OLB Group Inc. Reports Second Quarter, 2021 Revenues of $2.83 Million

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NEW YORK–(BUSINESS WIRE)–The OLB Group, Inc. (“OLB,” “we,” “us,” “our,” or the “Company”), a FinTech company, has announced financial results for second quarter ended June 30, 2021.

We are a FinTech company and a payment facilitator that, through our subsidiaries, focuses on a suite of products in the merchant services and payment facilitator verticals. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium sized businesses and crowd funding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.

Financial Highlights

For the three months ended June 30, 2021, we had total revenue of $2,833,572 compared to $2,000,035 of revenue for the three months ended June 30, 2020, an increase of $833,537 or 41.7%. We earned $2,666,049 in transaction and processing fees, $46,896 in merchant equipment rental and sales and $120,627 in other revenue during the three months ended June 30, 2021, compared to $1,831,896 in transaction and processing fees, $18,548 in merchant equipment sales and $149,591 in other revenue during the three months ended June 30, 2020.

For the three months ended June 30, 2021, we had processing and servicing costs of $2,098,745 compared to $1,294,604 of processing and servicing costs for the three months ended June 30, 2020. Processing and servicing costs increased by $804,141 or 62.1%.

General and administrative expenses (“G&A”) for the three months ended June 30, 2021 was $848,368 compared to $380,888 for the three months ended June 30, 2020, an increase of $467,480 or 122.7%. In the current period we had increases of our legal expense of approximately $165,000 relating to business matters. There was also an increase of $160,000 related to public relations and marketing.

Our net loss for the three months ended June 30, 2021 was ($666,136) compared to (510,409) for the three months ended June 30, 2020. We had an increase in our net loss of $155,727 for the reasons discussed above.

Adjusted EBITDA for the three months ended June 30, 2021 was ($123,756). The adjustments include $79,477 for stock-based compensation and $247,000 related to onetime adjustments and expenses.

For the three months ended June 30, 2021, we had total revenue of $2,833,572 compared to $2,226,404 of revenue for the three months ended March 31, 2021, an increase of $607,169 or 27.3%. We earned $2,666,049 in transaction and processing fees, $46,896 in merchant equipment rental and sales and $120,627 in other revenue during the three months ended June 30, 2021, compared to $2,090,264 in transaction and processing fees, $18,507 in merchant equipment sales and $117,633 in other revenue during the three months ended March 31, 2021.

For the three months ended June 30, 2021, we had processing and servicing costs of $2,098,745 compared to $1,547,274 of processing and servicing costs for the three months ended March 31, 2021. Processing and servicing costs increased by $551,471 or 35.6%.

General and administrative expenses (“G&A”) for the three months ended June 30, 2021 was $848,368 compared to $626,269 for the three months ended March 2021, 2021, an increase of $222,099 or 35.5%.

Key Highlights for Second Quarter 2021

  • Revenue increased to $2.83 Million from $2.22 Million in First Quarter, 2021 (27% increase)
  • Year to Year Revenue Increased 41.7% from $2 Million in Second Quarter 2020 vs. $2.83 Million in Second Quarter, 2021
  • $258 Million in transaction volume for Second Quarter
  • 4.9 million transactions were processed in the Second Quarter

For more information about The OLB Group, please visit www.olb.com or www.olb.com/investors-data.

Future OLB Press Releases and Updates

Interested investors or shareholders can be notified of future Press Releases and Industry Updates by e-mailing investorrelations@OLB.com.

Safe Harbor Statement

All statements from The OLB Group, Inc. in this news release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.

About The OLB Group, Inc.

The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers cloud-based merchant services for web-based and brick-and-mortar organizations. OLB provides a seamless, end-to-end digital commerce solution that includes site creation, hosting, transaction processing and payment gateway, order fulfillment, customer service, outbound marketing, sales reporting, and fundraising. With services from private label shopping sites designed to maintain the unique look or feel of the merchant website, to order fulfillment and customer service, OLB remains invisible to the user and promotes the merchant’s brand with market-leading technology and solutions. For more information about solutions, services, or to find a reseller, please visit www.olb.com. Investor information is available at www.olb.com/investors-data.

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