- Net Element’s net revenues for Q2 2018 increased nine percent over the previous year
- Total processed transactions increased by 41 percent
- Company’s strategic initiatives anticipated to add more than $6.5 million in gross profits in the next four years
It’s been a fruitful year for Net Element, Inc. (NASDAQ: NETE), a global technology-driven group that specializes in mobile payments and value-added transactional services.
As discussed in an earnings call (http://ibn.fm/RLmQF), Net Element recently reported strong financial results for the second quarter of 2018, with a nine percent increase in net revenues. Total revenues for Q2 2018 were $32.45 million, up from $29.7 million for the same quarter of the previous year. Net Element has also seen a marked increase in North American business, which is chiefly due to organic growth in the company’s North American Transaction Solutions segment, which was up 15 percent from 2017.
So far during 2018, Unified Payments, a subsidiary of Net Element, has experienced considerable growth, which has contributed to an increase in total dollars processed through the company’s North American Transaction Solutions – up 37 percent to reach $1.62 billion as of June 2018. Net Element’s International Transaction Solutions increased to $211 million as of Q2 2018’s conclusion, representing an increase of 20 percent. In all, the company processed 50.2 million transactions during 2018 as of June, marking an increase of 41 percent.
During Q2 2018, Net Element also entered the multitrillion-dollar global B2B payments market through the launch of Netevia Smart Vendor Payment Solutions. Netevia is a premier omnichannel payments platform that enables businesses to accept more than 100 forms of cashless payments in various currencies. The company is also on track to launch blockchain technology solutions and value-added services.
Net Element has additionally developed Aptito, a payment service created to address the needs of the restaurant sector, and Unified Payments, a flexible mobile point-of-sale system that can be utilized by a broad array of vendors.
The company recently announced that its Unified Payments subsidiary has partnered with Payment Club, Inc. to launch subscription-based payment services. In partnership with Unified Payments’ institutional investor and through the “Team Unified” partnership program and Unified Prosperity Financing program, Unified Payments arranged a $5 million credit facility to bolster Payment Club’s growth initiatives, bringing total financing for the endeavor to $7 million (http://ibn.fm/BbaW8).
It is anticipated that Net Element’s strategic initiatives will add more than $6.5 million in gross profits in the coming four years. The company continues to focus on long-term growth and is on track to achieve yet another year marked by growth and financial improvement.
For more information, visit the company’s website at www.NetElement.com
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