Net Element Announces Growth in Transaction Processing Volume

Net Element (NASDAQ:NETE), a company that operates payments-as-a-service transactional and value added services platform for small to medium enterprise in the U.S and emerging markets announced an increase in transaction processing volumes for the first six months as compared to the prior year period.

As quoted in the press release:

Total dollars processed from January 2018 through June 2018 increased 37% to $1.62 billion from $1.18 billion in transaction volume during the same period in 2017. Led by robust growth from our subsidiary Unified Payments, North America Transaction Solutions segment saw the largest increase of 40% to $1.4 billion from $1 billion. International Transactions Solutions increased 20% to $211 million from $176 million.

Oleg Firer, CEO of Net Element, commented, “We are pleased with our continued growth across all segments. Our growth is facilitated by our innovative, customer-focused value-added products and services. We are confident this trend will continue for the balance of 2018 and intend on putting measures in place to ensure these growth initiatives continue to deliver results well into the future.”

Total transactions processed during the first six months of 2018 were 50.2 million compared to 35.7 million for the same period in 2017. The 41% increase in transactions processed came primarily from North America Transactions Solutions which saw a 41% increase to 28.1 million from 20 million. International Transactions Solutions processed 21 million versus 15 million, which represents a 40% increase. Growth in all segments was organic. The above results include the reorganization of the mobile payments segment into the International Transactions Solutions segment.

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