FinTech Company Sees 27.3% Quarter to Quarter Revenue Growth
Transaction Volume for Quarter was $258 Million as Result of 4.9
Million Transactions
The OLB Group, Inc. ("OLBG," “we,” “us,” “our,” or
the "Company"), a FinTech company, has announced financial results
for second quarter ended June 30, 2021.
We are a FinTech company and a payment facilitator that, through
our subsidiaries, focuses on a suite of products in the merchant
services and payment facilitator verticals. These services include
electronic payment processing, cloud-based multi-channel commerce
platform solutions for small to medium sized businesses and crowd
funding services. The Company is focused on providing these
integrated business solutions to merchants throughout the United
States through three wholly-owned subsidiaries, eVance, Inc.,
Omnisoft.io, Inc., and CrowdPay.us, Inc.
Financial Highlights
For the three months ended June 30, 2021, we had total revenue
of $2,833,572 compared to $2,000,035 of revenue for the three
months ended June 30, 2020, an increase of $833,537 or 41.7%. We
earned $2,666,049 in transaction and processing fees, $46,896 in
merchant equipment rental and sales and $120,627 in other revenue
during the three months ended June 30, 2021, compared to $1,831,896
in transaction and processing fees, $18,548 in merchant equipment
sales and $149,591 in other revenue during the three months ended
June 30, 2020.
For the three months ended June 30, 2021, we had processing and
servicing costs of $2,098,745 compared to $1,294,604 of processing
and servicing costs for the three months ended June 30, 2020.
Processing and servicing costs increased by $804,141 or 62.1%.
General and administrative expenses (“G&A”) for the three
months ended June 30, 2021 was $848,368 compared to $380,888 for
the three months ended June 30, 2020, an increase of $467,480 or
122.7%. In the current period we had increases of our legal expense
of approximately $165,000 relating to business matters. There was
also an increase of $160,000 related to public relations and
marketing.
Our net loss for the three months ended June 30, 2021 was
($666,136) compared to (510,409) for the three months ended June
30, 2020. We had an increase in our net loss of $155,727 for the
reasons discussed above.
Adjusted EBITDA for the three months ended June 30, 2021 was
($123,756). The adjustments include $79,477 for stock-based
compensation and $247,000 related to onetime adjustments and
expenses.
For the three months ended June 30, 2021, we had total revenue
of $2,833,572 compared to $2,226,404 of revenue for the three
months ended March 31, 2021, an increase of $607,169 or 27.3%. We
earned $2,666,049 in transaction and processing fees, $46,896 in
merchant equipment rental and sales and $120,627 in other revenue
during the three months ended June 30, 2021, compared to $2,090,264
in transaction and processing fees, $18,507 in merchant equipment
sales and $117,633 in other revenue during the three months ended
March 31, 2021.
For the three months ended June 30, 2021, we had processing and
servicing costs of $2,098,745 compared to $1,547,274 of processing
and servicing costs for the three months ended March 31, 2021.
Processing and servicing costs increased by $551,471 or 35.6%.
General and administrative expenses (“G&A”) for the three
months ended June 30, 2021 was $848,368 compared to $626,269 for
the three months ended March 2021, 2021, an increase of $222,099 or
35.5%.
Key Highlights for Second Quarter 2021
- Revenue increased to $2.83 Million from $2.22 Million in First
Quarter, 2021 (27% increase)
- Year to Year Revenue Increased 41.7% from $2 Million in Second
Quarter 2020 vs. $2.83 Million in Second Quarter, 2021
- $258 Million in transaction volume for Second Quarter
- 4.9 million transactions were processed in the Second
Quarter
For more information about The OLB Group, please visit
www.olb.com or www.olb.com/investors-data.
Future OLB Press Releases and Updates
Interested investors or shareholders can be notified of future
Press Releases and Industry Updates by e-mailing
investorrelations@OLB.com.
Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release
that are not based on historical fact are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements include, but are not limited to, statements concerning
the impact of COVID-19 on our operations and financial condition,
our ability to implement our proprietary merchant boarding and CRM
system and to roll out our Omni Commerce and SecurePay
applications, including payment methods, to our current merchants
and the integration of our secure payment gateway with our
crowdfunding platform. While the Company’s management has based any
forward-looking statements contained herein on its current
expectations, the information on which such expectations were based
may change. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
risks, uncertainties, and other factors, many of which are outside
of our control, that could cause actual results to materially
differ from such statements. Such risks, uncertainties, and other
factors include statements regarding the expected revenue and
income for operations to be generated by The OLB Group, Inc. For
other factors that may cause our actual results to differ from
those that are expected, see the information under the caption
“Risk Factors” in the Company’s most recent Form 10-K and 10-Q
filings, and amendments thereto, as well as other public filings
with the SEC since such date. The Company operates in a rapidly
changing and competitive environment, and new risks may arise.
Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. The
Company disclaims any intention to, and undertakes no obligation
to, update or revise any forward-looking statement.
About The OLB Group, Inc.
The OLB Group, Inc. is a payment facilitator and commerce
service provider that delivers cloud-based merchant services for
web-based and brick-and-mortar organizations. OLB provides a
seamless, end-to-end digital commerce solution that includes site
creation, hosting, transaction processing and payment gateway,
order fulfillment, customer service, outbound marketing, sales
reporting, and fundraising. With services from private label
shopping sites designed to maintain the unique look or feel of the
merchant website, to order fulfillment and customer service, OLB
remains invisible to the user and promotes the merchant’s brand
with market-leading technology and solutions. For more information
about solutions, services, or to find a reseller, please visit
www.olb.com. Investor information is available at
www.olb.com/investors-data.
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version on businesswire.com: https://www.businesswire.com/news/home/20210813005233/en/
Rick Lutz The OLB Group - Investor Relations
InvestorRelations@olb.com (212) 278-0900 EXT: 333
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