GreenBox (NASDAQ: GBOX), an emerging and rapidly growing fintech company, is reporting financial results for the fourth quarter and full year for the period ended Dec. 31, 2021. Report highlights include record revenue for the company, which totaled $26.3 million for the year; an increase of $17.8 million or 208.6% over the $8.5 million reported in 2020; a processing volume increase of nearly tenfold to an estimated $2 billion; and a key licensing partnership with Cross River, a respected technology-driven infrastructure provider designed to initiate banking as a service offering, which will allow the company to significantly expand its reach to potential customers, creating new channels for revenue growth. In addition, the company unveiled both a new ACH bulk-processing channel with client commitments topping $50 million per month and a global initiative to broaden GBOX brand awareness by working with award-winning international agency INNOCEAN. The report also noted that the company had strengthened its balance sheet, gained growth capital with the issuance of a $100 million convertible debt financing and accelerated its share repurchase program by approving an additional $10 million for repurchase. “2021 was highlighted by the rapid expansion of our payment processing footprint and a record approximately $2 billion in processing volume,” said GreenBox POS CEO Fredi Nisan in the press release. “This represents growth of nearly 10x over 2020, a milestone achievement that demonstrates the scalability of our technology, our market share growth, our ability to remain compliant, and the quality of our sales team and overall ecosystem for our growing client roster. This KPI translated into record company revenue during 2021 of $26.3 million, representing tremendous growth of over 209% when compared to 2020’s full year revenue. . . . Looking forward, we remain highly focused on the pursuit of our objectives to build compliant, cutting edge blockchain ledger tokenized payment solutions for the diverse, evolving and dynamic global market. Considering our global expansion plans and potential acquisitions, we expect to increase our processing volume in 2022 to between $4 to $5 billion.”
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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, reducing fraud and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information about the company, please visit www.GreenBoxPOS.com.
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