MOBI724 Quarterly Revenues Jump 18 Percent

MOBI724 (TSXV:MOS), fintech company announced a 18 percent uptick in revenues since the first quarter reaching C$695,000 while net loss figures reached C$1.43 million, increasing by 28 percent over the same time period. The company cited investment in its cloud platform and auditing costs as reasons behind the increase in net loss for the quarter, in addition to travel expenses.

As quoted in the press release:

Allan Rosenhek, CFO of Mobi724 commented: “We are deploying new technologies in the emerging markets which involve multiple variables, and where revenue generation has taken longer than projected. We are confident in the success of Mobi724 because we are deploying a highly scalable product, built to address very clear and real market needs. Our value proposition is fully aligned with the objectives sought by the largest parties in the payment ecosystem such as banks and payment processing networks.”

Marcel Vienneau, CEO of Mobi724 said: “In Q2 we continued the strategic repositioning of the Company, that we commenced in January 2019, and have started seeing benefits from this concentrated effort, both in early stage revenues and in the cross-regional progress in business development.”

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