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Net Element, Inc. (NASDAQ: NETE) Strengthens Balance Sheet, Product Offerings and Governance

  • Advanced Netevia platform gets payments to merchants’ bank accounts faster
  • Equity capital injection of cash bolsters balance sheet
  • New board members to sit on audit and compensation committees

According to Statista, total payment revenues worldwide climbed to $1.6 trillion in 2016, and the market is projected to reach $2.2 trillion by 2021. Therefore, it’s no surprise that payment processors like Net Element, Inc. (NASDAQ: NETE) are doing so well. The company recently reported 2017 full year revenues of $60.1 million, which represents an increase of approximately 11 percent over its 2016 revenues of $54.3 million. That top line seems set to rise even higher, as the company’s Fast Pass Funding, accessible through its proprietary Netevia platform, gets underway. The new Netevia multi-channel payments platform connects and collects payments across a number of channels, including point-of-sale and mobile devices, through a single integration point.

The revenue growth at Net Element in 2017 was boosted by strong performance in the company’s North America Transactions Solutions division, with both dollars and transactions increasing. Revenues in that business segment increased over 2016 by 21.3 percent, from $42.1 million to $51.1 million, while transaction volume increased by 14 percent to reach $2.8 billion in 2017, versus $2.45 billion during 2016. Transaction dollars processed in the North American markets grew by 18 percent and reached $2.3 billion.

There was also significant improvement in the company’s balance sheet. Cash on hand at year-end 2017 was $11.3 million, compared to $0.6 million on December 31, 2016. Current liabilities fell by $0.8 million, but an increase of $0.9 million in long-term liabilities contributed to a marginal increase in total liabilities. Total financial debt at year-end 2017 was $7 million. However, the company raised $7.6 million of new capital during 4Q17, with the funds being earmarked for new investments and organic growth initiatives.

In February 2018, the company launched its newest multi-channel payments platform, Netevia, which offers third parties API access to develop and integrate customized payment applications (http://nnw.fm/k8Y5i). The Netevia product offering increases the range of solutions in the multi-channel marketplace, which is becoming increasingly fragmented. The platform offers fast, easy merchant account opening and integration, payment conversion optimization, more than 150 risk-monitoring filters and very competitive pricing for payment acceptance services. NETE is already building on it. The company recently announced the launch of its Fast Pass Funding, a service that will operate on the Netevia platform (http://nnw.fm/51Bw2).

Fast Pass Funding allows eligible merchants to receive funding in as little as three hours during regular business days. This is a significant improvement over the previous average funding times of 12 to 24 hours. Fast Pass Funding is also available to merchants using Aptito, Net Element’s proprietary cloud-based restaurant point-of-sale and management system.

In addition to its expanded range of services and an improved financial position, NETE has strengthened its board of directors. It recently named CNBC host Jon Najarian and former Bank of America executive Jonathan Fichman to its board of directors, both of whom will serve on the company’s audit, nominating and corporate governance, and compensation committees. Industry observers are taking note. NETE was named as one of the fastest-growing companies in North America on Deloitte’s 2017 Technology Fast 500 (http://nnw.fm/Lz4XE). So, too, are analysts. In an April 2018 update, SeeThruEquity maintained its price target of $25.00 (http://nnw.fm/i6SA8). NETE stock currently trades around $8.00.

For more information, visit the company’s website at www.NetElement.com

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