FingerMotion Reports Quarterly Results and Profitability in JiuGe Subsidiary
NEW YORK, Oct. 30, 2019 (GLOBE NEWSWIRE) -- FingerMotion, Inc. (OTC QB: FNGR), a US fintech company with mobile payment and recharge platform operations in China, is pleased to announce its financial results for the quarter ended August 31, 2019.
“I am very pleased with the improvement in our JiuGe subsidiary, as we posted our first ever gross profit for the quarter,” said CEO, Martin Shen, who continued, “ We believe this achievement has elevated us to an elite class of Chinese e-commerce businesses that have reached profitability. Many of our e-commerce peers spend millions to grow and retain users because their business objectives are centered on user growth. We are a unique e-commerce company because our objectives are the monetization of our large user base. Our challenge is finding enough capital to support growth of our monetization efforts. In fact, we spend very little money on building subscriber growth because our e-commerce partners view our top-up service as a customer retention tool.”
The latest financial results reflect an improved balance sheet and quarter-over-quarter growth. After the quarter ended, the company further strengthened its financial position by raising $1 million in a fixed convertible note. The company maintained momentum in their revenues primarily driven by their strategic partnerships with respect to top-up growth. The company’s Gross Transaction Volume (GTV) for the second quarter was $181 million which represents a 15% quarter over quarter increase versus the $157 million achieved in the first quarter. This translates to an annual run rate of $722 million. The SMS business, which started later than expected, is also gaining noticeable traction. And the JiuGe subsidiary was awarded contracts to market China Mobile’s products and services online, in both ShanXi and SiChuan provinces, which have a combined population of over 115 million people.
About Finger Motion Inc.FingerMotion, is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of five companies in China with access to wholesale rechargeable minutes from China’s largest mobile phone providers that can be resold to consumers. As the user base of its primary business continues to grow, the company is developing additional value-added technologies to market to its users. The vision of the company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
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