NetworkNewsBreaks – GreenBox POS (NASDAQ: GBOX) Closes on Asset Purchase Agreement of Merchant Account Portfolio
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…