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.”
To view the full press release, visit https://nnw.fm/xGRg8
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.
NOTE TO INVESTORS: The latest news and updates relating to GBOX are available in the company’s newsroom at https://nnw.fm/GBOX
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 888-902-4192 (U.S. Mobile Phones Only)
For more information please visit https://www.networknewswire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.networknewswire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
NetworkNewsWire is part of the InvestorBrandNetwork
