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The OLB Group, Inc., trading under the symbol OLB on NASDAQ, is a multifaceted fintech enterprise headquartered in New York, New York. Established in 1993, the company is renowned for its diversified services in payment facilitation and Bitcoin mining. OLB Group offers a comprehensive array of payment solutions and business management tools that cater to a vast array of merchants across the United States.
One of OLB's flagship offerings is Omnisoft, a cloud-based business management platform designed to help merchants streamline their operations both online and in physical retail environments. Complementing this is Evance, a robust payment processing solution, and SecurePay, a payment gateway and virtual terminal equipped with proprietary business management tools. Additionally, OLB Group powers Crowdpay.us, a white-label capital raising platform, as well as ShopFast, an omni-channel platform that facilitates consumer transactions from various business sectors.
In recent developments, OLB Group has expanded into the eSIM technology market, targeting the unbanked sector with two new prepaid wireless phone services—Black Wireless and Mango Mobile. These services aim to provide cost-effective and efficient solutions for budget-conscious consumers.
The company also runs DMint, a Bitcoin mining subsidiary that operates a facility in Tennessee utilizing renewable energy sources such as hydroelectric and solar power. This venture underscores OLB's commitment to sustainable and forward-thinking business practices.
OLB Group's latest financial results for Q1 2024 indicate a revenue of $3.5 million, which signals a challenging yet dynamic business environment. Despite a net loss of $2.9 million, the company continues to make strategic investments, including the acquisition of the remaining 19.9% of its subsidiary Black011, enhancing its reach and service offerings.
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OLB Group has announced the launch of MOOLA Pay, a Mastercard pre-paid card solution targeting the unbanked and underbanked community, scheduled for release in Q1 2025. The service will be distributed through a network of 31,600 convenience stores and bodegas across the United States. MOOLA Pay offers comprehensive features including virtual wallet capabilities, bill payments for over 30,000 utility companies, cross-border payments, rewards programs, and remote paycheck deposits. The platform also provides business solutions for bodega owners, including prepaid business cards, POS systems with inventory management, and state-of-art kiosks.
The OLB Group has rebranded its subsidiary as MOOLA CLOUD, focusing on serving the unbanked and underbanked through bodegas and convenience stores nationwide. The platform offers expanded services including mobile Top-Up, Point of Banking (POB) services, and downloadable gift cards. The initiative targets a significant market opportunity, with FDIC data showing approximately 7.1 million unbanked and 24.2 million underbanked households in the U.S. as of 2019. The company leverages its experience in transaction processing to deliver financial services through local establishments, including prepaid cell phone services via Black Wireless and Mango Mobile.
OLB Group (NASDAQ:OLB) reported its Q3 2024 financial results with year-to-date revenue of $10,101,258 and quarterly revenue of $3,083,922. The company posted a net loss of $1,630,258, with a net loss per share of $0.92. Revenue declined due to the write-off of the CDB portfolio following improper initial underwriting discovery, which is now subject to litigation with FFS Data Corp and Clear Fork Bank.
The company is advancing with new initiatives including a rebranding effort, expansion of services for convenience stores, and progress on the Dmint spinoff with a filed S-1 Registration Statement. OLB has also completed facility upgrades in Selmer, TN, and launched enhanced POS systems for bodega channels including OMNY card reselling capabilities.
OLB Group, Inc. (Nasdaq:OLB), a diversified FinTech e-commerce and business management solutions provider, has announced the filing of a Form S-1 with the SEC for the proposed spinoff of its wholly owned subsidiary, DMint, a Bitcoin mining facility. OLB shareholders of record on a yet-to-be-announced date will receive shares in the newly independent DMint.
DMint operates a dedicated Bitcoin mining facility in Selmer, TN, focusing on sustainability and efficiency. The spinoff aims to provide shareholders with direct exposure to the cryptocurrency sector. DMint employs advanced technology and energy-efficient strategies to enhance mining productivity while minimizing environmental impact.
OLB views this S-1 filing as a significant milestone in the spinoff process, demonstrating its commitment to delivering value to shareholders through innovative strategies in the digital currency space.
OLB Group, a Fintech and bitcoin mining enterprise, will present at the H.C. Wainwright 26th Annual Global Investment Conference from September 9-11, 2024. The event will be held both in-person at the Lotte New York Palace Hotel and virtually, featuring over 550 company presentations. Ronny Yakov, CEO of OLB Group, will be available for one-on-one meetings with registered investors.
Patrick Smith, Vice President of OLB Group, will provide an overview of the company's Fintech products and services, introduce new products, and discuss rebranding efforts for the underbanked and unbanked community. Management will also update investors on the spin-off of DMint, OLB Group's wholly-owned bitcoin mining subsidiary.
The presentation will be available on-demand starting September 9, with a 90-day replay accessible through the conference website and OLB Group's investor relations page.
The OLB Group, Inc. (NASDAQ:OLB) has released its financial results for Q2 2024. The company reported revenue of $3.5 million, down from $8.3 million in Q2 2023. The net loss increased to $2.6 million compared to $631,000 in the prior year's quarter. Adjusted EBITDA was ($1.4) million vs $1.2 million in Q2 2023. The net loss per share rose to ($1.49) from ($0.41) year-over-year.
The revenue decline was primarily due to the closure of a merchant portfolio acquired in Q4 2021, which is now subject to ongoing litigation. Despite challenges, OLB has stabilized with an annual revenue run rate of $14M. The company now fully owns Black011 and plans to rebrand and expand its offerings. OLB has also signed new minor league baseball teams for payment processing and software applications.
The OLB Group, a diversified Fintech eCommerce merchant services provider and cryptocurrency mining company, announced its participation in the 2024 Maxim Fintech Virtual Symposium. The event, scheduled for June 25, 2024, will feature presentations from Ronny Yakov, CEO, and Patrick Smith, VP of Finance, at 10:30 AM EDT. This symposium will highlight the evolving fintech industry, focusing on specialty finance, payments, and real estate, showcasing companies that have successfully integrated advanced technologies. The event and its replay are open to institutions and M-Vest members, who can register via the provided link.
OLB Group's CEO Ronny Yakov has issued an open letter to shareholders, reflecting on the challenges of 2023 and outlining ambitious plans for 2024. The company recently acquired full control of Cuentas SDI, , including Black011.com, and is expanding its services to bodegas and convenience stores. New product launches are anticipated by the end of Q3 2024, with further services expected in early 2025. The core business remains merchant payment services, with enhancements to the Black011.com portal. OLB is also expanding its sports ticketing systems and launching new platforms like ShopFast™ and OLBPay™. The DMint Bitcoin mining spinoff is progressing, with financial implications to be reported. Despite revenue losses from a terminated merchant services portfolio, the company projects a $15 million revenue run rate for 2024. OLB is involved in ongoing litigation to recover $16 million from FFS Data and Clear Fork Bank. The CEO expressed optimism about the company's future post-spinoff.
The OLB Group (NASDAQ: OLB) reported its Q1 2024 financial results, showing a revenue decrease to $3.5 million from $6.6 million in Q1 2023. The net loss increased to $2.9 million from $2.6 million, and adjusted EBITDA dropped to ($1.2) million from $752K. Net loss per share improved slightly to ($0.14) from ($0.17). The revenue dip was mainly due to the closure of the merchant portfolio acquired from FFS Data Corp in 2021, which is under litigation.
Business highlights include regaining compliance with Nasdaq's listing requirements, acquiring the remaining 19.9% of Black011, and signing seven minor league baseball teams as new customers. The Company remains engaged in litigation with FFS Data and Clear Fork Bank over the acquired merchant portfolio.
The OLB Group (NASDAQ: OLB) announced it has regained compliance with Nasdaq's minimum bid price requirement.
From May 6 to May 17, 2024, the closing bid price of OLB's common stock was at or above $1.00 per share for 10 consecutive business days.
As a result, Nasdaq has closed the matter, confirming OLB's adherence to Listing Rule 5550(a)(2).
This development ensures the continued listing of OLB's common stock on the Nasdaq exchange.
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