Earlier today, Net Element, Inc. (NASDAQ: NETE) announced its transaction processing volume for the first seven months of 2016, as compared to the same period from a year ago. Notably, the company recorded a 77 percent year-over-year increase in total dollars processed (discounting the effects of foreign currency exchange) to $1,025.8 million for the period. A significant portion of this rise was attributed to Net Element’s online solutions, which saw an increase of 90 percent from 2015 to $305 million. Likewise, volume from mobile solutions rose 84 percent to $23.4 million. Oleg Firer, chief executive officer of Net Element, commented on the strong performance in this morning’s news release.
“We are pleased with our continued growth and further penetration into emerging markets,” he stated. “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.”
The company achieved similar growth in total transactions processed, reporting an increase of 32 percent to 99 million for the seven month period. A large percentage of Net Element’s increase in transactions occurred in North America, where the company recorded a 67 percent spike from 26.7 million in the first seven months of 2015 to 44.5 million this year. Among this growth, online solution experienced a 27 percent increase, while mobile solutions processed a seven percent increase. Net Element notes that the majority of this growth across all segments was organic.
Net Element’s success in expanding its transaction processing volume during the first seven months of 2016 is bolstered by the company’s recent updates regarding future growth. Earlier this month, the company announced that its subsidiary, PayOnline, recently opened an office in Kazakhstan in order to continue expanding its presence in Central Asia. This decision followed the opening of a PayOnline sales office in Yekaterinburg, Russia, earlier this year. In 2015, the company’s electronic commerce volume in Kazakhstan eclipsed $11 billion. When considering that electronic commerce currently accounts for just one percent of total commerce in Kazakhstan, Net Element’s presence in the country represents an incredible opportunity for future growth.
With this strong transaction volume growth and a lengthy runway for continued expansion, it came as little surprise when, earlier this month, Net Element was named one of the South Florida Business Journal’s ‘Top 25 Fastest-Growing Technology Companies’. Inclusion on this list, which recognizes companies based on percentage growth over a two-year time frame, includes special coverage in an upcoming edition of the South Florida Business Journal.
For more information, visit www.NetElement.com