Net Element closes on $11.2 million in financing


Net Element, a Miami-based technology company specializing in mobile payments and other transactional services in emerging markets and in the United States, announced that it has closed on $11.2 million in financing from Cayman Invest.

The publicly traded Net Element said it issued Cayment Invest a convertible note that can be converted into 15 percent of the company’s outstanding shares at or before March 31, 2015. The note will not accrue any interest during that term. The $11.2 million raise is part of a larger financing round totaling $30 million that the company plans to complete this year.

Oleg Firer, CEO of Net Element, said the funding will be used to execute an aggressive growth strategy. ”We are dedicated to building shareholder value and this transaction provides the company with critical expansion capital from a committed and highly valued international investor,” he said.

Earlier this week, Net Element reported net revenues of $18.74 million for the year ended Dec. 31, 2013, up sharly from $1.38 million for 2012. It posted a net loss for 2013 of $48.3 million, which includes $16.6 million in non-cash compensation and an $11.2 million non-cash loss related to its acquisition of Unified Payments, as compared to a net loss of $16.3 million loss in 2012.

Nancy Dahlberg

Read more Business stories from the Miami Herald

  • Brickell Motors buys Ocean Cadillac

    Brickell Motors announced on Wednesday that it has purchased Ocean Cadillac, adding the iconic luxury brand to its growing family of automotive dealerships that includes Brickell Honda, Brickell Buick & GMC, Audi Stuart, Infiniti Stuart and Brickell Luxury Motors. Terms of the deal were not released.


    In the social media age, private actions are company business

    As Ray Rice and others have learned, workers can be fired for inappropriate behavior in their personal lives.


    Feds allege $300-million Ponzi scheme at Cay Clubs Resorts

    Federal prosecutors filed a superseding indictment against two former executives of Cay Clubs Resorts, alleging a $300-million fraudulent scheme at the firm.

Miami Herald

Join the

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category