Sweden-based Seamless posted first quarter (1Q/16) net revenue of SEK 61.1 million, an increase of 7.8% year-on-year (YOY). Net revenues for SEQR business division declined 10.6% YOY to SEK 1.68 million.
The Seamless operating loss declined 23.7% YOY from SEK 56.7 million in 1Q/15 to SEK 24.1 million for 1Q/16.
The SEQR operating loss declined 32.5% YOY, from SEK 28.83 million in 1Q/15 to SEK 19.46 million for 1Q/16.
SEQR, the Company’s flagship product, SEQR has been searching for one or more co-investors.
Seamless says SEQR has yet to show any significant increase in revenue, but the transactions continue to increase significantly. Compared with the first quarter of 2015, the growth in this quarter was 70%.
SEQR USA continues in its efforts to obtain money transmitter licenses in the US with licenses now successfully secured in 15 states.
During the quarter, Seamless partnered with Express Money and entered the international money transfer market. Through Seamless ́mobile payment platform SEQR, Xpress Money and Seamless can offer its customers a convenient, safer and affordable way of sending money from one country to another, digitally.
Also, Seamless received a new order from a leading African mobile operator in the Ivory Coast for the installation of its transaction switch. The order is initially valued at approximately US$ 2 million.
Additionally during 1Q/16, Seamless signed agreement with supermarket operator Lambrecht and strengthened its position in the Belgian market.
Seamless noted contactless/NFC technology was launched during 1Q/16 and released for testing by a limited group of consumers. This technology means that SEQR will be accepted, initially, at approximately 35 million outlets around the world. The technology solves the large bottleneck SEQR has had to face so far, namely that the number of sales points that accept SEQR has been somewhat limited.
Sweden has been very slow to embrace this technology, but the banks and retail trade have jointly decided to introduce it during 2016. What this means in practical terms is that SEQR users, right from the day the company puts the technology into production, can pay with it in Sweden, for instance at ICA. In most other countries, including the UK as an example, almost every large chain accepts contactless/NFC payments.
SEAMLESS NET REVENUE
1Q/15: SEK 56.7 million
2Q/15: SEK 70.4 million
3Q/15: SEK 74.0 million
4Q/15: SEK 78.9 million
1Q/16: SEK 61.1 million
SEAMLESS OPERATING LOSS
1Q/15: (SEK 31.6 million)
2Q/15: (SEK 24.4 million)
3Q/15: (SEK 27.8 million)
4Q/15: (SEK 32.8 million)
1Q/16: (SEK 24.1 million)
SEQR NET REVENUE
1Q/15: SEK 1.88 million
2Q/15: SEK 1.81 million
3Q/15: SEK 1.79 million
4Q/15: SEK 2.05 million
1Q/16: SEK 1.68 million
SEQR OPERATING LOSS
1Q/15: (SEK 28.83 million)
2Q/15: (SEK 35.50 million)
3Q/15: (SEK 24.98 million)
4Q/15: (SEK 30.57 million)
1Q/16: (SEK 19.46 million)
For a complete archive of more than 60,000 articles published since 1995 search the CardFlash.com library.