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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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The OLB Group, Inc. (NASDAQ: OLB) announced the launch of its CrowdPay platform, designed to simplify capital raise activities for small and medium-sized businesses in compliance with new SEC rules. CrowdPay features scalable software for equity crowdfunding, supporting investor accreditation, ID verification, and online escrow. The recent SEC amendments increase crowdfunding limits to $5 million and remove individual investment limits for accredited investors. CEO Ronny Yakov highlighted that the platform positions OLB to help brokers manage crowdfunding campaigns effectively.
The OLB Group (NASDAQ: OLB) announced readiness to support merchants selling cannabis and hemp-derived products, including CBD, through its SecurePay payment gateway and OmniSoft business management platform. This initiative comes as U.S. regulatory changes have eased constraints on banking for CBD sellers. CEO Ronny Yakov highlighted that OLB is prepared to onboard these merchants, transitioning them from cash-based to multi-modal payment systems. The SecurePay platform supports diverse payment methods, while OmniSoft offers tools for business management and marketing.
The OLB Group, Inc. (NASDAQ: OLB) reported financial results for the nine months ended September 30, 2020, revealing total revenues of $6.9 million and an adjusted EBITDA of $157,748. The company faced challenges due to the COVID-19 pandemic, resulting in a net loss of $1.7 million. However, OLB successfully raised $6.4 million in capital, reduced total debt to $7.6 million, and increased ecommerce merchant transactions in Q3. The firm also completed its uplisting to NASDAQ, signifying growth and potential for investors.
The OLB Group, Inc. (NASDAQ: OLB) has enhanced its SecurePay payment gateway, allowing faster fund transfers within hours via ACH services. This upgrade aims to reduce labor costs and errors for small and mid-sized merchants. Key features include on-demand check printing, digital check processing, and mobile payment services. CEO Ronny Yakov emphasized the benefits of ACH, noting lower fees compared to card transactions. This integration reinforces OLB’s position in the cloud-based merchant services market, providing essential support for business cash flow management.
The OLB Group (NASDAQ: OLB) has launched a direct connection between its SecurePay payment gateway and QuickBooks accounting solutions, enhancing invoice management for merchants.
This service allows for instant invoice generation and secure electronic billing, improving operational efficiency for small to mid-sized businesses.
CEO Ronny Yakov emphasizes that this integration addresses custom needs, providing flexibility and efficiency in billing.
The OLB Group, Inc. (NASDAQ: OLB) has upgraded its SecurePay payment gateway to support Apple Pay and Google Pay for small- and mid-size merchants. This enhancement allows merchants to accept contactless payments without needing new equipment. CEO Ronny Yakov highlighted the importance of these payment methods among consumers using mobile devices, emphasizing the integration's ease for merchants. The SecurePay system processes these transactions securely and efficiently, ensuring compatibility across various devices. For implementation, merchants can set up accounts through OLB's contact page.
On October 8, 2020, The OLB Group, Inc. (NASDAQ: OLB) announced an upcoming interview with CEO Ronny Yakov on The RedChip Money Report. The program, airing in 100 million homes across Europe on Sundays, will feature Yakov discussing the company's omnichannel solution suite and merchant payment services, alongside industry growth trends. Investors can view the segment via a provided link. The OLB Group specializes in cloud-based merchant services, offering an end-to-end digital commerce solution for various businesses.
The OLB Group (NASDAQ: OLB) is set to provide merchant services solutions to National Sports Services (NSS), which operates minor league baseball and hockey teams. The partnership will see OLB's technology utilized in NSS's stadiums for ticket sales, concessions, and merchandise. With over 8,500 merchants served, OLB offers a cloud-based omnicommerce platform, ShopFast, designed to enhance business efficiencies. NSS's CEO emphasized the initiative's potential to improve profitability and fan engagement. OLB's CEO noted the rising demand for digital commerce solutions among smaller merchants seeking to enhance revenue.
OLB Group, Inc. (NASDAQ: OLB) reported second-quarter financial results for the period ending June 30, 2020. Total revenue for the six months was $4.6 million, with a net loss of $1.05 million. The company faced disruptions due to COVID-19, affecting transaction volumes, although there has been a recent uptick. Positive developments include a successful capital raise of $6.45 million, uplisting to NASDAQ, acquisition of over 300 merchants, and a reduction of total debt by approximately $5.7 million. Adjusted EBITDA stood at $144,767.
OLB Group has successfully completed a $6.45 million uplisting led by Aegis Capital Corp.. This uplisting will allow OLB Group, which specializes in payment facilitation and commerce services, to enhance its operations across the United States. The company provides comprehensive e-commerce solutions via its subsidiaries, including eVance, Omnisoft.io, and CrowdPay.us. This move is anticipated to strengthen its market position and drive growth in the small to medium-sized business sector.
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