Earlier this morning, Net Element announced that PayOnline
signed a new 3-year contract to process transactions for certain international
dating networks, including AnastasiaDate, AmoLatina and AsianDate.
Collectively, these networks receive more than 150 million unique visits
annually and have more than 4 million registered users that spend more than 360
million hours on the sites per year.
Net Element currently manages, operates and is in the
process of integrating the PayOnline group of companies pending closing of its
previously announced acquisition initiative.
The contract with the majority owner of the dating networks,
Social Discovery Ventures (“SDV”), is expected to achieve minimum net revenues
to Net Element in the amount of $1.2 million over 3 years and a minimum
transaction processing commitment of $300 million.
The contract underscores Net Element’s advantage as a global
payments-as-a-service platform that facilitates cross-border transactions yet
on-boards through a single interface.
SDV’s dating networks will use PayOnline’s state-of-the-art
global online payments gateway and fraud-management tools to manage its
international online transaction processing.
“The millions of international users on our premium dating
networks require a reliable service able to process high volume, cross-border
transactions using all forms of payments,” stated Anthony Volpe, Social
Discovery Ventures chief marketing officer. “We selected Net Element because
they met that need.”
“This contract win demonstrates our ability to quickly
derive value from strategic acquisitions and partnerships,” added Oleg Firer,
Net Element CEO. “As we emerge from a period of financial and business restructuring,
we plan to see more such value driving developments as we progress into our
growth phase.”
For more information on Net Element, visit
www.netelement.com
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