Stockholm-based Seamless, provider of the SEQR mobile payment technology, reported first quarter revenues soared by 39% year-on-year (YOY). During the quarter SEQR invaded six new markets.
First quarter total revenues are derived from among the various business segments, with 28% from the Transaction Switch business segment, 69% from the Distribution business segment, and 3% from the SEQR business segment.
The consolidated operating loss amounted to SEK -31 651 thousand in the first quarter.
During the quarter Seamless developed plug-ins for some of the world’s largest e-commerce platforms such as Magento, OpenCart, PrestaShop and WooCommerce. Also, SEQR is now available to consumers in the Netherlands, Germany, Spain, France and Italy.
Effective February 1st, Seamless implemented the following Group Management changes: Annika Blomé, Chief Product Officer, became a new member of Group Management. At the same time, Anders Forssten resigned as Chief Marketing Officer.
Seamless CEO Peter Fredell says there are several companies that only offer a service where one can transfer money between mobile devices (peer-to-peer). SEQR has the service embedded, and additionally, we are the only service in Europe where one can send money between countries. We will, moreover, according to current strategy, not charge the consumer for the service.
Peter further notes the list of companies that may compete with subsets of what SEQR offers is, therefore, very long. However, it is our view that these companies do not have a sustainable business model. We are convinced that a mobile payment service must be able to be used in all environments, for all types of payments to be competitive with existing payment systems.
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