agreement with SDI Black 011, the leading mobile devices and Internet provider for prepaid cards, to incorporate SDI mobile solutions, its SaaS platform and digital wallet into its online store.
Currently, the SDI network has over 31,600 locations in the USA. For Cuentas to begin a major expansion of the SDI network in New York, New Jersey, and Connecticut in the tri-state area of the US, they will deposit $200,000 in escrow.
Currently, Cuentas is only affiliated with the CT GO_Transit Reload system but plans to be connected to the NY MTA for digital sales to the public in September when the Cuentas App is expected to be implemented.
How and what?
Cuentas (CUEN) will provide free WiFi hotspots at 250 restaurants, which will generate marketing interest and revenue from their ad platform. A Cuentas Starter Prepaid Mastercard and the Cuentas Mobile App will also be promoted to its 1 million subscribers by SDI Black 011.