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MIAMI, March 05, 2019 (GLOBE NEWSWIRE) -- Cuentas, Inc. (OTCQB: CUEN), a financial technology (FinTech) service provider delivering mobile banking, online banking, prepaid debit and digital content services to unbanked, underbanked and underserved communities, announced today that it has signed a Binding Term Sheet with Optima Fixed Income LLC (“Optima”) for a total funding of $2.5 million over one year and has received the first deposit of $500,000.
The binding term sheet, which set pricing at a 100% premium to the current valuation, was signed and Optima’s initial deposit of $500,000 was received on Thursday, February 28, 2019. Under the terms of the binding agreement Optima will appoint an executive to work with Cuentas, at no cost to Cuentas, and will have the right to appoint a member of the Board of Directors. Optima will also have special voting rights to ensure alignment with major corporate decisions. Final details of the Binding Term Sheet with Optima will be negotiated during the next 30 days.
Cuentas is currently distributing third-party gift cards and digital content through its 31,600 “bodegas”, gas stations and neighborhood food markets, in the USA. Cuentas is in the final development stage to launch its mobile wallet and General Purpose Reload (GPR) Debit card through this network and additional retail locations.
“This year-long funding agreement with Optima should be the catalyst that Cuentas needs to jump start our marketing and distribution plans,” said Arik Maimon, CEO and Founder of Cuentas. “We have a great partner in Optima. Their understanding of the potential that Cuentas has and their business acumen should make for a very successful relationship. This is a very important step towards our NASDAQ uplisting strategy,” added Maimon.
“Cuentas is now poised to enter the consumer market with a game-changing mobile wallet app and a combination of products and services that should generate considerable attention,” said Michael De Prado, Founder and President of Cuentas. “We are getting ready to disrupt the traditional and current online financial offerings by bringing new capabilities to the unbanked, underbanked and underserved communities,” added De Prado.
About Cuentas, Inc.
Cuentas, Inc. (OTCQB: CUEN) is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative Mobile banking, Mobile Payment solutions to underserved, unbanked, and emerging markets. Learn more at http://www.cuentas.com
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