Net Element (NETE) Reports 77% Growth in Tot. Dollars Processed YTD July 2016
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Net Element, Inc. (Nasdaq: NETE) announced its transactions processing volumes for the first 7 months of 2016 as compared to the same period in 2015.
Discounting the effects of foreign currency exchange, total dollars processed from January 2016 through July 2016 increased 77% to $1,025.8 million from $592.7 million in transaction volume during the same period in 2015. Online solutions saw the largest increase of 90% from $160.9 to $305.0 million. Mobile solutions processed increased 84% from $12.8 to $23.4 million, predominantly driven by the introduction of branded content. North America transactions solutions increased 66% from $419.1 million to $697.4 million. Effects of foreign currency exchange were eliminated by converting rubles to dollars at the average rate for July 2016 for both periods.
Oleg Firer, CEO of Net Element, commented, "We are pleased with our continued growth and further penetration into emerging markets. Our growth is facilitated by our innovative, customer-focused products and services and delivered by teams of outstanding people. We are hopeful that this trend will continue for the remainder of 2016 and beyond."
Total transactions processed during the first 7 months of 2015 were 75.3 million compared to 99.0 million for the same period in 2016. The 32% increase in transactions processed came primarily from North America Transactions solutions which saw a 67% increase from 26.7 million to 44.5 million. Online solutions experienced a 27% increase from 11.6 million to 14.7 million transactions. Mobile solutions processed 37.0 versus 39.7 million which represented a 7% increase. The majority of growth in all segments was organic.
The accompanying charts represent our geographic breakdown of processed dollar volume and processed transaction volume between North America and Emerging Markets.
Total transaction dollars processed geographically in North America and Emerging Markets year-to-date through July 2016 were $697.4 million and $328.4 million respectively, which represents an increase of 66% and 89% over the same time period in 2015. Total number of transactions processed in North America and Emerging Markets year-to-date through July 2016 were 44.5 million and 54.4 million respectively, which represents an increase of 67% and 12% over the same period in 2015.
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