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Evolv Inc. has partnered with United Bankers Bank to provide a merchant-services program to UBB’s community-bank customers.
The deal is expected to advance innovative payment solutions across the financial institutions served by United Bakers Bank, according to Evolv and UBB. The services will make up a “concierge-style, white-glove” merchant-services program for banks, Evolve says.
Founded in 1975, UBB is a correspondent bank that provides services to more than 1.000 community banks across the United States.
A provider of payment-acceptance technology, including point-of-sale systems, gateways, and payment terminals, Evolv lists more than 16,000 companies as customers and processes $6 billion annually.
In related news, payments-technology provider Deluxe Corp. announced its 2024 net income more than doubled to $52.9 million in 2024, up from $26.2 million a year earlier. Deluxe attributed the increase to “cost management and lower restructuring spend.”
Deluxe reported that it reduced total debt during the year by $89.8 million, while net debt was reduced by $52.2 million. “We deployed our improving free cash flow to reduce net debt while continuing to invest for growth across our payments and data platforms and paying our regular dividend,” Deluxe chief executive and President Barry McCarthy said in a statement.
Looking ahead, Deluxe projects full-year revenues in 2025 of $2 billion to $2.15 billion. “Our full-year, mid-single-digit or greater revenue growth in both the Data Solutions and Merchant Services segments provides us momentum entering 2025,” McCarthy said.
Deluxe processes more than $2 trillion in annual payment volume.
