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Payment technology provider Repay Holdings Inc. has high hopes in 2023 for two new business segments—Consumer Payments and Business Payments—as its posts $6.6 billion in processed card volume for 2022. In related news, CardFlight, developer of SwipeSimple, a mobile point-of-sale service, hits a record merchant count of 125,000.
Repay’s plans for 2023 come as the company says it processed $6.6 billion in card volume in the fourth quarter, up 17% year-over-year, and $25.6 billion for the year, up 25%. Revenue totaled $72.7 million for the quarter, up 17%, and $279.2 million for the year, up 27%.
The 2022 growth is a result of investments the Atlanta-based company made in sales, marketing, and product, John Morris, Repay’s chief executive, says in a statement.
“Our new business segments–Consumer Payments and Business Payments–demonstrate our areas of focus, investment, and opportunity as we move through 2023 and beyond. We believe that we have the right team and technology in place to further penetrate the large, growing addressable market across our target verticals,” Morris says.
Repay’s consumer-payments segment generated $5 billion in 2022 fourth-quarter volume, an 11.1% increase from $4.5 billion in the fourth quarter of 2021. Its business payments of $1.6 billion for the quarter increased 33.3% from $1.2 billion the year prior.
At least one analyst—Robert Napoli at William Blair & Co. LLC—suggests Repay may be well positioned for further double-digit growth.
“Management’s commentary on future performance assumes a mild to moderate recession, and we continue to believe Repay has several growth drivers, including increased penetration with existing customers, new customer wins, expansion into new verticals (i.e., healthcare, B2B, mortgage servicing, government) and geographies, and continued growth of B2B payments,” the Napoli note reads.
In related news, New York City-based CardFlight says the number of merchants using its SwipeSimple POS technology has grown to 125,000, a 25% increase from 100,000 in April 2022. CardFlight launched SwipeSimple in 2014.
In addition to a mobile POS reader, SwipeSimple variations include SwipeSimple Register and SwipeSimple Terminal.
CardFlight also says its workforce increased from 46 employees at the end 2021 to 71 today. Its 2022 payment volume increased 38% over 2021, though CardFlight does not release its actual figures.
“We have an incredible team and consistently attract the best and brightest talent from across the country. We are also proud of the fact that we maintain a very high employee-retention rate,” Derek Webster, CardFlight’s founder and chief executive, says in an email to Digital Transactions News. “While we don’t publish total [payment volume] dollars, we can share that we’ve seen 38% growth in that area of our business over the past 12 months.”
