This Week's Tip
Net Element, Inc. (NETE)
Net Element, Inc. (NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprises in the United States and select emerging markets. Leveraging a network of subsidiaries operating in the mobile payments and value-added transactional services space – including Unified Payments, Aptito and PayOnline – Net Element is committed to promoting consistent and strong growth, as illustrated by its position as one of the South Florida Business Journal’s ‘Top 25 Fastest-Growing Technology Companies’. In the first seven months of 2016 alone, the company realized a 77 percent year-over-year increase in transactional processing volume when discounting the effects of foreign currency exchange.
A major contributor to this sustained growth has been Net Element’s PayOnline subsidiary, which offers state-of-the-art payment technologies that are currently employed by more than 3,000 online enterprises across Europe and Asia. To bolster this position, the company has continued to expand its presence in Central Asia, most recently through the opening of a new office in Kazakhstan, the largest country in the region. Since its first anchor project in Kazakhstan in June 2015, PayOnline has entered agreements with more than 180 online merchants in Central Asia, and the region is expected to offer an opportunity for tremendous growth in the coming years as the proliferation of electronic commerce takes hold.
The growth of PayOnline throughout Eurasia has been accompanied by both awards and industry recognition. Independent analytical agency Markswebb Rank & Report ranked PayOnline as a top five payment acceptance company in its 2016 Internet Acquiring Rank report, and a second analytical agency, Tagline.ru, ranked PayOnline as a leading payment gateway in its 2016 Payment Systems Rating. The company’s management team attributes this success to PayOnline’s “innovative, customer-focused products and services.”
Net Element is led by a seasoned management team offering a unique blend of leadership, vision, experience and creative energy. Oleg Firer, the company’s chief executive officer, formerly served as the executive chairman of Unified Payments up until its acquisition by Net Element’s TOT Group in April 2013. Under his guidance, Unified Payments achieved rapid growth, earning the top spot on Inc. Magazine’s list of fastest-growing companies in 2012. As a result, Firer was recognized by Forbes as one of the ‘Five Incredible Entrepreneurs’ and by Business Leader Magazine as a ‘Top Entrepreneur in South Florida’.