Global technology and value-added solutions group Net Element (NASDAQ: NETE) today released its financial results for the second quarter ended June 30, 2019, and provided a business update. Among second quarter financial results, the company reported the following increases compared to the same period last year: transaction processing volume of approximately $950 million, an increase of 8.5 percent; approximately 28.8 million transactions processed, an increase of 9.7 percent; and $15.7 in revenue for North American Transaction Solutions, an increase of 9 percent. “The first half of this year was instrumental in positioning the Company for further growth as we enter the second half. We reduced expenses while increasing our processing volumes and transactions showing the scalability of our business and launched new proprietary value-added services utilizing our technology stack that will add to our revenues going forward,” Net Element CEO Oleg Firer said in the news release. “We are well positioned to continue our growth trajectory and achieving our goals while building value for our shareholders.”
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About Net Element Inc.
Net Element (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the United States and selected emerging markets. In the U.S., the company aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, the company’s cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte’s 2017 and 2018 Technology Fast 500. In 2017, Net Element was recognized by South Florida Business Journal as one of 2016’s fastest-growing technology companies. Further information is available at www.NetElement.com.
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