OLB Group Inc. Reports Second Quarter, 2021 Revenues of $2.83 Million

About this update from The Olb Group, Inc.

[{"type":"text","content":"\nFinTech Company Sees 27.3% Quarter to Quarter Revenue Growth\n\nTransaction Volume for Quarter was $258 Million as Result of 4.9 Million Transactions\n\n NEW YORK--(BUSINESS WIRE)--\nThe OLB Group, Inc. (\"OLB,\" “we,” “us,” “our,” or the \"Company\"), a FinTech company, has announced financial results for second quarter ended June 30, 2021.\n\nWe are a 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\nFinancial Highlights\n\nFor the three months ended June 30, 2021, we had total revenue of $2,833,572 compared to $2,000,035 of revenue for the three months ended June 30, 2020, an increase of $833,537 or 41.7%. We earned $2,666,049 in transaction and processing fees, $46,896 in merchant equipment rental and sales and $120,627 in other revenue during the three months ended June 30, 2021, compared to $1,831,896 in transaction and processing fees, $18,548 in merchant equipment sales and $149,591 in other revenue during the three months ended June 30, 2020.\n\nFor the three months ended June 30, 2021, we had processing and servicing costs of $2,098,745 compared to $1,294,604 of processing and servicing costs for the three months ended June 30, 2020. Processing and servicing costs increased by $804,141 or 62.1%.\n\nGeneral and administrative expenses (“G&A”) for the three months ended June 30, 2021 was $848,368 compared to $380,888 for the three months ended June 30, 2020, an increase of $467,480 or 122.7%. In the current period we had increases of our legal expense of approximately $165,000 relating to business matters. There was also an increase of $160,000 related to public relations and marketing.\n\nOur net loss for the three months ended June 30, 2021 was ($666,136) compared to (510,409) for the three months ended June 30, 2020. We had an increase in our net loss of $155,727 for the reasons discussed above.\n\nAdjusted EBITDA for the th...

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