CryptoNewsBreaks – RYVYL Inc. (NASDAQ: RVYL) Releases Financial Report for Q4, FY 2022
RYVYL (NASDAQ: RVYL), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, is reporting record full-year revenues in its just-released financial report, which covers the fourth quarter and full year for the period ending Dec. 31, 2022. Highlights of the report included 33% growth in full-year revenue, which totaled $32.9 million on processing volume of $3.6 billion, an 83% increase from $1.95 billion processed in 2021; record Q4 revenue of $11.1 million, a 56% increase over Q4 2021; and FX and international payments business reporting more than $1 billion in business volume during 2022. In addition, corporate highlights for the company included the launch of its coyni v2 platform; expanded services in American Samoa to 256 merchants, representing more than one-half of the overall merchant market; and the signing of six global financial institutions for its Banking-as-a-Service (“BAAS”) solution, which is projected to process more than $100 million monthly month when fully ramped up. “We are proud of the meaningful strides we accomplished during 2022 towards achieving our long-term objective of becoming a disruptive force in the digital payments market,” said RYVYL CEO Fredi Nisan in the press release. “Our fiscal year 2022 was highlighted by continued top line growth leading to record revenue of $32.9 million on record annual processing volume of $3.6 billion.
The levers that drove our growth in 2022 were our merchant acquiring business and geographic expansion following the completion of our acquisition of Transact Europe, with our international transaction volume exceeding $1 billion during the year. . . . With a growing pipeline in our domestic and international acquiring businesses, market share capture in American Samoa, recent breakthrough sign ups with our banking-as-a-service solution, and plans to spin-off coyni to unlock its potential, we are well positioned for strong growth and expansion of our presence in the digital payments landscape. In 2023, we expect to see our transaction volume increase to $6 billion resulting in revenue of $60 million and a positive adjusted EBITDA of $4 million.”
To view the full press release, visit https://ccw.fm/pCcn0
RYVYL was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business and peer-to-peer payment transactions around the globe. By leveraging unique blockchain security and USD-pegged stablecoin technology with near real-time attestation, RYVYL is reinventing the future of financial transactions using its coyni(R) stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants and consumers around the globe. For more information about the company, please visit www.GreenBoxPOS.com.
NOTE TO INVESTORS: The latest news and updates relating to RVYL are available in the company’s newsroom at https://ccw.fm/RVYL
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