Business
OLB Group Inc. Reports 2021 Financials, Increases Revenue by 71%
Company increases year-over-year annual revenue from $9.77M to $16.71M Merchant Processing Transaction volume ends year on $1.3B annualized run rate NEW
About this update from The Olb Group, Inc.
[{"type":"text","content":"\nCompany increases year-over-year annual revenue from $9.77M to $16.71M\n\nMerchant Processing Transaction volume ends year on $1.3B annualized run rate\n\n NEW YORK--(BUSINESS WIRE)--\nThe OLB Group, Inc. (\"OLB,\" “we,” “us,” “our,” or the \"Company\"), a diversified Fintech eCommerce merchant services provider and Bitcoin cryptocurrency mining enterprise, announced its year end 2021 financial results.\n\nWe are a diversified FinTech company and a payment facilitator that, through our subsidiaries, focuses on a suite of products in the merchant services and payment facilitator verticals. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium sized businesses and crowd funding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.\n\nIn July 2021, we formed DMINT, Inc., a wholly owned subsidiary (“DMint”) to operate in the cryptocurrency mining industry. DMint has initiated the first phase of the cryptocurrency mining operation by placing purchase orders for data centers and ASIC-based Antminer S19J Pro mining computers specifically configured to mine Bitcoin. As a result of this newly formed business, the Company began to report its operational results in two segments – “Fintech Services” and “Cryptocurrency Business” in the fourth quarter of 2021.\n\nFinancial Highlights\n\nFollowing its acquisition of a portfolio of merchants in the Cannabidiol (or “CBD”) industry, along with other merchants utilizing financial transaction processing services during the fourth quarter of 2022, the Company's merchant services annualized transaction volume run rate has reached $1.35 Billion in transaction volume as a result of approximately 28.5 million transactions. This increased number of transactions resulted in an increase in revenue of 27.3% in the fourth quarter of 2022 compared with the same period in 2021.\n\nFor the year ended December 31, 2021, we had total revenue of $16,710,759 compared to $9,766,621 of revenue for the year ended December 31, 2020, an increase of $6,944,138 or 71.1%. The Fintech Services segment reported $16,406,755 of revenue and the Cryptocurrency Business segment reported $304...