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Cuentas Skyrockets on 'Bodega' Store Wi-Fi Agreement

Cuentas soars as the fintech signs a deal with WaveMax to connect with customers in bodegas.

Cuentas  (CUEN) - Get CUENTAS, INC. Report skyrocketed after the fintech company signed a deal to rollout WiFi-5G sharing company WaveMax's SharedFi technology in 170 test locations in the New York City-Tristate area

Shares of the Miami-based Cuentas, which focuses on serving the Hispanic and Latino communities, were up 200% to $8.28 a share.

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WaveMax said that if the six-month test is successful, the two companies parties will plan to install 1,000 additional "Bodega Stores" in a 50/50 joint venture. 

SharedFi patented technology allows for a shared network of Wi-Fi access points and small cells, WaveMax.

The service will enhance the customers' experience while they are in the Bodega store, by automatically connecting them to WiFi6 high speed internet and receive special in-store offers. 

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Users will also receive promotions for the Cuentas GPR card and discounted products sold through the Cuentas Mobile App.

Execon, a WiFi managed services company will implement the WiFi6 infrastructure, manage and monitor the broadband internet at the selected Bodegas stores.

"The WaveMax mobile ecosystem will enable an enhanced user and shopping experience, with discounts for purchases and rewards to Cuentas customers which will contribute to greater net-new revenues." CEO Arik Maimon, Cuentas CEO, said in a statement.

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Cuentas' services include mobile banking, online banking, prepaid debit, ACH and mobile deposits, cash remittance, and peer to peer money transferring. The company has five employees and was incorporated in 2005.

Earlier this year, Cuentas signed a five-year deal with Western Union  (WU) - Get Western Union Company Report to integrate Western Union-branded digital domestic and international money transfer services into the Cuentas mobile app and digital wallet.