Sweden-based Seamless posted third quarter revenue of SEK 75 million, an increase of 75% compared to the same period last year. The Company’s Flagship product, SEQR, is now looking for one or more co-investors.
During the quarter Seamless’ U.S. subsidiaries received licenses for payment services in the United States, known as a “Money Transmitter License,” the expectation is that the remaining licenses will be approved within the next twelve months. Also, Seamless launched a digital cash register with the new service is integrated into the SEQR app and is included under the MyShop section.
The Company also noted SEQR is now available in all 134 Swedish JYSK stores. Seamless’ transaction received a 1.7 MSEK order for Nigeria and Ghana from a leading African mobile operator group for the installation of its transaction switch. Seamless enters into the strategically very important Nigerian market, which is the largest economy in Africa, and is strengthening considerably its market position in Ghana.
Since the close the third quarter, Seamless secured a new order in Africa for its proprietary wireless POS terminal. The order is worth USD 2.4 million and is the latest in a series of orders that the Transaction Switch division has received during the third quarter in the rapidly growing African market. In total, Seamless has now received orders valued at USD 5.3 million in Africa. Belgium’s leading pharmaceutical supplier Febelco has signed an agreement with Seamless to introduce the company’s SEQR mobile payment solution. Initially, SEQR is now being introduced as a payment method in some 150 webstores of a total of 2,000 that can comprise Febelco’s online solution Febelnet. SEQR’s new reward for its loyal users – 25 SEK reward to SEQR customers each time they recommend the service to a new user. In addition to receiving cashback on all purchases, users will also be rewarded for recommending friends and family.
The other major development of its services is the introduction of a remittance service, which makes it possible to make international payments between SEQR users. The recipient receives the money in their local currency. Initially, the service is free of charge. The charge for this type of service is on average 8 percent of the amount transferred.
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