- Net revenues in Q1 2018 increased 18 percent over Q1 2017 to $16 million
- Total transaction dollars processed globally during Q1 2018 increased 51 percent to $839 million
- Named as one of the fastest-growing companies in North America on Deloitte’s 2017 Technology Fast 500
- Launched Netevia, a future-ready, multi-channel payments platform, to provide same business-day settlement and funding for merchants
Net Element, Inc. (NASDAQ: NETE), a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment, continues to reach competitive milestones across all segments of its core business, according to the company’s May 15 conference call with investors (http://ibn.fm/urMo6). Financial results for the first quarter ended March 31, 2018, show that Net Element continues to experience organic growth, with net revenues increasing to $16 million, an increase of 18 percent over the same period last year.
“We are pleased to have made a strong start to the year, becoming more competitive for our sales partners and merchants while continuing to deliver growth,” Oleg Firer, CEO of Net Element, said during the call. “We expect to continue to improve growth across all segments during the year.”
First quarter highlights of 2018 are many, including the February 7 launch of Netevia, a proprietary, future-ready multi-channel payments platform. Connecting and simplifying payments across sales channels through a single integration point, Netevia delivers end-to-end payment processing through easy-to-use APIs. This model complements Net Element’s ability to perform in a multi-channel environment, including point-of-sale (POS), e-commerce and mobile devices. Other value-added services offered through the Netevia platform include fast, easy merchant account opening and integration, payment conversion optimization, over 150 risk-monitoring filters and highly competitive pricing for payment acceptance services.
Looking forward, Netevia will form part of the recently announced technology solution to connect with merchants and customers via an efficient blockchain technology enabled transaction processing ecosystem with an ability to build value-added services for platform users (http://ibn.fm/CW2ea). Net Element is a member of the prestigious Enterprise Ethereum Alliance (“EEA”), the world’s largest open-source blockchain initiative, with over 250 member companies. Net Element’s entrance into the EEA is complementary to many of the company’s initiatives, including its decentralized blockchain technology solution that will permit endless value-added services.
“Net Element is focused on delivering value-added solutions for our community as we develop decentralized blockchain solutions to connect merchants and consumers,” Firer said in announcing the company’s entry into the EEA. “Alongside leading global enterprises, such as Microsoft, Intel, JPMorgan, Samsung, ING, MasterCard, Thomson Reuters, Cisco Systems, and others, we have partnered with EEA to establish clear roadmap, robust governance model, and useful Ethereum resources.”
Net Element’s North American Transaction Solutions segment continues to generate the lion’s share of the company’s revenues, increasing 27 percent over the same period of the prior year to $14 million. The International Transaction Solutions segment brought in $2 million following the consolidation of the Online and Mobile Solutions segments during 2017.
“As previously stated in our recent press releases and our filings, the Company is in the best financial position in its history and poised for continued growth,” Firer informed investors during the conference call. “We are pleased to present the progress we have made during the first quarter and are working diligently to increase shareholder value by growing revenues, reducing expenses and creating proprietary payment services technology and services that benefit our merchants and their customers.”
For more information, visit the company’s website at www.NetElement.com
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