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Payments-technology provider Repay Holdings Inc. reported its consumer-payments business grew its organic gross profits 16% in the quarter ended June 30, compared to the same period a year ago. Overall, the company posted organic profit growth of 12% for the quarter, compared to a year earlier. Absolute figures were not available.
In addition, Repay reported it increased funding transaction volumes by 60% during the quarter, compared to a year ago.
Repay reported its Business Payments division had year-over-year organic gross-profit growth of 4% for the quarter. In addition, Repay expanded its accounts payable network during the quarter to 195,000 suppliers, a 45% increase from a year ago.
Repay also added four new integrated software partners during the quarter, bringing its total number of partners to 252, and increased the number of credit unions it serves by 14%, bringing the total to 257.
In related news, payment-technology provider Priority Technology Holdings, Inc. reported adjusted gross profits of $67 million during the second quarter, up from $55.7 million a year earlier, a 20.3% increase. Revenues during the quarter increased 10% to $182.3 million.
As part of its second quarter earnings release, Priority updated its 2023 full-year projections. Full year revenues are now projected to range between $765 million and $780 million, a growth rate of 15% to 17%. Previously, Repay projected full year revenues of $740 million to $755 million.
Another payments-technology provider reporting second-quarter results is Par Technology Corp. The New Hartford, N.Y.-based provider of technology solutions to restaurants and retailers posted second-quarter revenues of $100.5 million, up from $85.1 million for the same period a year ago, an 18.2% increase. Through the first six months of 2023, Par has reported revenues of $201 million, up 21.5% from the $165.4 million for the same period a year earlier.
