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 on its Q4 and full-year financial report; the report shows record revenue for the fourth quarter, with revenue totaling $22.3 million, a 100% increase compared to Q4 2022, while revenue for the fiscal year totaled $65.9 million, also doubling from FY 2022. The company stated that the numbers exceeded its previously announced guidance of $19 million to $21 million. The report noted that the increase was primarily attributable to RYVYL’s larger ISO and partnership network and its growth in global payment processing businesses and banking-as-a-service offering. Specifically, RYVYL’s North America revenue increased 71% to $48.9 million while its European Union revenue jumped 294% to $16.9 million, compared to 2022. Other highlights included a Q4 processing volume of $1 billion, which exceeded guidance and increased 98% from Q4 2022; FX and International payments had $590 million in business volume, 14% higher than the third quarter 2023; RYVYL’s merchant acquiring business volume increased by 30%, totaling $278 million, with total processing volume increasing by 83% to $3.1 billion. In addition, the company reported total indebtedness went down, totaling $19.2 million after reducing the convertible note principal balance by $66.3 million, and its partnership with R3 resulted in RYVYL Block, a next-generation blockchain-as-a-service infrastructure that enables streamlined and secure digital transformation. “Continuing our path to shape the future of financial transactions, in 2023, we delivered the strongest year in our history,” said RYVYL CEO Fredi Nisan in the press release. “Impressive business volume growth resulted in record company revenues. RYVYL EU revenue nearly tripled, and the market continues to present a lucrative long-term opportunity, including our Visa Direct integration that we expect to complete by mid-2024. . . . Overall, our pipeline of business is robust with multiple opportunities to enter new markets and acquire new customers. There are underlying growth trends in business volume and international markets supported by new initiatives, and new partnerships such as ACI Worldwide and R3. Coupling our coyni platform with improved efficiencies, we expect to introduce services in new business verticals and to continue enabling transformation of the digital payments ecosystem.”
To view the full press release, visit https://ibn.fm/Xk15I
About RYVYL Inc.
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 in San Diego, 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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