February 3, 2022 -- InvestorsHub NewsWire -- via NetworkNewsWire
Editorial Coverage: The COVID-19 pandemic rattled every market
imaginable worldwide, with some changes becoming permanent as they
simply accelerated existing trends. The digital payments market
certainly benefited as online transactions skyrocketed with some
brick-and-mortar stores even refusing to take cash because of the
threat of spreading germs. But don’t confuse a truly cashless
society — where cash and coins physically do not exist — with one
where money is still around, just not used frequently. The world
was already moving towards the latter, and the coronavirus sped up
the process, which shines a spotlight on the opportunities in
digital payments. Companies big and small are making the most of
technology that serves as the backbone of the next generation of
payment systems, such as GreenBox POS (NASDAQ:
GBOX) (Profile), a provider of customized blockchain
payment solutions that is leveraging acquisitions to grow its
international footprint. Others enjoying rapid growth in the
exploding market of financial technology, or fintech, including
significant developments from the likes of ACI
Worldwide Inc. (NASDAQ:
ACIW), NCR
Corporation (NYSE:
NCR), Paysafe Limited (NYSE:
PSFE) and Intuit Inc. (NASDAQ:
INTU) to shepherd the industry along.
- Some 29% of Americans go an entire week without make a single
cash purchase.
- Since last summer, GreenBox has executed an M&A strategy to
expand internationally, agreeing to acquire UK’s Roark Holdings and
Bulgaria’s Transact Europe.
- Preliminary results from FY 2021 show GreenBox transaction
volume reaching $1.95 billion, up more than 800% from 2020.
- In January, GreenBox expanded its portfolio to begin offering
ACH services to an influx of demand as clients commit immediately
to more than $50 million in monthly processing.
Click here to view the custom infographic of
the GreenBox POS editorial.
Blockchain Shines as People Turn to Plastic
Whether one is a proponent or opponent of the notion of a
cashless society, there is no denying the fact the people are not
pulling dollar bills out of their pockets to pay for goods and
services like they used to. Pew
Research in 2018 showed that 29% of Americans go an entire
week without making a single cash purchase. Data from
Square showed that cash purchases transacted by its
sellers decreased from 37% of sales in February 2020 to 33% in
April 2020, a signal that the pandemic was having a meaningful
impact. In its Resilience,
Replacement and Renewal report, global consultancy A.T.
Kearney identified going cashless as a top global trend while
noting Riksbank data showing cash payments were used in just 15% of
retail transactions in Sweden in 2016, down from 40% in 2010.
Within the fintech world, blockchain has become a leading
subject for its ability to inexpensively facilitate extremely fast
and highly secure digital transactions. The digital record-keeping
technology that underscores Bitcoin, blockchain is becoming
ubiquitous in countless industries and recognized as a bona fide
threat to conventional banks because its structure doesn’t require
a middleman to complete transactions. There is plenty at stake
according to Mordor Intelligence, which puts a transaction value of
the global digital payments market at $5.44 trillion in 2020 with
expectations for 11.21% compound annual growth to
reach $11.29
trillion by 2026.
And that’s not all. An estimate 21% of the world (~1.7 billion
people) are unbanked. Blockchain could provide an affordable
solution that is superior to today’s modality used to transfer
about $500
billion across borders annually through personal
remittances.
GreenBox
POS (NASDAQ:
GBOX) is an emerging fintech company offering
proprietary blockchain ledger and smart contract token
technologies. The company’s exclusive tech offers seamless payment
processing solutions using digital encryption keys to verify,
secure and record details of each transaction conducted within its
private system. The company’s applications enable an end-to-end
suite of turnkey financial products and fraud detection, improving
the efficiency of handling large-scale commercial processing
volumes for its merchant clients.
Since its founding in 2017, GreenBox has steadily checked the
boxes to build value and position as a market leader. The list of
GreenBox accomplishments is lengthy and impressive; the company has
completed one major acquisition with two more under contract,
forged key partnerships, graduated to the NASDAQ exchange, launched
and spun-out Coyni (its smart contract stablecoin),
initiated a stock
repurchase plan, posted strong transaction and revenue growth,
and secured $100 million in financing to keep executing on its
growth strategies.
In addition, GreenBox has optimized and vertically integrated
previous generations of its namesake platform to create a
comprehensive ecosystem that is 100% scalable. The company can
count itself as the only payment card industry (“PCI”) level
1-compliant blockchain payment solution. Level 1 clients are ideal
customers because they are defined by PCI as processing in excess
of 6 million transactions annually. GreenBox contracts are
structured so the company generates revenue from every transaction,
usually in the range of 2%–3%.
The M&A Strategy
Since last summer, GreenBox has been more aggressive with its
merger and acquisition initiatives. The company first completed
the acquisition
of ChargeSavvy, an expert in retail processing and
point-of-sale (“POS”) systems. ChargeSavvy was an ideal fit for the
GreenBox ecosystem because it immediately provided the company with
a robust POS platform, including biometric technology and fraud
detection. This tech was a perfect match for GreenBox’s blockchain
and stablecoin portfolio. The merger further gave GreenBox exposure
to ChargeSavvy’s large client portfolio earned since it began
operations in 2012.
The ChargeSavvy acquisition was immediately followed by
an MOU to
acquire Transact Europe Holdings OOD, the single entity
shareholder of Transact Europe EAD (“TEU”). A European
Union-regulated electronic money institution. TEU is headquartered
in Sofia, Bulgaria, putting it at the heart of one of the
fastest-growing markets in the fintech industry. TEU holds numerous
distinctions, including being a principal level member of Visa, a
worldwide member of MasterCard, a principal member of China
UnionPay and part of the SEPA Direct program, a pan-European Direct
Debit system that allows merchants to collect Euro-denominated
payments from accounts in the 34 SEPA countries.
As it awaits regulatory approval from the Bulgarian National
Bank to complete the TEU acquisition, GreenBox has
also agreed to
acquire Roark Holdings Ltd., giving it infrastructure and
leading payment processing software to expand overseas. Based in
the United Kingdom, Roark is a licensed payment institution that
allows for its licensors to process debit/credit card and local
payments within the country. GreenBox management anticipates
closing the transaction soon and subsequently record its first
merchant transactions in Britain.
Volumes Nearing $2 Billion
GreenBox is posting impressive transaction growth even with only
the acquisition of ChargeSavvy finalized and contributing to the
books. Investors will be eager to see what TEU and Roark bring to
the table. GreenBox in August crossed the $1
billion threshold for transaction volume for 2021, roughly
a 400% improvement over $202 million in volume for the full year
2020. By the end of the year, preliminary unaudited results show
GreenBox nearly doubled transaction volume again,
reaching $1.95
billion in transaction volume for the year. That means
that in about five average weeks for 2021, GreenBox essentially
equaled transaction volume for all of 2020.
The growth showed up in revenue also, with GreenBox estimated
revenue of $26 million for 2021, up 200% from $8.5 million in 2020.
According to GreenBox CEO Fredi Nisan, 2020 was the year that the
company proved it could develop and deploy cutting-edge technology.
Last year — 2021 — was about executing on the strategy to
build sustainable scale for GreenBox products, while adding team
members instrumental to expansion and building a world-class
brand.
“There’s a lot of pride around these 2021 results, no
doubt,” said
Nisan. “But, make no mistake, we remain laser-focused on
molding the future of this company and our determination of
becoming the global leader in the digital financial solutions
marketplace.”
Regarding ChargeSavvy, GreenBox didn’t provide details but did
say the fourth quarter was the best in the
history of the company. Thanks in part to integrated
efficiencies following the merger, ChargeSavvy’s retail division
saw an average increase of 166%.
Add ACH Into the Mix
GreenBox is positioned to capitalize on a “myriad of verticals”
going forward, including the recent launch of a new payment
solution that allows GreenBox to provide bulk Automated Clearing
House (“ACH”) processing abilities to its customers. This is a big
addition to the services platform for which GreenBox will use its
blockchain and smart contract technology to transfer funds
electronically for ACH debit and ACH credit transactions
This is a highly desirable and lucrative market. Tens of
millions of Americans use ACH gateways daily for a multitude of
reasons, such as direct payroll deposit, electronic check, credit
card payments and more. ACH watchdog Nacha reported that 26.8
billion payments were made in the ACH network in 2020, a sixth
straight year with growth of more than 1 billion payments. Total
dollar volume for the transactions was a stunning $61.9
trillion.
The demand for ACH is immediately recognizable for GreenBox.
Management says that current customers have already committed to
$50-plus million in monthly ACH processing. An average transaction
is $150, netting GreenBox 20 to 30 cents in margin. Based on $50
million in monthly volume, that’s up to $1.2 million added to the
top line based upon early estimates. Furthermore, GreenBox has the
opportunity to service higher risk clients, which bumps up margins
by 20–30 basis points per transaction.
COVID-19 Did the Marketing
COVID-19 changed a lot of things in this world, but few things
have been more impacted than the way people and businesses
transact. With lockdown mandates and contagion fears rampant,
people who would never before have considered making purchases or
conducting banking through a computer or device were forced to do
so. Consumer education is one of the biggest hurdles any tech
company faces, particularly with older demographics. COVID-19 took
care of that. Add in those from the younger generations, many of
whom don’t even know how to use a checkbook, and the next leg up in
the digital revolution has been catalyzed. That’s good for all
involved and paints a promising future for fintech.
ACI
Worldwide Inc. (NASDAQ:
ACIW) is a global software company that provides
mission-critical, real-time payment solutions to corporations.
Customers use ACI’s proven, scalable and secure solutions to
process and manage digital payments, enable omni-commerce payments,
present and process bill payments, and manage fraud and risk. Last
month, ACI
participated at NRF 2022, the world’s largest retail conference
and expo, where it highlighted the use of cryptocurrency payments
along with partner, RocketFuel—a global provider of payment
solutions via Bitcoin and other cryptocurrencies.
NCR
Corporation (NYSE:
NCR), once synonymous with a cash register, is now a
global enterprise technology provider. This month, the
company completed
the acquisition of LibertyX, a leading cryptocurrency software
provider and strategic fit for NCR because it accelerates NCR’s
ability to rapidly deliver a complete digital currency solution to
its customers, including the ability to buy and sell
cryptocurrency, conduct cross-border remittance, and accept digital
currency payments across digital and physical channels.
Paysafe Limited (NYSE:
PSFE) was founded in 2007 as an eCommerce
payments platform with the mission to enable millions of consumers
to use alternative payment methods to make online purchases. Since
then, it has grown into a leading specialized payments platform
with a presence in 11 Latin American countries that it continues to
expand. The company just completed the acquisition
of SafetyPay, a leading payments platform operating primarily
in Latin America that enables eCommerce transactions via a wide
choice of open banking and eCash solutions.
Intuit Inc. (NASDAQ:
INTU), a global technology platform and owner of the
TurboTax, QuickBooks, Mailchimp, Mint and Credit Karma serves more
than 100 million customers worldwide. Late in January, Intuit
announced two new
fintech products, QuickBooks Get Paid Upfront and QuickBooks
Early Pay, that provide small businesses and their employees with
faster access to their money in an effort to give them greater cash
flow flexibility so they can succeed and prosper.
Looking across the internet, one can find countless arguments
one way or the other about when cashless societies will begin
emerging. The smart positioning is for a slow transition with the
understanding that tech like blockchain and certain
cryptocurrencies are going to be integral no matter the rate of
change.
For more information about GreenBox POS (NASDAQ:
GBOX), please visit GreenBox POS
(NASDAQ: GBOX).
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