Net Element (NASDAQ: NETE), a global technology and value-added solutions group, today announced its entrance into a memorandum of understanding (“MOU”) with Bank Sputnik to launch a technology platform. The platform is anticipated to offer a suite of payment acceptance services for financial institutions and value-added providers. Per the MOU, NETE will complete the deployment, launch and servicing of the payment processing center in exchange for 25% of issued and outstanding shares of Bank Sputnik. The bank will provide the capacity for the data center for deployment and use of software required for the execution of the program, as well as financial instruments for settlement of transactions and the required funding for the development and implementation. The joint venture is subject to approval of the shareholders of Bank Sputnik and the bank’s regulators, and the companies’ negotiating and entering into a binding definitive agreement. “This exciting partnership with Bank Sputnik will enable the companies to join forces to create a multi-channel payment processing center focused on value-added services,” Vlad Sadovskiy, president of integrated payments for Net Element, stated in the news release.
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About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the U.S. and selected emerging markets. In the U.S., it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, the company’s cloud based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest growing companies in North America on Deloitte’s 2017 Technology Fast 500™. In 2017, Net Element was recognized by South Florida Business Journal’s as one of 2016’s fastest growing technology companies. Further information is available at www.NetElement.com
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