- Net Element reports 11 percent increase in revenues for 2017
- Company processed $2.8 billion in global transactions during 2017
- Named one of Deloitte’s fastest-growing companies in North America on ‘2017 Technology Fast 500’ list
Having recently reported full-year financial results for 2017 (http://ibn.fm/EljTn), Net Element, Inc. (NASDAQ: NETE) announced positive progress and achievements for the past year, as well as near future plans as 2018 progresses.
Net Element is a global technology and value-added solutions group engaged in supporting electronic payments acceptance in a multichannel environment, including point-of-sale, e-commerce and mobile devices. Commencing the 2018 year with a healthy balance sheet position, the company announced that it processed more than $2.8 billion in transactions on a global scale during 2017, which represented an increase of 14 percent compared to the previous year. In North America, Net Element processed $2.3 billion in transactions during 2017—an increase of 18 percent over 2016.
The company’s revenues also increased by 11 percent during 2017, reaching $60.1 million. Net Element experienced organic growth across all categories during the year.
Net Element marked significant accomplishments during 2017, including the receipt of a $7.55 million institutional investment to support ongoing organic growth and the company’s blockchain-focused endeavors. Net Element was also listed as one of the fastest-growing companies in North America on Deloitte’s ‘2017 Technology Fast 500’. As part of efforts to offer aid in the wake of Hurricane Irma, the company additionally provided affected Florida small- and medium-sized businesses with free mobile point-of-sale credit card readers.
Net Element also forged various strategic partnerships during 2017, including partnering with Elo to offer a cutting-edge, best-in-class point-of-sale solution and partnering with Payvision in Europe to extend access to global currencies and expand payment acceptance to more than 120 currencies. Net Element additionally joined the Enterprise Ethereum Alliance (EEA) during 2017, which is the largest open-source blockchain initiative in the world.
Last year also featured a variety of product launches and updates for Net Element, including:
- Launch of multichannel payments platform Netevia, which, when fully developed, will enable Net Element to perform in blockchain technology solutions;
- Launch of a web-based, integrated, same-day ACH and e-check processing solution the U.S.;
- Launch of Zero-Fee processing program for SMB merchants in the U.S.;
- Launch of loyalty program for international online merchants using a PayOnline platform;
- Launch of PayOnline support for U.S. e-commerce;
- Launch of Apple Pay support in Russia;
- Launch of payment acceptance module for Telegram, Viber, Facebook and VK instant messenger apps;
- Expansion of payments module to include Prominent InSales platform;
- Launch of comprehensive point-of-sale program during the Unified Payments ‘2017 Launch Series’;
- Launch of ISO incubator program to foster growth and success for certified resellers of Unified Payments;
- Launch of fully integrated payment acceptance for V-Tell;
- Launch of fully integrated payment acceptance for Azimuth Airlines; and
- Addition of support for iDEAL payment system in the Netherlands.
Looking forward, Net Element plans to continue its focus on understanding clients and meeting their payment acceptance needs in core market segments. Other goals include continuing company growth in all key segments, driving client retention, expanding the company’s client base in particular markets, delivering value-added products to increase efficiencies and payment acceptance, continuing the development of Netvia and launching new tools to reach clients and deepen partner relations.
As the global payments industry continues its healthy growth, Net Element believes that new and disruptive technologies will further enable the company to differentiate itself and continue its development and delivery of cutting-edge payment solutions.
For more information, visit the company’s website at www.NetElement.com
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