Cuentas Inc. (CUEN): Business Model Canvas [Dec-2025 Updated]

You're digging into Cuentas Inc.'s strategy, and honestly, it's a fascinating pivot: they are shifting from building out mobile finance for the US unbanked to pushing digital content distribution starting in late 2025. This company runs on a dual engine, relying on a distribution network of over 30,000 bodegas while managing expenses like $1.26 million in SG&A (TTM Sep '25) and capitalizing on one-time items like the $582,000 from debt extinguishment earlier in the year. It's a tightrope walk between serving the underbanked Hispanic demographic and securing future revenue streams. Here's the quick math on how all nine building blocks fit together for this transition-check out the full canvas below to see the roadmap.

Cuentas Inc. (CUEN) - Canvas Business Model: Key Partnerships

The Key Partnerships block for Cuentas Inc. centers on strategic alliances that support its mobile virtual network operator (MVNO) ambitions, digital content distribution, and infrastructure build-out as of late 2025.

World Mobile Group Ltd. is a critical partner, formalized through the joint venture World Mobile LLC, established on April 21, 2025, where Cuentas Inc. holds a 51% membership interest. This venture focuses on operating the MVNO business. Funding support from this partnership is documented, with Cuentas Inc. expecting to receive $0.26 million in funding via Convertible Notes on September 22, 2025. An aggregate principal amount of $385,000 was secured through two Convertible Note Purchase Agreements with World Mobile Group Ltd. in late 2025 ($260,000 on September 22, 2025, and $125,000 on October 1, 2025). The combined initiative targets global roaming services across over 30,000 retail locations, aiming for connectivity at 12 Times Less Than Legacy Networks.

The relationship with InComm has seen a strategic shift. Cuentas Inc. mutually agreed to sunset its fintech processing agreement for prepaid debit cards on August 12, 2024, which resulted in InComm issuing a $475,000 credit to Cuentas Inc. to complete the closure. Cuentas Inc. maintains the InComm Resale Agreement to continue supplying digital content, mobile top-ups, and cellular services.

The partnership with CUENTASMAX LLC, in which Cuentas Inc. owns 50%, involves the installation of WiFi6 shared network (WSN) systems using access points and small cells within the New York metropolitan tristate area.

The plan to transition the Cuentas Money platform to a new banking partner was aimed for 2024.

The integration strategy also involves a nationwide carrier for mobile telecommunications access, working alongside Cuentas and World Mobile to revolutionize digital and prepaid mobile telecommunications offerings in the U.S..

Key quantifiable partnership details are summarized below:

The operational scope of these alliances includes:

• Leveraging World Mobile\'s platform to offer connectivity at 12 Times Less Than Legacy Networks.
• Maintaining the InComm Resale Agreement for digital content, transportation access, mobile top-ups, and cellular offerings.
• The Cuentas Money platform's transition to a new banking partner to maintain accessibility for its predominantly Hispanic clientele.
• The Cuentas Mobile service expansion utilizing the nationwide carrier integration.

Finance: draft 13-week cash view by Friday

Cuentas Inc. (CUEN) - Canvas Business Model: Key Activities

You're looking at the core operational tasks Cuentas Inc. is driving right now, especially after a major regulatory hurdle. Honestly, the focus has clearly shifted to getting the core service engine running again while managing the fallout from past agreements.

Restoring and maintaining current SEC reporting compliance

This was a massive, non-negotiable activity. Cuentas Inc. announced that, as of December 1, 2025, the Company is current in its filings with the U.S. Securities and Exchange Commission (SEC). This means all outstanding annual and quarterly reports have been filed, restoring full reporting status under the Securities Exchange Act of 1934. This compliance effort cleared the way for the next phase of business development. The immediate market consequence was a return to trading on the Pink Limited Market.

Developing internal and vertical markets for Cuentas Mobile

The strategic direction is centered on mobile services and product distribution. Cuentas expects to reopen its mobile services in December 2025, targeting known vertical markets. This is part of a broader strategic shift away from pure fintech processing toward digital content and product distribution, alongside mobile data and cellular offerings.

Distributing prepaid debit cards and digital products

This activity has seen a significant change in structure. Cuentas mutually agreed with InComm to end their fintech processing agreement for prepaid debit cards, which resulted in the company receiving a $475,000 credit. While the GPR Card program had a management agreement with Sutton Bank effective through October 2026, the termination of the InComm processing agreement meant all prepaid card accounts were deactivated by August 12, 2024. The company maintains its InComm Resale Agreement to provide digital content, mobile top-ups, and cellular services. The focus is now heavily on the e-commerce distribution network, Cuentas-SDI, which operates over 31,000 locations for electronic distribution of virtual products.

Here's a quick look at the revenue segments referenced in the latest 10-K filing context:

Providing wholesale and retail telecommunication services

The telecommunication services revenue stream has been volatile. For the six months ended June 30, 2024, total revenues were $672,000. However, the company reported no revenue during Q1 of 2025 because of a lack of funds that prohibited service provisioning and distribution. The Total Revenue reported in the 10-K for the year ended December 31, 2024 was $0.676 million, a significant drop from the previous year's $2.346 million, mainly due to a reduction in wholesale telecommunication services. The cost of revenues for the six months ended June 30, 2024 was $749,000. The plan is to reopen mobile services in December 2025.

Launching the Cuentas 360 mobile app with advanced security

While the search results confirm the existence of the Cuentas Mobile App and Mobile Wallet, which includes features like direct deposit and early pay functionality via the Sutton Bank partnership, specific, quantifiable metrics for a product explicitly named the 'Cuentas 360 mobile app with advanced security' as of late 2025 aren't present. The operational focus is on the overall mobile service reopening and the integration of mobile data networks using eSIM and traditional SIM technologies.

Key operational metrics related to the mobile/digital platform:

• Mobile service reopening target: December 2025.
• Digital distribution network locations: Over 31,000.
• Fintech processing agreement credit received: $475,000.
• Total Revenue (FY 2024): $0.676 million.

Finance: draft 13-week cash view by Friday.

Cuentas Inc. (CUEN) - Canvas Business Model: Key Resources

You're looking at the core assets Cuentas Inc. (CUEN) relies on to execute its strategy, especially now that the company has restored its SEC current status as of December 1, 2025, and is trading on the Pink Limited Market. Honestly, the resources here are a mix of physical reach and recent financial maneuvers that support the pivot toward digital content and mobile offerings.

The most tangible asset supporting Cuentas Inc.'s service delivery is its extensive physical footprint. This distribution network is crucial for reaching the underbanked and underserved populations the company targets. We are talking about a network of over 30,000 retail outlets, predominantly the local Bodegas, which serve as the physical touchpoints for their mobile and digital services rollout. This scale is a major component of their operational capability.

Financially, a key recent resource event involved the unwinding of the prepaid debit card fintech agreement with Interactive Communications International, Inc. (InComm). As part of that mutual sunsetting on August 12, 2024, Cuentas Inc. secured a significant financial benefit: a $475,000 credit from InComm. This credit effectively waived debt Cuentas owed due to unpaid Monthly Minimum Fees since December 2022. This move cleaned up a liability while retaining the resale agreement for digital content and cellular services.

Furthermore, Cuentas Inc. secured capital through Convertible Note Purchase Agreements with World Mobile Group Ltd. As of September 22, 2025, the gross proceeds from this financing totaled $260,000. This funding is intended to support ongoing business development and execution as the company integrates services with World Mobile and a nationwide carrier to enhance its mobile telecommunications offerings.

Here's a quick look at the hard numbers underpinning these resources:

The intellectual property and technology form the backbone that ties these physical and financial resources together. Cuentas Inc. is redesigning its proprietary technologies to integrate e-commerce, digital content, and mobility services. This centers around the Cuentas Mobile solution and the underlying platform architecture.

The core technology assets include:

• Proprietary technology platform integrating FinTech and telecom.
• Intellectual property for Cuentas Mobile.
• Intellectual property for the Cuentas App.
• Technology leveraging advanced eSIM and traditional SIM capabilities.

If onboarding for the new mobile services takes longer than anticipated, churn risk rises, so execution on the tech integration is key. Finance: draft 13-week cash view by Friday.

Cuentas Inc. (CUEN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Cuentas Inc. (CUEN) right now, late in 2025. The value they deliver centers on bridging the gap for those traditionally excluded from mainstream financial and digital services. This isn't just about offering a product; it's about providing access where others haven't, especially within Hispanic and Latino communities in the US.

Financial inclusion for the unbanked and underbanked

Cuentas Inc. explicitly targets the unbanked, underbanked, and underserved populations in the USA with its FinTech, e-banking, and e-commerce services. A key part of this is the proprietary General Purpose Reloadable (GPR) Card, which provides access to a digital wallet for customers who previously couldn't obtain bank accounts. The company is also focused on supporting communities affected by the termination of the Affordable Connectivity Program (ACP) on June 1, 2024, aiming to help 23 million households with new, cost-effective connectivity solutions.

Integrated mobile financial and telecommunications ecosystem

The strategy for Cuentas Inc. has shifted to integrate financial tools with mobile connectivity, creating a complete ecosystem. This integration is being pursued through partnerships, such as the one with World Mobile Group Ltd., to operate an MVNO (Mobile Virtual Network Operator) business, where Cuentas holds a 51% membership interest. Furthermore, CuentasMax LLC, a joint venture, is installing WiFi6 shared network systems, with 30 WiFi6 Access Points installed across New York City, Los Angeles, and Puerto Rico. The company maintains a significant physical footprint, leveraging an extensive retail network of approximately 30,000 outlets for service deployment.

Affordable mobile data and cellular offerings (Lifeline access focus)

The mobile offerings are specifically designed to be cost-efficient, aiming to provide connectivity at 12 times less cost than traditional networks. This initiative directly addresses the need for universal and Lifeline access following the end of the ACP. The company is working to integrate services with World Mobile and a nationwide carrier to revolutionize prepaid mobile telecommunications. For context on the company's scale in this area, Total Revenue for the fiscal year ended December 31, 2024, was reported as $0.676 million.

Prepaid debit card with no credit check and no-fee direct deposit

The Cuentas Prepaid Mastercard is positioned to offer immediate financial utility without traditional barriers. You get No Fee Direct Deposit to automatically load paychecks or government benefits checks. Critically, there is No credit history or background check required to apply. The card allows for Card to Card transfers at no cost when initiated through the Cuentas App. The maximum amount you can load per transaction via direct deposit or bank transfer is capped at $9,999.00.

Here's a quick look at the key features and associated numbers for the GPR Card and mobile services:

Low monthly charges and no activation fees for services

While the company emphasizes No Fee Direct Deposit and no fee for in-app Card-to-Card transfers, explicit, comprehensive data on all monthly service charges or universal no activation fees across the entire product suite as of late 2025 isn't fully detailed in the latest reports. However, the focus on cost-efficiency is clear, particularly with the partnership aiming for connectivity at a fraction of traditional network costs. For reference, the net loss for the third quarter ended September 30, 2025, was USD 0.296 million.

The company's prepaid card holders can receive paychecks and government benefits up to two days early with Direct Deposit Early Pay.

• Funds on the Cuentas prepaid Mastercard are FDIC insured.
• The company aims to provide a complete ecosystem of services to the millions left out of traditional banking.

Cuentas Inc. (CUEN) - Canvas Business Model: Customer Relationships

You're looking at Cuentas Inc. (CUEN) right now, and the most critical relationship factor as of late 2025 is the restoration of regulatory trust. Honestly, for any fintech dealing with consumer funds, compliance is the bedrock of the customer relationship.

Building trust through definitely restored SEC compliance is a massive step for Cuentas Inc. The company announced that as of December 1, 2025, it is current in its filings with the U.S. Securities and Exchange Commission ("SEC") and is no longer delinquent in its required periodic reports. This action clears the path for the next phase of business growth and signals a commitment to transparency, which is vital for retaining and acquiring customers who rely on their mobile and card services. The CEO stated that being current is the starting line for building long-term value on a stronger and more transparent foundation.

The core of Cuentas Inc.'s strategy remains a relationship-driven focus on the Hispanic demographic. The company believes this group generally faces more identification, credit, and former bank account issues than other U.S. minority groups, making traditional banking access difficult. This understanding shapes their value proposition. To give you some historical context on adoption, in May 2022, new user acquisitions for their card, app, and mobile wallet surpassed first-quarter totals by 172%, driven by targeted marketing to this community.

Automated service delivery via mobile app and digital wallet is central to the model, though operations were paused during the compliance remediation. Cuentas Inc. expects to reopen its mobile services in December 2025, targeting known vertical markets. When operational, these services include the mobile app and wallet, alongside prepaid voice, text, and data mobile phone services. The older data point from 2022 showed strong adoption of app features like fee-free money transfers, indicating customer appetite for the digital tools.

For those who need more direct assistance, Cuentas Inc. maintains a high-touch support through the retail distribution network. While specific 2025 retail footprint numbers aren't public, the structure implies physical touchpoints for service, distribution, and potentially card activation or troubleshooting, complementing the digital channels. This dual approach helps manage the transition for users less comfortable with purely digital interactions.

The shift toward digital self-management is supported by self-service options for card and account management built into the platform. This is the expected norm for a modern fintech offering General Purpose Reloadable (GPR) Cards. The ability for a user to manage their funds without needing to contact support directly is key to scaling the customer relationship efficiently.

Here's a quick look at the market and operational context that underpins customer confidence right now. If onboarding takes 14+ days, churn risk rises, so operational readiness post-SEC compliance is key.

The company's focus on the unbanked and underbanked means the relationship is built on access and reliability. The recent corporate actions, like asset sales for $800 and Special Purchase Agreements for $725 in 2025, were aimed at paying creditors and streamlining operations, directly supporting the stability needed for customer-facing services.

• Mobile services expected to reopen in December 2025.
• SEC reporting status restored as of December 1, 2025.
• Focus on serving the Hispanic demographic, which faces higher difficulty obtaining traditional bank accounts.
• Segments include Telecommunications, Wholesale Telecommunication services, and Digital Products/GPR Cards.

Finance: draft 13-week cash view by Friday.

Cuentas Inc. (CUEN) - Canvas Business Model: Channels

You're looking at how Cuentas Inc. (CUEN) gets its products and services to the market as of late 2025. Given the company's recent focus on SEC compliance and the planned December 2025 relaunch of mobile services, the channel strategy is clearly in a transitional phase, moving from asset sales back toward core operations.

Cuentas Mobile and Cuentas App digital platforms represent the primary interface for the unbanked and underbanked population. The company provides mobile banking, online banking, and the proprietary Cuentas General Purpose Reloadable (GPR) Card through this digital ecosystem. While mobile services were paused, the company was focusing on internal development; expect the December 2025 relaunch to heavily feature the mobile app for accessing prepaid voice, text, and data services, alongside digital wallet functions. The company had 6 employees as of December 31, 2024, supporting this technology base.

The Retail distribution network (Bodegas) for top-ups and sales is crucial for reaching the target demographic that relies on cash transactions. This network supports the GPR Cards and mobile top-ups. Although specific 2025 retail partner counts aren't public, Cuentas Inc. previously partnered with InComm Payments to make a Transit Card available at hundreds of New York City retail locations, showing a history of leveraging established physical points of sale. The company's overall TTM revenue as of December 31, 2024, was $676K, which the relaunched digital and retail channels are expected to grow.

For Wholesale channels for telecommunication minutes resale, this is managed through its segment, Wholesale Telecommunication services, which includes its wholly owned subsidiary Meimoun and Mammon, LLC. This channel moves bulk voice, text, and data services to other providers or resellers. Revenues for the six months ended June 30, 2024, totaled $672,000, providing a baseline for the scale of operations before the mobile service restart.

E-commerce distribution for digital products is another stated channel. Cuentas Inc. sells and distributes digital products through its mobile payments ecosystem. This is an important, low-overhead avenue that was likely maintained even when core mobile services were suspended. The company recognized operating expenses of $283,000 during the three months ended March 31, 2025, indicating ongoing, albeit streamlined, operational activity.

Finally, the Direct sales for WiFi6 shared network systems is a specific, geographically focused channel. This involves the installation of these systems primarily in the New York metropolitan tristate area. This direct sales/installation model is separate from the high-volume, low-margin telecom resale and targets a specific infrastructure need.

Here's a quick look at the segments that feed into these channels, using the latest available financial context:

The company's recent financing activities, such as the $385,000 aggregate principal from Convertible Note Purchase Agreements in September/October 2025, are directly aimed at funding the re-establishment and expansion of these channels. You should track the December 2025 mobile service reopening closely, as that will be the first real test of channel effectiveness post-compliance restoration. Finance: draft 13-week cash view by Friday.

Cuentas Inc. (CUEN) - Canvas Business Model: Customer Segments

You're looking at the core audience Cuentas Inc. is built to serve, which is a massive, often overlooked part of the US economy. This isn't about chasing the top tier; it's about deep penetration into specific, underserved communities.

Unbanked, Underbanked, and Underserved Populations in the US

Cuentas Inc. focuses its mobile financial, prepaid debit, and digital content services squarely on the unbanked, underbanked, and underserved communities across the United States. The company views its General Purpose Reloadable (GPR) Card as a comprehensive banking solution to bring these customers into the mainstream financial system. The scale of the potential market is significant, as the 2020 U.S. Census identified the Hispanic Latino population at over 62 million individuals, representing 18.7% of the total U.S. population.

The company's strategy also addresses immediate needs following federal program changes. Cuentas partnered to support 23 million U.S. households after the Affordable Connectivity Program (ACP) termination on June 1, 2024.

Predominantly the Hispanic Demographic in the US

The Hispanic demographic is a primary target for Cuentas Inc.'s offerings, including Cuentas Mobile and Cuentas Money. Management believes this demographic frequently faces more identification, credit, and prior bank account issues than other U.S. minority groups. The company's commitment is to provide value through empathy and affordability, avoiding activation fees and maintaining low monthly charges.

Households Eligible for Universal/Lifeline Mobile Access

The push for cost-effective connectivity directly targets households needing subsidized or low-cost mobile access. The partnership with World Mobile Group Ltd. aims to offer connectivity at up to 12 times less cost than legacy networks. This directly impacts users who rely on programs like the former ACP, as Cuentas seeks to provide an affordable alternative for mobile solutions.

Wholesale Buyers of Telecommunication Minutes

This segment represents business-to-business revenue derived from Cuentas's telecommunications infrastructure. The financial data shows a significant shift in this area recently. Here's a look at the cost side of this segment, which is directly tied to wholesale minute purchases for resale:

The trailing twelve-month revenue for Cuentas Inc. as of December 31, 2024, was reported at $676K.

Retail Entities Becoming World Mobile AirNode Operators

Cuentas is expanding its distribution ecosystem by enabling retail and business entities to become World Mobile AirNode Operators, integrating Cuentas Fintech services at the point of sale. The initial target for this initiative is an ecosystem of over 30,000 retail outlets, often referred to as "Bodegas," across the United States. Furthermore, Cuentas holds a 51% membership interest in the joint venture, World Mobile LLC, established in April 2025 to operate the mobile virtual network operator business.

The customer segments Cuentas serves are defined by their need for accessible financial tools and affordable connectivity. You can see the focus in the recent financial performance:

• Net Loss for Q3 2025: USD 0.296 million
• Basic Loss Per Share (Q3 2025): USD 0.11
• Total Customers Targeted by World Mobile Partnership (Households): 23 million
• Target Retail Outlets for AirNode Operation: 30,000

Cuentas Inc. (CUEN) - Canvas Business Model: Cost Structure

You're looking at the hard costs Cuentas Inc. is facing to keep the lights on and meet regulatory demands as of late 2025. Honestly, understanding these outflows is key to seeing where the business is allocating its capital right now.

Selling, General & Administrative (SG&A) expenses represent a significant ongoing operational cost. For the Trailing Twelve Months (TTM) ending September 2025, the reported SG&A was $1.26 million. This figure is crucial because it shows the overhead required to run the business outside of direct service delivery.

The costs directly tied to generating revenue, the Cost of Revenues, show a significant shift based on the latest available quarterly data. For the three months ended March 31, 2025, the total Cost of Revenues was reported as $0. This contrasts with the prior year's period. Here's the quick math on that breakdown for Q1 2025:

What this estimate hides is the operational cost structure if the wholesale or digital product sales ramp up again; the Q1 2025 data suggests near-zero direct variable costs for those specific lines during that quarter. Still, you need to look at the fixed overhead.

Financing costs are relatively small but present. The Interest expense for the TTM ending September 2025 totaled $0.04 million. This is a direct cost of any outstanding debt obligations Cuentas Inc. carries.

Costs associated with strategic initiatives and compliance are also major factors in the current structure. You asked specifically about a few key areas:

• Costs related to new product development, such as Cuentas 360, are not explicitly detailed with a specific dollar amount for 2025 in the latest available public filings.
• Legal and professional fees for SEC compliance and relisting are a major, though often bundled, expense. Cuentas Inc. announced it became current in its SEC filings as of December 1, 2025, which implies substantial professional fees were incurred to file all outstanding annual and quarterly reports to restore reporting status. No specific dollar figure for these fees in 2025 was publicly itemized.

The overall operating expense profile is heavily weighted toward SG&A, given the reported TTM figures. For context on prior periods, Sales, General and Admin expenses were $6,011 thousand (or $6.011 million) for the full year 2023, so the TTM Sep '25 figure of $1.26 million suggests a significant reduction in that overhead category compared to the full-year 2023 run rate.

Finance: draft 13-week cash view by Friday.

Cuentas Inc. (CUEN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Cuentas Inc. brings in cash, which is key for understanding their path forward, especially given the recent SEC filing compliance news as of December 1, 2025. Honestly, piecing together a complete 2025 revenue picture requires looking at the latest filings, and we have some solid numbers from the six months ended June 30, 2025, plus an older, but structured, revenue breakdown.

The revenue streams are clearly segmented across their fintech and telecom offerings. Here's how the latest available data structures those streams:

That $582,000 in Other Income for the first half of 2025 is a significant, non-operational boost, defintely worth noting as it came from debt extinguishment.

To be fair, the first three lines in the table above come from a revenue breakdown that isn't explicitly labeled as the full 2025 fiscal year, but they map directly to the components you asked about. The total revenue in that specific sampled period was $639,000.

You should also track the operational costs associated with these streams, as the Cost of Revenues for the three months ended March 31, 2025, was reported as $0, compared to $708,000 for the same period in 2024. This suggests a major shift or pause in the cost structure for those specific activities early in 2025.

Here are the key revenue-related components for context:

• Wholesale telecommunication services revenue: $569,000
• Digital products and General Purpose Reloadable Cards revenue: $45,000
• Retail telecommunication and mobile service subscriptions (grouped as Telecommunications): $25,000
• Other Income from debt extinguishment (6 months ended Jun '25): $582,000

Finance: draft 13-week cash view by Friday.