Welcome to our dedicated page for OLB Group news (Ticker: OLB), a resource for investors and traders seeking the latest updates and insights on OLB Group stock.
OLB Group, Inc. (OLB) provides fintech merchant services and Bitcoin mining solutions through secure cloud-based technologies. This news hub offers investors and business professionals centralized access to official announcements, financial disclosures, and strategic developments.
Key updates include: quarterly financial results, payment processing innovations, mining operation expansions, and partnership announcements. Users gain timely insights into operational milestones across both business segments.
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The OLB Group, Inc. (NASDAQ: OLB) has signed a non-binding letter of intent to acquire a portfolio of CBD merchants with an annual transaction volume exceeding $300 million. This acquisition is expected to generate $13 million in additional revenue and $3.6 million EBITDA, nearly doubling OLB's revenue to over $25 million. The transaction aims to strengthen OLB's position in the rapidly growing CBD sector, projected to expand at 21.2% through 2028. OLB's SecurePay platform will enhance payment processing for these merchants.
The OLB Group (NASDAQ: OLB) announced that its SecurePay payment gateway will now support the transfer and sale of digital assets via non-fungible token (NFT) technology based on Ethereum. This advancement facilitates secure peer-to-peer transactions, minimizing fraud risks associated with ticket sales. CEO Ronny Yakov emphasized the importance of NFTs in ensuring ownership transfer through blockchain ledgers. SecurePay integrates popular payment methods like Apple Pay, Google Pay, and cryptocurrency wallets, enhancing transaction flexibility and security for merchants.
The OLB Group reported Q1 2021 financial results, showing a 14.8% decline in revenue to $2.23 million, down from $2.61 million in Q1 2020. Notably, processing costs decreased by 10.1% to $1.55 million, but G&A expenses rose by 21.5% to $626,269. The company incurred a net loss of $1.1 million, significantly higher compared to $542,207 last year. Adjusted EBITDA stands at ($179,206), highlighting financial challenges amid ongoing litigation and pandemic impacts.
The OLB Group, Inc. (NASDAQ: OLB) announced new customer analytic capabilities for its ShopFast service, aimed at empowering small- and mid-sized merchants. The enhanced analytics will provide insights into customer behavior, inventory management, and predictive analytics, helping merchants compete with larger retailers. CEO Ronny Yakov highlighted the importance of these tools in optimizing operational efficiency and customer engagement. The new features will be available to ShopFast merchants in Q3 2021 at no extra cost.
The OLB Group (NASDAQ: OLB) has been selected by EZ Sports Technologies to provide merchant services to three Class D minor league baseball teams managed by National Sports Services. The teams, including the Lafayette Aviators, Johnstown Millrats, and Spartanburgers, will implement OLB's technology in their stadiums before the upcoming season. This partnership aims to enhance digital commerce capabilities, improving ticket sales, concessions management, and merchandise sales. OLB currently serves over 8,500 merchants, leveraging its Omnifast platform for seamless business operations.
The OLB Group, Inc. (NASDAQ: OLB) has launched a new contactless payment option for merchants using its OmniSoft™ platform and SecurePay™ Payment Gateway. This feature allows customers to make payments via transaction-specific QR codes. Merchants can select funding sources, including Apple Pay®, Google Pay®, and cryptocurrency wallets. Additionally, OLB facilitates NFC transactions for further convenience. CEO Ronny Yakov emphasized the importance of adapting to consumer preferences, providing a secure and efficient solution to meet market demand.
The OLB Group, Inc. (NASDAQ: OLB) reported financial results for the year ending December 31, 2020. Key highlights include total revenue of $9.77 million and operating expenses of $10.50 million, leading to a net loss of $1.78 million. The company up-listed to NASDAQ, raising approximately $6.4 million in capital, and acquired the DoubleBeam portfolio of merchants. Additionally, OLB implemented a payment gateway supporting cryptocurrency and contactless payments, and became debt-free after paying off $7.4 million in loans.
The OLB Group (NASDAQ: OLB) has successfully completed an early payoff of its $7.7 million acquisition-related senior term loan, originally taken in April 2018. This move will save the company approximately $0.72 million in annual interest and remove restrictive covenants. CEO Ronny Yakov expressed confidence in the company's position to pursue profitability and acquisitions without debt. The firm is also commencing the fiscal year debt-free, having launched three major applications since the last quarter.
The OLB Group (NASDAQ: OLB) announced that its SecurePay payment gateway is now optimized for cryptocurrency processing, enabling merchants to accept various cryptocurrencies with efficiency. The gateway supports Bitcoin, Ethereum, USDC, and DAI, and is wallet agnostic, integrating with wallets like MetaMask and Coinbase. Transaction fees are collected in the original currency, speeding up the process. This advancement allows merchants to handle both crypto and traditional payments without additional equipment, and typically at lower fees compared to credit card transactions.
The OLB Group (NASDAQ: OLB) has enhanced its SecurePay payment gateway to facilitate seamless payment acceptance through popular social media platforms and lifestyle apps. This integration allows merchants to manage secure transactions efficiently via platforms such as Facebook, Instagram, and TikTok. CEO Ronny Yakov emphasized the flexibility this provides to merchants in connecting with customers where they are. SecurePay also supports Apple Pay and Google Pay integration, further broadening its service offering.
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