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Many startup companies have evolved in the financial market. The year 2018 represented the year of FinTech Startups. In 2018, Flipkart tipped the scales away from FinTech. Paytm won a large deal of around $1.4 billion raised from Softbank. Flipkart and Paytm cases remain as an example of FinTech’s growth. As FinTech services have kindled in the e-commerce world, the year 2019 will bring surplus benefits to the FinTech startup companies.
Cuentas, Inc. (OTCQB: NXGH) is an innovative financial technology service provider, which uses technical innovation together with both emerging and existing technologies. Cuentas provides reliable, new era, traditional banking, and financial services to their consumers.
Recently, Cuentas announced their financial results, thereby comparing their revenue of 2018 and 2017. Compared to the total combined nine-month revenue of 2017, the nine-month revenue of 2018 has raised from $1.7 (2017) million to $61.5 (2018). As the revenue has increased, it impacted the rise in the gross profit and net income of the company. The main reason for the hike compared to the year 2017 is due to the change in the fair value of stock-based liabilities and due to the acquisition of Limecom.
But, the net loss of quarter three months of 2018 is high compared to 2017. It is mainly due to the decrease in the gross profit in the three months and due to the gain on derivative liability.
The announcement also adds the appointment of Ran Daniel as the Company’s CFO. Daniel has 20 years of experience in financial and business management. He served as the CFO of Blue Sphere Corporation and has been on the Board of Directors of Maayan Ventures Ltd. He states, “I am extremely excited to be part of Cuentas. Fintech is a very strong space these days, and Cuentas Mobile Banking and Online Banking products and partnerships are on the cutting edge of technology.”
Cuentas has extensive experience in the communication field that helps the company to launch its global product called CUENTAS. It provides consumers with an end-to-end array of financial and lifestyle applications.