Upon meeting the goal, contract exclusivity will be awarded for 2 additional years for a total of 3 years.
MIAMI BEACH, FL / ACCESSWIRE / August 31, 2022 / Cuentas, Inc. (Nasdaq:CUEN & CUENW) ("Cuentas"), a leading fintech provider of mobile financial app and payment solutions, announced today it entered a marketing agreement with LSI Group, a fintech and energy solutions provider with headquarters and operations in Guatemala to market the US based Cuentas Mobile App and promote it in Central America countries including El Salvador and Honduras with plans to expand to South America, starting with Colombia, with the goal to sign 200,000 US-based Cuentas cardholders within 1 year for international cross-border remittances.
"The people we're servicing in Latin America have relatives and friends who are US residents that make global remittances monthly or even weekly to send money back home to their loved ones," says LSI Group CEO Ana Illescas. "LSI found that Cuentas had one of the cheapest methods for our customers to receive cross-border payments-only $4.99 for up to a $500 transfer. That's going to have a really positive impact on people who need fintech solutions that work for them. We're very proud to be partners with Cuentas," added Illescas.
According to the agreement, LSI Group, which holds strong ties to consumers in Latin America, will educate its customers and promote the advantages for their US based relatives and friends to register for the Cuentas Mobile App for financial services which includes the Cuentas prepaid debit card. The US residents will be able to send remittances up to $500 from the United States to beneficiaries for only $4.99 who will be able to pick up cash at brick and mortar Western Union locations. LSI found that the advantages of the Cuentas Mobile App will deliver efficiency, security and improve the final amount of local currency delivered to the recipient. For the first one year term, LSI Group will promote the benefits that Cuentas can provide to its customers if their relatives and friends in the US register, activate, and maintain the Cuentas mobile app with a direct deposit or cash load of at least $50 via the nationwide Vanilla Direct Load Network. The agreement requires LSI's efforts to result in the registration of at least 200,000 US residents becoming Cuentas Mobile App cardholders within the first year. This will stimulate transactions between the U.S. and countries in which LSI is active through Cuentas' remittance partner - Cuentas money transfer powered by Western Union. LSI will receive a 30% share of net revenue received from its referred Cuentas cardholders. Upon meeting their first year goal, the term of the Cuentas-LSI Group agreement will be extended to three years on an exclusive basis.
Cuentas Co-Founder and Interim CEO Arik Maimon weighed in, "I am glad that Cuentas is partnered with the largest remittance company in the world to help our US-based cardholders to send money to 200 countries & territories, which will help the Latin American recipients to benefit. Our agreement with LSI Group is a key step in bringing remittances and financial support to people in Latin America. My vision has always been to improve the status of the hard working, underserved people to be able to improve their quality of life."
Cuentas, Inc. (Nasdaq:CUEN & CUENW) is a fintech e-finance and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and unbanked Hispanic, Latino and immigrant populations including mobile and financial services, prepaid debit card, direct deposits cash loads, cash remittance, peer to peer money transferring, and other services. The Cuentas General Purpose Reloadable (GPR) Card includes a digital wallet, discounts for e-gift purchases for major brands and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://cuentas.com.
About LSI Group
LSI Pay professional e-banking platform has evolved to become a unique, flexible, and powerful solution providing services to customers of various sizes in a multitude of industries globally. LSI Pay's banking portal and mobile banking allows you to manage your multi-currency deposit accounts, prepaid cards, merchant account, transfers, and currency exchange. LSI is transforming power into a sustainable form and provide a choice in our communities for comprehensive affordable financial solution. www.lsigroup.us
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 including that we will meet the standard for listing on NASDAQ or successful in our launch of the Cuentas GPR card and mobile app. 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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