In its first full quarter as a public company, Repay Holdings Corp. said its card-payment volume of $2.6 billion was a 40% increase over the 2018 third quarter. Payments providers Usio Inc. and Net Element Inc. also reported their earnings results.
Atlanta-based Repay, which acquired APS Payments and TriSource Solutions LLC this year, said the acquisitions boosted its results.
“We are proud of our third-quarter results, which included positive contributions from our TriSource acquisition, resulting in year-over-year growth in card payment volume and gross profit of 40% and 39%, respectively,” said John Morris, Repay chief executive, in a statement. “We are also thrilled to have recently entered the B2B payments space with the previously announced acquisition of APS Payments.”
Repay noted that APS Payments, which it acquired Oct. 14, could contribute as much as $500 million in card-payment volume this year. It’s estimated to add $3.5 million in total revenue.
Overall, Repay had $41 million in revenue, a 27% increase from $32.3 million a year ago. It posted a net loss of $48.6 million, compared with a $3.7 million profit last year.
In related news, payment processor Usio Inc., the former Payment Data Systems, reported processing $915 million in transaction volume in the third quarter. Revenue of $7.1 million increased 9.2% from $6.5 million. Its net loss widened to $1.2 million from $813,166. San Antonio, Texas-based Usio said the loss reflects its “continued commitment to investing in our growth initiatives, PayFac and Prepaid.”
Also, Miami-based Net Element said its third quarter revenue of $16.8 million decreased 2.3% from $17.2 million a year ago. Its total transaction processing volume increased 14% to $954 million.