OLB Group Achieves Annual Transaction Volume Run Rate of $1.35 Billion Following CBD Merchants Acquisition
February 02 2022 - 7:30AM
Business Wire
Annual Revenue Run Rate for eCommerce Merchant Services,
Anticipated to be Approximately $36 Million and Positive EBITDA for
2022.
Merchants Acquisition is Expected to Add $25 Million to Revenue
for 2022
The OLB Group, Inc. ("OLB," “we,” “us,” “our,” or
the "Company"), a diversified Fintech eCommerce merchant services
provider and Bitcoin cryptocurrency mining enterprise, announced
today that the Company's merchant services annual transaction
volume run rate has reached $1.35 Billion in transaction volume as
a result of 28.5 million transactions.
After the Company’s acquisition of a portfolio of CBD merchant
accounts in the last quarter, OLB has started the current year with
the highest revenue run rate in the history of the company. As a
result of a diversified merchant base which is not reliant on large
merchants and high dollar transactions, the Company’s eCommerce
merchant services business is tracking at an anticipated annual
revenue run rate exceeding $36 Million for 2022. Since the
acquisition, the Company has benefited from onboarding
approximately 150 new merchant accounts per month.
Ronny Yakov, President and CEO of OLB, said, “In 2021, we began
the year with an annualize revenue run rate of approximately $10
million. Starting this year at a $36 million annualized revenue run
rate is likely to maximize our economies of scale and contribute to
our bottom line.”
OLB believes that its merchants in the CBD marketplace will
likely see an increase in transaction volume as the overall market
size grows. According to a February 2021 report by Grandview
Research relating to the current and future CBD market sector, "The
market is estimated to witness a y-o-y growth of approximately 20%
to 23% in the next 5 years. Hemp-derived CBD is expected to grow at
a CAGR of 23.4% post-pandemic owing to increasing demand from the
pharmaceutical sector and rising awareness among consumers
regarding health.” (See
https://www.grandviewresearch.com/industry-analysis/cannabidiol-cbd-market).
Yakov continued, “Our CBD merchant portfolio acquisition is
expected to add $25 million to our revenue this year and is
anticipated to contribute up to $5 Million in incremental EBITDA.
Adding to our improved financial position by having no outstanding
debt, this should give us the financial flexibility to ramp up our
cryptocurrency-related operations.”
Future OLB Press Releases and Updates
Interested investors or shareholders can be notified of future
Press Releases and Industry Updates by e-mailing
investorrelations@OLB.com.
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant
services provider and Bitcoin crypto mining enterprise. The
Company's eCommerce platform delivers cloud-based merchant services
for a comprehensive digital commerce solution to over 10,500
merchants in all 50 states. DMint, a wholly owned subsidiary of OLB
Group, is engaged in the mining of Bitcoin utilizing sustainable
natural gas with an initial deployment of efficient 1,000
ASIC-based S19j Pro 96T mining computers projected by end of 2021.
For more information about solutions, services, or to find a
reseller, please visit www.olb.com. Investor information is
available at www.olb.com/investors-data and www.Dmint.com.
Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release
that are not based on historical fact are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements include, but are not limited to, statements concerning
the impact of COVID-19 on our operations and financial condition,
the CBD and related products marketplace, our ability to implement
our proprietary merchant boarding and CRM system and to roll out
our Omni Commerce and SecurePay applications, including payment
methods, to our current merchants and the integration of our secure
payment gateway with our crowdfunding platform. While the Company’s
management has based any forward-looking statements contained
herein on its current expectations, the information on which such
expectations were based may change. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of risks, uncertainties, and other
factors, many of which are outside of our control, that could cause
actual results to materially differ from such statements. Such
risks, uncertainties, and other factors include statements
regarding the expected revenue and income for operations to be
generated by The OLB Group, Inc. For other factors that may cause
our actual results to differ from those that are expected, see the
information under the caption “Risk Factors” in the Company’s most
recent Form 10-K and 10-Q filings, and amendments thereto, as well
as other public filings with the SEC since such date. The Company
operates in a rapidly changing and competitive environment, and new
risks may arise. Accordingly, investors should not place any
reliance on forward-looking statements as a prediction of actual
results. The Company disclaims any intention to, and undertakes no
obligation to, update or revise any forward-looking statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20220202005198/en/
Rick Lutz The OLB Group - Investor Relations
InvestorRelations@olb.com (212) 278-0900 EXT: 333
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