MIAMI, FL / ACCESSWIRE / April 23, 2020 / Cuentas, Inc. (OTCQB:CUEN) ('Cuentas'), a leading FinTech provider of mobile banking and payment solutions serving Latino and Hispanic consumers, closed on the final $700k tranche of the $2.5 million Dinar Zuz LLC (Dinar Zuz) finance package during the first quarter of 2020. Additionally, Dinar Zuz signed a new promissory note for $250,000 for receipt of funds during the second quarter of 2020.
During the first Quarter of 2020, Dinar Zuz provided an additional amount of $700,000 to the Company in the form of a convertible note (Dinar Convertible Note) pursuant to a securities purchase agreement between the Company and Dinar Zuz, dated July 30, 2019. Additionally, on March 3, 2020, the Company issued 1,157,478 shares of its Common Stock to Dinar Zuz as a result of the conversion of the Dinar Convertible Note in the amount of $700,000. Cuentas issued such shares in reliance on the exemptions from registration pursuant to Section 4(a)(2) of the Securities Act.
'Dinar Zuz's confidence and financial support of the Cuentas project over the past 14 months has been instrumental in bringing our Mobile App and Prepaid GPR Card online,' stated Michael De Prado, Co-Founder, President and COO. 'Dinar Zuz's multi-faceted approach to providing key financing has been extremely supportive and helpful.'
Cuentas has started a methodical and controlled rollout of the Cuentas Prepaid GPR card and is concurrently improving the app though new features and capabilities, as well as adding many more physical reloading locations.
'Dinar Zuz is a fantastic partner to have backing the Cuentas Project,' stated Arik Maimon, Co-Founder and Chief Executive Officer of Cuentas. 'The fact they have extended $700k to Cuentas to complete the $2.5 Million and committed for an additional $250,000 before we uplist to NASDAQ makes a major statement regarding their confidence in the Cuentas Project.'
In this difficult time with the Covid-19 virus creating worldwide problems, we believe that the Cuentas card provides unique solutions to the less fortunate segment of society, especially as people avoid handling cash due to its possible virus contamination.