GreenBox (NASDAQ: GBOX), an emerging and rapidly growing fintech company, has announced an acquisition that will bring significant processing volume portfolio in-house. The asset purchase agreement with Sky Financial & Intelligence, will enhance GBOX margins and create additional revenue-generating opportunities for the company. In the transaction, GreenBox purchased a portfolio of merchant accounts for $16 million in cash and 500,000 restricted common shares. According to the announcement, one of the portfolios has been integrated with GreenBox’s technology and ecosystem for more than a year. During that time, the portfolio grew to more than $1 billion in total processing volume and played a key role in GBOX’s success last year. “The acquisition of the substantial Sky portfolios is yet another stride forward for us and accomplishes two very important things,” said GreenBox chair Ben Errez in the press release. “By bringing a large merchant account portfolio in-house, we eliminate the cost previously incurred from commissions and amplify our margin profile. Second, it allows GreenBox to own these customer relationships, securing a considerable portion of our processing volume base with the bonus of being able to offer additional revenue generating solutions. Lastly, Sky’s processing volume played a vital role for us in meeting the fundamental hurdle requirements in our convertible note.”
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About GreenBox POS
GreenBox is an emerging financial technology company leveraging proprietary blockchain security and token technology 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. For more information about the company, please visit www.GreenBoxPOS.com.
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