FingerMotion Updates Gross Transaction Volume Run Rate
Record Monthly GTV Run Rate of $600 Million
New York, NY – June 05, 2019 – FingerMotion, Inc. (OTCQB: FNGR), a US fintech company with mobile payment and recharge platform operations in China, is pleased to announce that the company’s Gross Transaction Volume (GTV) for the first quarter was $157 million, which represents a 36% quarter over quarter increase versus the $115 million achieved in the fourth quarter, which ended February 28th. This would translate to an annualized run rate of $600 million.
Due to technical integration issues, the SMS business commenced in mid-May, approximately one month later than anticipated. However, for the two-week period, estimated unaudited SMS revenues were 1,068,313 RMB (USD $150,000) and greatly exceeded the Company’s entire first-month projection of 600,000 RMB (USD $84,000) by 78%.
Martin Shen, CEO of FingerMotion, Inc. said:
|“The interest in our platform is growing from top-tier e-commerce platforms. We are deeply focused on our business development and expect to have our next large e-commerce platform launched in the next several weeks, with more in our pipeline. We are very pleased with our quarter over quarter growth and expect it to accelerate.|
|In addition, the SMS business is now operating at a very efficient level, and we are surpassing even our internal projections. It is our belief that we are moving quickly toward profitability, which makes us even more attractive to investors and partners.”|
About FingerMotion Inc.
FingerMotion is an evolving US technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of a select few companies in China with access to wholesale rechargeable minutes through top-up credits on the mobile phone. As the primary business continues to grow its user base, the company is developing 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 and eventually drive a consolidation of the top wholesalers. Finger Motion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
In order for Finger Motion to realize its vision, it must aggressively invest in research and development. The primary area of focus will be the development of “must have” applications for consumers and businesses. The longer-term focus will be to develop a marketing platform capable of leveraging all the meta data that is collected by the top telecom companies into a predictive model that is able to isolate and extract consumer behavior and habits for future monetization.
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Source: FingerMotion, Inc.