Business
RYVYL Reports Second Quarter 2023 Financial Results
Record Q2 Revenues Increase 113% to $14.8 million, Exceeding Guidance Range of $12 to $14.5 million Raises Q3 Revenue Outlook to $16 to $18 million; 2023 Full
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[{"type":"text","content":"Record Q2 Revenues Increase 113% to $14.8 million, Exceeding Guidance Range of $12 to $14.5 million Raises Q3 Revenue Outlook to $16 to $18 million; 2023 Full Year Revenue Expected to Exceed $60 million SAN DIEGO, CA, Aug. 14, 2023 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) (\"RYVYL” or the \"Company\"), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation capabilities to conduct payment transaction, has provided its financial results for the second quarter 2023. Management Commentary by CEO Fredi Nisan: Second Quarter 2023 and Subsequent Operational Highlights: Record quarterly revenue of $14.8 million versus $6.9 million during the same time period in 2022, a 113% increase.Q2 processing volume of approximately $678 million, an increase of 85% increase from the prior year same period when excluding the sky financial portfolio volume.FX and international payments portfolio, including the acquired Transact Europe business and new Banking-as-a-Service (BAAS) offering, processed $425 million in the second quarter compared to $344 million in business volume in Q1, an increase of over 23%. This is a 248% increase from Q2 of 2022’s $121 million.RYVYL EU entered into a partnership with Visa to enable Visa Direct, a cutting-edge transfer solution, to RYVYL's customers. Once integrated into RYVYL's service offerings, customers will have the opportunity to send money to authorized accounts in over 80 countries across multiple currencies through Visa's extensive network of local banking partners.RYVYL EU received approval to launch Single Euro Payments Area (SEPA) Instant Payments in Europe. This service capability will allow the Company's clients to instantly send and receive payments from 36 SEPA countries. Person-to- person, business- to business and person-to- business payments will be made on a near real time basis, 24 by 7, with funds available to recipients almost immediately.Entered into a strategic partnership with global payment solutions leader, Intercash, to expand Banking-as-a-Service platform in Europe through card issuance collaboration for customers in the European Economic Area (EEA).Signed up 6 global financial institutions for the Banking-as-a-Service solution, expected to process over $100 million per month when fully ramped up.Acquired Logicques...