RYVYL (NASDAQ: RVYL), a leading innovator of payment-transaction solutions leveraging proprietary blockchain ledger and electronic token technology for the diverse international markets, is reporting financial results for the third quarter ended Sept. 30, 2023. Financial highlights of the report indicate record quarterly revenue for the fourth consecutive quarter, reaching $17.5 million, an increase of 64% year over year, and processing volume of $861 million, an increase of 27% from the second quarter 2023 and above guidance range of $720 to $800 million. The company’s EU business, which included its new banking-as-a-service (“BAAS”) offering, processed $517 million in the third quarter, a 21% increase compared to business volume in Q2, and RYVYL’s North America acquiring business volume was $171 million, 17% higher than the second quarter 2023 volume of $146 million. Corporate highlights include the launch of the coyni mobile point of sale (“mPOS”) app, the appointment of George Oliva as chief financial officer, and the signing of an exchange agreement with the holder of a RYVYL-issued convertible note resulting in a $6 million debt reduction and an increase in cash flow.
“We view banking-as-a-service as the future of global banking and are excited to be an enabling service provider in a space that is rapidly emerging and reaching new customers every day,” said RYVYL CEO Fredi Nisan in the press release. “Being a Visa Direct partner has allowed us to leverage their capabilities and provide a superior banking as a service offering. We are working tirelessly on this initiative, which will enable us to better serve our customers, retain their loyalty and create new revenue streams. By mid-year 2024, we expect RYVYL, along with its subsidiaries and other affiliates, to have a full global payments platform covering over one hundred local currencies with authorized accounts in the markets we operate in. . . . Looking ahead, we believe that we are well positioned to close out 2023 on a strong note and are projecting Q4 revenues to be in the range of $19 to $21 million on processing volume of $900 million to $1 billion. With steady growth in our core processing business and the ongoing implementation of key strategic growth initiatives with coyni and banking-as-a-service progressing, we believe that we are in the best position we have ever been to generate long-term sustainable value for our shareholders.”
To view the full press release, visit https://ibn.fm/zSuLr
About RYVYL
RYVYL was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging proprietary blockchain ledger and electronic token technology for the diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants and consumers around the globe. For more information about the company, please visit www.RYVYL.com.
NOTE TO INVESTORS: The latest news and updates relating to RVYL are available in the company’s newsroom at https://ibn.fm/RVYL
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