GreenBox (NASDAQ: GBOX), an emerging and rapidly growing fintech company, is reporting its Q2 2022 financial results for the period ended June 30, 2022; the company also noted key corporate updates. Highlights of the report included news that the company’s $1 billion processing volume is a 40% increase over Q1 processing volume and more than double the same period last year with GBOX revenues for the quarter reaching $7 million, up from $6.4 million from last year at this same time. In addition, the report noted that the company’s recently acquired Sky Financial portfolio showed Q2 processing volume at $769 million, which exceeded expectations by more than 38%. The report also indicated FX and international payments business line, including Transact Europe, saw noteworthy momentum in the quarter with more than $184 million in business volume. GreenBox also successfully deployed v1.0 of the coyni public beta and completed core development of v2, which the company expects to roll out in the next quarter with customers already identified in the pipeline. In addition, the company has appointed J. Drew Byelick as chief financial officer, replacing Ben Chung, who has resigned. Byelick has impressive experience in startup, middle market, and multisite global manufacturing along with service, software, technology and distribution companies. He is a seasoned financial executive who most recently was CFO at Aero Components; prior to that he held multiple roles at AZZ Inc., including the position of vice president, chief accounting officer. “The second quarter 2022 was highlighted by excellent financial results, along with steady progress on several key initiatives that further establish our standing as an emerging force on the fintech landscape,” said GreenBox CEO Fredi Nisan in the press release. “Looking ahead, while there has been a significant disruption in the cryptocurrency and financial technology industry this year, GreenBox’s focus remains on building the infrastructure, partnerships, communications and technology to achieve our long-term business objectives. We remain highly confident in our ability to create differentiated, customized financial transaction technology and deploy it at scale. We remain very confident in our 2022 outlook of processing $4–6 billion in transaction volume with sequential company record processing levels each quarter. We look forward to overdelivering results, which support our long-term strategic growth trajectory.”
About GreenBox POS
GreenBox is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The company’s applications enable an end-to-end suite of turnkey financial products, fraud detection and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients. For more information about the company, please visit www.GreenBoxPOS.com.
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